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December 18, 2009

Past Issues

Capital Markets

Looking Ahead

Calendar of important events taking place in the capital markets next week.

Quoted

Notable quotes from capital-markets players during the past week.

Federal Reserve

Don't Write Off the Greenback

There seems to be a cottage industry of sorts that provides post-hoc explanations for market moves. When the dollar falls, the stories of its structural demise seem to get recycled and then quickly and conveniently cast aside when the dollar recovers. As the year winds down, some observers see preliminary signs that the dollar "bear" case is getting long in the tooth.

Fixed Income

Illinois RTA Readies $179M GO Offering

The Regional Transportation Authority early next month will issue $179 million of general obligation bonds under its deal with Illinois aimed at freeing up capital funds to help close a fiscal 2010 budget gap at the Chicago Transit Authority without a fare hike.

Munis Unmoved Amid Firmer Tone

The municipal market was largely unchanged yesterday, with a slightly firmer tone.

PSF Is Getting Back to Business

The Texas Permanent School Fund bond guarantee program will again be available to back debt issued by school districts starting next year, the Texas Education Agency announced.

Tax Hikes or Budget Bust? It's Up to Oregon Voters

Oregon voters will decide two measures next month that, if defeated, could blow a $733 million hole in the state's general fund budget for the 2009-11 biennium.

Assured, the Only Game in Town, Hikes Prices

Now that Assured Guaranty Ltd. has cemented a monopoly in bond insurance, it has done what any other monopolist would do: raised prices.

Jobless Claims Up 7,000 to 480,000 in Dec. 12 Week

Initial jobless claims increased 7,000 to 480,000 on a seasonally adjusted basis for the week ending Dec. 12, the Labor Department reported yesterday.

In Eighth Straight Rise, LEI Gains 0.9% in November

The composite index of leading economic indicators gained 0.9% in November, its eighth straight gain, the Conference Board reported yesterday.

Yields Dip a Bit Despite Some Secondary Weakness

Most of The Bond Buyer's weekly yield indexes declined slightly this week, despite weakness in the municipal secondary market through Tuesday.

Philadelphia Fed Index Rises to 20.4 in December

The region's manufacturing sector expanded, as the general business conditions index increased to 20.4 in December from 16.7 in November, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

High Yield

GE Sees Improvement in Retail Sector

Jim Hogan, the head of GE Capital's corporate retail finance group, has seen many credit cycles come and go. Recently he spoke with IDD about the challenges facing retail companies and what we can expect in the corporate retail finance space.

Investment Banking

A Rebirth for an Old Firm

Janney Montgomery Scott, long known for its investment management and brokerage businesses, is reinventing itself as an investment banking player.

Startups Outsource Legal Services

When bankers break out of their bulge-bracket jobs to start up their own boutiques or hedge funds, they don't always have the time to hire and break in a general counsel right away. Some have outsourced legal duties to get them through the early days as a startup, especially on issues like getting FINRA accreditation. This outsourcing is a service that has attracted small boutiques as well as established firms breaking into a new market.

Harris Williams Has Aspirations in Europe

Middle-market investment banking boutique Harris Williams & Co. opened a London office as part of an effort to capture what it expects will be a pickup in European cross-border M&A activity.

M&A

Headhunter Is a Culture Hound

The Pinnacle Group's Denise Palmieri understands the role of culture at a firm. Occasionally, it's her job to recognize it, even when her clients don't.

Will a SPAC Respond to ­Retailer's Mayday Call?

Talbots Inc.'s recent transaction with special-purpose acquisition company BPW Acquisition Corp. may come unstitched, according to some market participants who warned that the SPAC's investors may vote against the deal because of concerns about the retail apparel industry.

Personnel File

Knight Now in Carbon Credits

Dan Braun, who calls himself "The Carbon Capitalist" and incorporates the handle on his personal e-mail address, was hired to start up a carbon-credit trading operation for Knight Capital Group in London.

Regulation

Tough Talk But No Real Leverage

Hauling a dozen chief executives of large financial firms to the White House for a lecture on the importance of credit gets big headlines, but how much leverage does President Obama actually have with lenders?

Securities in Registration

Securities In Registration

The following is a list of planned new offerings that have been registered with the SEC in the past month, but have not yet come to market. Deals that have been withdrawn are excluded.

Securities In Registration

The following is a list of planned new offerings that have been registered with the SEC in the past month, but have not yet come to market. Deals that have been withdrawn are excluded.