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Lew said that a move by Congress to extend bankruptcy protections to the commonwealth “involves no federal financial assistance and is in no way a federal bailout.”
Treasury Secretary Jack Lew’s recommendation Tuesday to grant Puerto Rico municipalities and public entities access to Chapter 9 bankruptcy protection failed to convince Sen. Orrin Hatch, R-Utah, that the administration has the clear plan that’s needed before Congress can act to help the territory.
The $8 billion, three-month extension of the Highway Trust Fund avoids a project shutdown in August.  more »
Standard & Poor’s assigned an A rating and stable outlook to Detroit’s first post-bankruptcy bond sale, set for Aug. 19.  more »
The Municipal Securities Rulemaking Board plans later this year to propose changes to Rules G-37, on political contributions, and G-20, on gifts and gratuities, to extend these dealer rules to municipal advisors, the executive director said on Tuesday.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$990,000
Michigan State Bldg
MI
Revenue bonds
07/30/15
9am ET
$750,000
New York City
NY
GOs
07/30/15
9am ET
$422,000
San Antonio
TX
Revenue bonds
07/28/15
9am ET
$364,000
New York City IDA
NY
Revenue bonds
07/29/15
9am ET
$290,900
Virginia College Bldg
VA
Revenue bonds
07/28/15
10:30am ET
Index
Current
Previous
High
Low
Rev. Bond
4.15%
4.23%
5.40%
4.06%
20-Bond
3.75%
3.82%
5.03%
3.29%
11-Bond
3.28%
3.35%
4.75%
3.14%
 
Current
Previous
High*
Low*
BB40 Index
123-10
123-15
132-15
107-01
Average Price
103.66
103.82
110.87
84.90
Yield to Par Call
4.13
4.11
6.35
3.31
Yield to Maturity
4.41
4.40
5.34
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$230,655
Columbus
OH
GOs
07/30/15
11am ET
$75,000
Charleston Co. SD
SC
TANs
07/30/15
11am ET
$74,685
Columbus
OH
GOs
07/30/15
11am ET
$65,000
Stamford
CT
GOs
07/30/15
11:30am ET
$39,910
Dorchester Co. SD 2
SC
GOs
07/30/15
11am ET

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Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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