UPDATE 1-U.S. muni deals drop in September to $18.35 bln
Sept 30 (Reuters) - U.S. state and local governments brought $18.35 billion of debt to market in September, or 12 percent less than during August and 28 percent under the $25.46 billion sold a year earlier, according to preliminary Thomson Reuters data published on Monday.
Deals for the third quarter eased nearly 24 percent to $67.67 billion from $88.62 billion in the second quarter and were 19 percent beneath the $83.6 billion sold in 2012's third quarter, Thomson Reuters said.
New money deals, or offerings constituting fresh borrowing by governments, declined in September to $10.1 billion from $11.2 billion in August but were above the new money total of $8.2 billion in September 2012.
For the full third quarter, new money totals rose to $39.1 billion from $37.9 billion in the second quarter, Thomson Reuters said. A year earlier, in 2012's third quarter, new money offerings totaled $33.8 billion.
Refunding offerings, in which borrowers swap lower-interest bonds for higher-yielding debt, dropped to $8.3 billion in September from $9.6 billion in August. Refunding deals were much higher in September 2012, at $17.3 billion.
In July, August and September, when tax-free rates generally rose, refunding deals tumbled to $28.6 billion from $50.7 billion in the second quarter and $49.8 billion in last year's third quarter, according to the preliminary data.
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Analysis: Boeing bidders dangle goodies to win 777X jetliner