CHICAGO, Jan 2 (Reuters) - New long-term municipal bond issuance fell 9
percent to $386.5 billion in 2008 versus a record-high $424.5 billion in 2007,
Thomson Reuters reported on Friday.
Citigroup retained the top spot as senior underwriter with $56.2 billion
in sales followed by Merrill Lynch & Co and J.P. Morgan Securities, according
to the report.
California was the top issuer of municipal bonds, selling nearly $8.18
billion of debt last year. The New York Dormitory Authority ranked second with
$6.8 billion followed by New York City with $6.14 billion.
While fixed-rate issuance totaled $261 billion, variable-rate debt
issuance jumped by 94 percent in 2008 to $121 billion from $62.3 billion in
2007, the report said.
(Reporting by Karen Pierog, Editing by Chizu Nomiyama) Keywords: MUNICIPALS
VOLUME/
(karen.pierog@thomsonreuters.com; 1 312 408 8647; Reuters Messaging:
karen.pierog.reuters.com@reuters.net)
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