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“When you talk about cutting city services, I’ll tell you what goes on the chopping block first,” said Dallas City Council member Scott Griggs. “That means we’re going to do a whole bunch of layoffs. It’s those quality of life issues that go first.”
Three of Texas’ largest cities have already paid a price for unfunded pension obligations in the form of rating downgrades. Now there are worries that pension obligations could squeeze their ability to issue debt for infrastructure.
The Municipal Securities Rulemaking Board has improved its EMMA system to make it easier for issuers to disclose bank loans and other alternative financings after state and local officials complained the process was too confusing and seemed to lose some of these disclosures.  more »
New York MTA has put business with Wells Fargo Securities and approval as a senior manager for bond transactions on hold pending its review of the bank’s practices, following revelations that Wells Fargo bank employees secretly created accounts without clients’ approval  more »
A bill introduced in the Senate Thursday by three New England Democrats would create a federal green bank in order to attract larger private investments in clean energy and energy efficient projects.  more »
Top-quality municipal bonds ended steady to stronger on Monday, according to traders, as the market prepared to take on a new issue calendar of about $7.2 billion that will start to hit the screens on Tuesday.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$675,580
Hawaii
HI
GOs
09/29/16
9am ET
$527,690
California State PWB
CA
Revenue bonds
09/27/16
9am ET
$430,275
Massachusetts
MA
Revenue bonds
09/29/16
9am ET
$290,440
Anaheim Housing
CA
Revenue bonds
09/28/16
9am ET
$256,650
Foothills-De Anza CCD
CA
Revenue bonds
09/28/16
9am ET
Index
Current
Previous
High
Low
Rev. Bond
3.18%
3.05%
5.40%
2.98%
20-Bond
2.96%
2.83%
5.03%
2.80%
11-Bond
2.54%
2.41%
4.75%
2.39%
 
Current
Previous
High*
Low*
BB40 Index
132-31
132-28
136-01
107-01
Average Price
111.37
111.28
114.72
84.90
Yield to Par Call
2.85
2.86
6.35
2.52
Yield to Maturity
3.81
3.82
5.34
3.71

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$23,285
Kaukauna ASD
WI
GOs
09/26/16
11am ET
$20,395
Anoka-Hennepin ISD 11
MN
GOs
09/26/16
11am ET
$11,000
Fort Bend Co. MUD 134C
TX
GOs
09/26/16
12pm ET
$9,995
Upper Dublin Twp
PA
GOs
09/26/16
11:15am ET
$9,700
Chambers Co.
TX
GOs
09/26/16
12pm ET


The Texas Water Development Board chairman Bech Bruun sits down with markets reporter Aaron Weitzman to discuss a gambit of topics, including droughts in Texas and how those disastrous times have turned into learning experiences. They also discuss the history of the TWDB and its various programs as well as what it's like not only being an issuer in today's low interest rate environment but also what it's like being an issuer from Texas.

The orders provide some insight into what the Securities and Exchange Commission considers to be a material false or misleading statement in an offering document.

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