Printer Friendly

PRUDENTIAL SECURITIES: JULY 1 MARKS ONE OF THE LARGEST BOND REDEMPTION DATES IN HISTORY; UP TO $15 BILLION IN MUNICIPAL BONDS TO BE CALLED

 NEW YORK, June 29 /PRNewswire/ -- July 1, 1993 will be one of the largest bond redemption dates ever when approximately $11 to $15 billion in outstanding municipal bonds will mature, pay a coupon or be called out of the market due to prerefunding, according to Prudential Securities.
 These bond calls mean that billions of dollars will be available in the marketplace for investors to reinvest. For issuers, calling outstanding higher coupon bonds allows them to reissue bonds to take advantage of the current low interest rate environment. In fact, experts credit the substantially lower interest rates for this sizable call.
 "We expect that when these assets become available on July 1, individual and institutional investors will quickly reinvest the proceeds back into the tax-exempt municipal market," said Gerald P. McBride, executive vice president and head of Prudential Securities Tax- Exempt Division.
 Following are several of the largest issuers to be effected by this July 1 bond redemption:
 -- Municipal Assistance Corporation, N.Y.
 -- Metropolitan Transportation Authority, N.Y.
 -- New Jersey Health Care, N.J.
 -- Metropolitan Atlanta Rapid Transit, Ga.
 -- Philadelphia, Pa. School District
 -- Los Angeles, Calif. Certificates of Participation
 -- Scottsdale, Ariz. Various Purpose
 -- Massachusetts State General Obligation
 -- Dade County, Fla. School Bonds & Public Improvement Bonds
 Prudential Securities Incorporated is a fully diversified, global securities firm based in New York City, serving individual clients in the U.S. and overseas through approximately 6,000 financial advisors. The fourth largest brokerage firm, Prudential Securities is a subsidiary of the Prudential Insurance Company of America.
 -0- 6/29/93
 /CONTACT: Erin McAniff of Prudential Securities, 212-214-3958/


CO: ST: IN: SU: ECO

WB-LR -- NY028 -- 6633 06/29/93 10:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 29, 1993
Words:276
Previous Article:PHOENIX LASER SYSTEMS RECEIVES U.S. PATENT FOR OPHTHALMIC WORKSTATION
Next Article:CAPITAL HOLDING CORPORATION $400 MILLION SHELF REGISTRATION RATED 'AA-' BY DUFF & PHELPS
Topics:


Related Articles
OCTOBER MUTUAL FUND SALES TOTAL $25.2 BILLION
JULY WILL BREAK ALL PRIOR RECORDS FOR BOND REDEMPTIONS; VOLUME MAY TOP $25 BILLION
MONEY SMALL INVESTOR INDEX: SMALL INVESTORS PUT BILLIONS BACK INTO MUNIS
MONEY SMALL INVESTOR INDEX: INVESTORS SHUN MUNICIPAL BOND FUNDS
BOND FIRM ACCUSED OF CHEATING READY TO SETTLE CASE WITH MTA.
Examine risk with municipal bonds. (More than Money).
Redemption of Commonwealth Edison Company First Mortgage Bonds.
Commonwealth Edison Company Announces $250 Million Bond Sale.
Commonwealth Edison Company Announces $395 Million Bond Sale.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters