Public finance market
Finished 2003 with 4.4% gain
- Refinancing played important role in 2003 municipal market
Smaller 2004 opportunity for refinancing
- 75% of $155 billion of debt issued in 1993 with 10-year call provisions was refinanced in 2003
- Only $81 billion of debt issued in 1994 with 10-year call provisions available in 2004