Headlines for January 13, 2017
California Gov. Jerry Brown wants the state to hold off on selling the $9 billion of general obligation bonds the state’s voters approved in November.
So-called intervention bankruptcy – combining federal and state resources – could help governments manage municipal insolvency, said a Manhattan Institute report.
Following the Bridgegate scandal, there's been another political collision in the Port Authority of New York and New Jersey's world.
Municipal market participants see a slowing of Treasury Department and Internal Revenue Service guidance and rules in 2017, but plan to closely watch for tweaks to management contract guidance, final requirements for public approval of private activity bonds and political subdivision rules.
The San Diego Chargers are exercising their option to move to Los Angeles.
The Philadelphia Area Municipal Analysts Society will provide its 2017 market outlook at the group’s Jan. 19 meeting.
Thirty-nine of 40 large infrastructure projects with significant economic paybacks face funding challenges.
Kentucky’s credit outlook was revised to negative ahead of an upcoming bond deal, a change S&P Global Ratings said was triggered by the state’s unfunded pension obligations.
Puerto Rico government and federal lenders to the Puerto Rico Aqueduct and Sewer Authority have extended their forbearance periods for the authority.
Public pension and municipal advisors are among the examination priorities for the Securities and Exchange Commission in 2017, the SEC’s Office of Compliance Inspections and Examinations announced Thursday.
A nearly $50 billion budget for Georgia in fiscal 2018 has been recommended by Gov. Nathan Deal, who is also requesting $1 billion of borrowing for state projects, education and transportation.
Most Nebraskans could see an income tax cut beginning in 2020 under a tax overhaul proposal Gov. Pete Ricketts announced Thursday.
New York State Comptroller Tom DiNapoli is calling for fiscal and procurement reforms after a new report released Thursday shows the state's public authorities have accumulated $267 billion in debt.
Tax reform legislation should preserve the tax exemption for municipal bonds and reinstate Build America Bonds for infrastructure financing, Rep. Richard Neal, the top Democrat on the House Ways and Means Committee, told reporters Thursday.
Facing a $900 million shortfall, Kansas Gov. Sam Brownback is proposing a combination of tax increases, cuts in transportation and pension funding and the sale of tobacco settlement securitization bonds.
Chicago’s fiscal position and Chicago Public Schools’ deep distress are the subject of two special reports published Thursday by Moody’s Investors Service.
In the week ended Jan.12, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell five basis points to 4.20% from 4.25% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.
Top-rated municipal bonds finished stronger on Thursday, traders said, as the last of the week’s large sales hit the market, led by two big transportation deals from New York and New Jersey issuers.
GovernmentSecurities Prices 10-year: 96 27/32 to yield 2.36%, up 3/3230-year: 98 13/32 to yield 2.96%, up 2/32 Municipal BondIndex 125 5/32 up 13/32 The Bond Buyer's30-Day VisibleSupply (as of 1/13) Total: $13.697 billion, down $854.8 millionCompetitive: $3.039 billion, down $286.5 millionNegotiated: $10.658 billion, down $568.4 million The MuniCenter List Offering total: $12.029 billion, down $725.9 million