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“The sooner we start putting Puerto Rico on an economic growth path, the better,” said Kent Hiteshew, referring to Medicaid parity and the EITC.
While Congress and the Treasury Department have put a framework in place for Puerto Rico’s recovery, the key challenge ahead is whether they will be able to work together on health care and tax initiatives to spur economic growth in the commonwealth, said Kent Hiteshew, director of the Treasury’s Office of State and Local Finance.
Massachusetts should protect and boost its reserves to preserve its bond ratings, state Treasurer Deborah Goldberg told lawmakers in Boston.  more »
The Financial Industry Regulatory Authority has ordered UBS to pay two Puerto Rican residents $18.4 million in damages, interest, and other fees over the residents’ investments in closed-end mutual funds concentrated in Puerto Rico bonds.  more »
With revenues running lower than expected in 2016, the Texas Legislature will keep a tighter grip on spending despite increasing demands for growth-related funding in the session that begins next month.  more »
Top-rated municipal bonds were substantially stronger at mid-session, according to traders, with yields on some longer maturities falling by as much as nine basis points.  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
4.10%
3.85%
5.40%
2.98%
20-Bond
4.03%
3.80%
5.03%
2.80%
11-Bond
3.58%
3.35%
4.75%
2.39%
 
Current
Previous
High*
Low*
BB40 Index
120-03
119-25
136-01
107-01
Average Price
99.22
98.97
114.72
84.90
Yield to Par Call
4.49
4.53
6.35
2.52
Yield to Maturity
4.41
4.43
5.34
3.71

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$171,015
Portland
OR
Revenue bonds
12/06/16
12pm ET
$150,560
New York City
NY
GOs
12/06/16
12:30pm ET
$96,450
Missouri Dev Fin Bd
MO
Appropriation bonds
12/06/16
11am ET
$49,440
New York City
NY
GOs
12/06/16
1pm ET
$46,885
U. of Louisville
KY
Revenue bonds
12/06/16
10:30am ET


Climate Bonds Initiative CEO Sean Kidney, in a spirited chat from London with northeast regional editor Paul Burton, charts the landscape for the U.S. municipal green bond issuance.

Here are some of the key "known unknowns" — factors that are likely to affect valuations and creditworthiness and functioning in the state and local finance sector — as the Trump Administration and Congress sort them out.

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