MuniLand Snaps: March 7, 2012
Bob Nelson, the product manager for Thomson Reuters MMD/TM3, tweeted out this chart last night with the comment “AAA 10yr ratios went from 85% to 125% as supply ramped up in 2H 2011. vis. supply now highest since mid-Nov.” Translation: Municipal bonds are still expensive, although there has been a ton of new supply. Demand for municipal debt is massive and has disrupted the typical supply-demand relationship.
MSRB: 2011 factbook for the municipal bond market
WSJ: Moody’s sees shakeout in weak municipalities
WSJ: S&P proposes new methodology for rating GO muni bonds
Pension Pulse: U.S. pension woes worsening?
Bloomberg: Table of state pension funding levels
Illinois Statehouse News: It’s not clear at all what Illinois needs to do about pensions
Bloomberg: Circuit judge blocks Florida pension cuts sought by Governor Scott
The Republic: Residents don’t pay any property taxes and have to disband town government
Reuters: “[R]eal state of our finances…is worse than any of us could have imagined”
Bloomberg: Joe Mysak: Muni issuers that keep secrets from the market risk a superdowngrade
Bond Buyer: Mammoth Lakes, California, tries to skirt Chapter 9
@munilass Bond Girl Funny that politicians do not complain about having to make draconian budget cuts when a sports team wants a new facility.