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Pension problems should have stopped rating agencies from upgrading Chicago, Richard Ciccarone of Merritt Research said.
Chicago needs Illinois Gov. Pat Quinn to sign legislation overhauling two of its pension funds so it can move on to a more elusive fix for its other two funds, the city's Chief Financial Officer Lois Scott said Wednesday.
The Municipal Securities Rulemaking Board will discuss plans to rebuild the MSRB's real-time reporting system, as well as comments it has received on its proposed municipal advisor conduct rule and best execution rule when the board meets in Alexandria, Va. next week.  more »
Limiting the stays of Pennsylvania cities in the workout program for distressed communities could be counterproductive, said an aide to Gov. Tom Corbett.  more »
Bond Buyer Markets Reporters Maria Bonello & Hillary Flynn
The New Jersey Economic Development Authority's repricing wire for its $599.8 million two-part issuance shows the yield for the $539.8 million of school facilities construction refunding bonds maturing in five years was raised from Wednesday morning, when the deal was originally priced.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$750,000
Illinois
IL
GOs
04/24/14
9am ET
$700,000
Texas PFA
TX
Revenue bonds
04/24/14
9am ET
$632,000
New Jersey EDA
NJ
Taxable bonds
04/23/14
9am ET
$575,000
California State PWB
CA
GOs
04/22/14
12:30pm ET
$527,000
New Jersey EDA
NJ
Refunding bonds
04/23/14
9am ET
Index
Current
Previous
High
Low
Rev. Bond
5.18%
5.23%
5.40%
4.19%
20-Bond
4.32%
4.44%
5.03%
3.53%
11-Bond
4.03%
4.14%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
119-30
119-20
132-15
107-01
Average Price
104.59
104.32
105.42
84.90
Yield to Par Call
4.33
4.36
6.35
3.57
Yield to Maturity
4.64
4.66
5.34
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$224,995
Virginia Pub Sch
VA
Revenue bonds
04/24/14
10:30am ET
$70,979
Broom County
NY
BANs
04/24/14
11am ET
$49,905
Virginia Pub Sch
VA
Revenue bonds
04/24/14
10:30am ET
$25,000
Bossier Parishwide SD
LA
GOs
04/24/14
3pm ET
$23,500
Farmington MSD 5
NM
GOs
04/24/14
12pm ET

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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