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Bond Market

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BUSINESS
November 26, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
Philadelphia-area companies have been busy tapping the bond market in the last four weeks, eager to take advantage of low interest rates and investors' open wallets. Deals ranged in size from $75 million raised by Aqua America Inc. in Bryn Mawr to $2 billion brought in by DuPont Co. in Wilmington. The total raised regionally was $3.5 billion. "All these companies that needed money last year that couldn't access it have pent-up demand," Megan Rutt, a managing director at Janney Montgomery Scott in Center City, said yesterday, speaking generally about the bond market.
NEWS
October 13, 2008 | By BEN WAXMAN, * Ben Waxman reports for It's Our Money, a joint project of the Daily News and WHYY, funded by the William Penn Foundation. Contact him at waxmanb@phillynews.com or 215-854-5307
AMONG the most serious of the domino effects of the worldwide financial meltdown is what's happening in the municipal bond market. This market - the banks, hedge funds and other financial institutions that buy up cities' debt - has been frozen since mid-September. One factor: In recent years, the same financial wizards responsible for the subprime meltdown came up with complex ways to package municipal debt that made borrowing easier but way riskier. That led to a false confidence in the municipal market similar to the one that drove the inflated increase in home values.
BUSINESS
May 21, 2015 | By Harold Brubaker, Inquirer Staff Writer
Atlantic City is attempting today to sell $40.56 million in bonds to repay a state loan issued in December when the financially beleaguered city was shut out of the bond market over concerns that the city would default. This time Atlantic City is using a New Jersey program established by the Municipal Qualfied Bond Act that diverts state aid into a fund to repay bonds. Moody's Investors Service said in a note that the state backing "should improve the city's market access," but warned the city still faces numerous financial challenges, including a $101 million deficit this year and thousands of property-tax appeals.
NEWS
April 30, 1986
A new convention center and hotel complex would benefit not only Philadelphia in terms of new jobs and economic activity but also the state. The economic impact for the Philadelphia area would be over half a billion dollars for the first year of operations, growing substantially in future years. Legislators in Harrisburg should realize that the longer the delay in approving and financing the project, the costlier the project will become. The present municipal bond market has reached a point so low that if $185 million of state bonds were sold within the next few months, at say 7.5 percent as compared to the 10.5 percent budgeted for the project, the commonwealth would save more than $50 million over the life of the 30-year bond issue.
BUSINESS
February 26, 1993 | By Susan Warner, INQUIRER STAFF WRITER
Rep. Lucien Blackwell (D., Pa.) came up from the Philadelphia docks, to City Council, and, now, holds sway in Washington. And, for a time yesterday, he became a force on a new frontier. Wall Street. It all began with a Blackwell recommendation that Congress curb the Federal Reserve's independence if the central bank did not back President Clinton's economic plan. Financial news services picked up the report and then attributed a slide in the market to Blackwell's comments.
BUSINESS
January 24, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Should bond investors expect as much Federal Reserve bank influence in 2014? Not so much. And that signals a healthy bond market. Why? We asked Guy LeBas, Janney Montgomery Scott's fixed-income strategist, and he explained that 2013 was "all about what the Fed said they'd do, not what they actually did. " The Fed indicated it would be slowing down and ultimately ending its bond-buying program in 2014. "Given the clarity of the Fed's message, we believe the markets are better incorporating Fed policy, and future increases in long-term interest rates will be more gradual," argued LeBas, based in Center City.
BUSINESS
June 25, 1993 | FROM INQUIRER WIRE SERVICES
Blue-chip stocks closed higher yesterday, as a stronger bond market helped the market rebound from a 30-point pounding the day before. The Dow Jones industrial average closed up 23.80 points to 3,490.61, clawing back most of its 30.72-point Wednesday drop. Advancing issues edged out declines 1,124 to 764 on the New York Stock Exchange, where volume exceeded 261 million shares. NYSE consolidated volume totaled 322.5 million shares. "In a market where one would call for a choppy environment, you're getting a bounce day," said Gregory Nie, market analyst at Kemper Securities.
BUSINESS
January 26, 1993 | FROM INQUIRER WIRE SERVICES
Blue chips ended sharply higher yesterday, and secondary shares surged to another record close, propelled by a bond-market rally and signs that the Clinton administration is ready to tackle the budget deficit. The Dow Jones industrial average rose 35.39 points to close at 3,292.20, boosted by big gains in oil stocks and economically sensitive shares. Advancing issues outnumbered declining ones by more than 2 to 1 on the New York Stock Exchange. Big Board volume came to an estimated 288.01 million shares as of 4 p.m., against 293.25 million in the previous session.
BUSINESS
October 15, 1997 | The Philadelphia Inquirer
Blue chips struggled higher as the bond market ended a short bout of inflation jitters, sending interest rates lower. Broader stock indicators were mixed.
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ARTICLES BY DATE
BUSINESS
May 21, 2015 | By Harold Brubaker, Inquirer Staff Writer
Atlantic City is attempting today to sell $40.56 million in bonds to repay a state loan issued in December when the financially beleaguered city was shut out of the bond market over concerns that the city would default. This time Atlantic City is using a New Jersey program established by the Municipal Qualfied Bond Act that diverts state aid into a fund to repay bonds. Moody's Investors Service said in a note that the state backing "should improve the city's market access," but warned the city still faces numerous financial challenges, including a $101 million deficit this year and thousands of property-tax appeals.
BUSINESS
May 2, 2015 | Harold Brubaker, Inquirer Staff Writer
The parent company of Borgata Hotel Casino & Spa boosted its 2015 earnings target for the Atlantic City property to $165 million from $160 million after a strong first quarter. Boyd Gaming Corp., of Las Vegas, on Thursday reported first-quarter net revenue for Borgata of $182.6 million, up 9 percent from $167.3 million in the same period a year ago. The market-leading casino's operating profit nearly doubled to $37.8 million from $20.5 million, thanks in part to a property tax benefit.
BUSINESS
January 28, 2015 | By Amy S. Rosenberg and Harold Brubaker, Inquirer Staff Writers
It didn't take long for the massive downgrade of Atlantic City's debt last week by Moody's Investors Service Inc. to have an impact on the city's finances. Atlantic City's revenue director, Michael Stinson, said Monday that the city might have to change gears on the refinancing of $12.8 million in debt due next Tuesday. "It may become a negotiated sale rather than a competitive sale," Stinson said, as consequence of the Moody's downgrade on Friday. "It's another complication in the whole situation.
BUSINESS
December 23, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Ain't it grand that oil prices are dropping? Yes and no. For consumers, yes, the 40 percent drop, down to $55 or so per barrel, amounts to a massive income boost. Each penny drop in gas prices at the pump equals $1.4 billion a year in extra disposable income, according to Bill Dunkelberg, professor of economics at Temple University. The best part, he says, is that American dollars aren't leaving the country like they did in 2008, when $150-per-barrel oil enriched OPEC nations. "Now we're going to start collecting those oil revenues here when prices rebound," he adds.
BUSINESS
November 2, 2014 | By Harold Brubaker, Inquirer Staff Writer
In a sign of the ongoing devaluation of assets in Atlantic City, the utility company Pepco Holdings Inc. wrote down the value of its combined heat and power plant there by $53 million, or 64 percent, the Washington company announced Friday. Pepco slashed the value of the plant and related operations to $30 million from $83 million because of "significant adverse changes in the financial condition of its customers and the business climate in Atlantic City," the company said in its quarterly report to the Securities and Exchange Commission.
BUSINESS
February 21, 2014 | By Harold Brubaker, Inquirer Staff Writer
As the Philadelphia School District's money struggles continue with no end in sight, the city's charter schools are becoming financially bolder, taking on significant debt. The nonprofit that runs Frankford's Tacony Academy and First Philadelphia Preparatory Charter School, for example, plans to borrow $57 million this month to build a new elementary school and high school. That bond offering, expected to be completed next Thursday, comes on top of $111 million in debt issued last year by four schools, including $55 million for the Philadelphia Performing Arts Charter School and $32 million for Esperanza Academy.
BUSINESS
January 24, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Should bond investors expect as much Federal Reserve bank influence in 2014? Not so much. And that signals a healthy bond market. Why? We asked Guy LeBas, Janney Montgomery Scott's fixed-income strategist, and he explained that 2013 was "all about what the Fed said they'd do, not what they actually did. " The Fed indicated it would be slowing down and ultimately ending its bond-buying program in 2014. "Given the clarity of the Fed's message, we believe the markets are better incorporating Fed policy, and future increases in long-term interest rates will be more gradual," argued LeBas, based in Center City.
BUSINESS
December 31, 2013 | By Erin E. Arvedlund, Inquirer Columnist
Investors should celebrate that the Federal Reserve is finally getting out of the investment business. Why? Because it provides some certainty. "The announcement of tapering turned an uncertainty into a certainty. That is always good news for equity investors," said James M. Meyer, who writes the note to clients for the Boenning & Scattergood investment firm in West Conshohocken. "When investors are unsure what to expect, they tend to expect the worst," said Ed Kohlhepp of Kohlhepp Advisors in Doylestown.
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