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Pennsylvania’s unfunded pension liabilities continue to increase despite increased funding in the new state budget, said Hummelstown, Pa., actuary Richard Dreyfuss, an adjunct fellow with the Manhattan Institute for Policy Research.
A rating agency sees progress in Pennsylvania’s new budget toward reducing the underfunding of its pension systems, though skepticism remains abundant about the state’s approach to the problem.
With all governmental approvals and ratings in hand, Detroit expects to be in the market soon with its first post-Chapter 9 general obligation state distributive aid backed borrowing.  more »
Lawmakers should consider limiting, reforming or eliminating the exclusion of interest on municipal bonds, The Tax Foundation said in a report.  more »
The California Public Employees' Retirement System this week reported a preliminary 0.61% return on its investments for the past year, which is likely to pressure governments that contribute to the system.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$665,000
Michigan State Bldg
MI
Revenue bonds
07/20/16
9am ET
$600,000
Colorado
CO
TRANs
07/19/16
11am ET
$520,000
NY MTA
NY
Revenue bonds
07/20/16
9am ET
$426,905
Aurora
CO
Revenue bonds
07/21/16
9am ET
$317,210
MBTA
MA
Revenue bonds
07/19/16
10am ET
Index
Current
Previous
High
Low
Rev. Bond
3.06%
2.98%
5.40%
2.98%
20-Bond
2.87%
2.80%
5.03%
2.80%
11-Bond
2.45%
2.39%
4.75%
2.39%
 
Current
Previous
High*
Low*
BB40 Index
133-30
133-30
136-01
107-01
Average Price
112.95
112.97
114.72
84.90
Yield to Par Call
2.74
2.74
6.35
2.52
Yield to Maturity
3.81
3.80
5.34
3.71

(* for calendar year)

There are no competitive bond sales over $1 million scheduled for July 22, 2016.


Natalie Cohen, Managing Director at Wells Fargo Securities, talks with The Bond Buyer’s Chip Barnett about the global attractiveness of U.S. municipal bonds in a negative interest rate environment in Europe and Asia. She discusses market volatility after the U.K. Brexit vote, looking at both the market side and the effect on state and local governments and public pensions.

In the past 3½ years, the Securities and Exchange Commission has asserted its enforcement role considerably, in what can fairly be described as a form of direct regulation of issuers.

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