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“It’s very difficult for us to reconcile what has historically been a record of support for the muni industry and state and local governments with this proposal,” Watkins said.
A bill introduced by Rep. Gwen Moore, D-Wis., that would shift municipal disclosure responsibilities to issuers and borrowers from underwriters could drive some localities out of the market, issuer officials warned Moore’s chief of staff on Thursday.
With legal opinions endorsing the bankruptcy-remote structure of its next deal, and an A rating in hand, Chicago Public Schools’ new tax-revenue backed credit has a clear path to market access, though yield penalties will remain.  more »
Issuer officials who said Treasury's final issue price rules are a vast improvement over earlier proposals nevertheless raised concern that they might discourage competitive sales of bonds or create problems for issuers if underwriters run afoul of the rules.  more »
Rep. Gwen Moore, D-Wis., has drafted a bill that would reorient the entire municipal securities disclosure regime by making state and local government issuers or borrowers, rather than their underwriters, responsible for the disclosure of bond-related information.  more »
Facing a projected two-year budget shortfall of $1.7 billion, Oregon Gov. Kate Brown has proposed a biennial budget that the newly-reelected governor characterized as a “short-term” solution.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$802,250
New York City
NY
GOs
12/07/16
9am ET
$613,145
Pennsylvania
PA
GOs
12/07/16
11am ET
$542,910
NYC HDC
NY
Revenue bonds
12/08/16
9am ET
$445,000
Massachusetts DOT
MA
Revenue bonds
12/06/16
9am ET
$400,000
Central Puget Sound RTA
WA
Revenue bonds
12/07/16
9am ET
Index
Current
Previous
High
Low
Rev. Bond
3.87%
4.10%
5.40%
2.98%
20-Bond
3.78%
4.03%
5.03%
2.80%
11-Bond
3.33%
3.58%
4.75%
2.39%
 
Current
Previous
High*
Low*
BB40 Index
122-18
122-26
136-01
107-01
Average Price
101.21
101.42
114.72
84.90
Yield to Par Call
4.19
4.16
6.35
2.52
Yield to Maturity
4.29
4.28
5.34
3.71

(* for calendar year)

There are no competitive bond sales over $1 million scheduled for Dec. 9, 2016.


In a Bond Buyer roundtable, Northeast regional editor Paul Burton and markets reporters Chip Barnett and Aaron Weitzman explain how the muni market is a microcosm for a crazy year. They discuss issuance, yields, red-flag states, New York City’s finances and what we might expect in 2017.

The president-elect would finance his trillion dollar plan through tax credits, bypassing state and local governments, and may move to tax the interest on their municipal bonds.

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