Far West

The Municipal Securities Rulemaking Board is urging investors and dealers to examine the redemption provisions of Build America Bonds and other direct-pay bonds so they can determine if the bonds' market value could be affected by a redemption stemming from a sequestration-mandated cut in subsidy payments to the issuer.

Dealers generally like the Municipal Securities Rulemaking Board's proposed rules governing sophisticated municipal market professionals, which need less protection than retail investors, but are seeking some clarifications and suggesting the rules expanded to cover small hedge funds.

The House Ways and Means Committee chairman began meeting one-on-one last week with individual committee members to get feedback on the next steps for comprehensive tax reform, but admitted there is a significant amount of work to still before passing legislation this year.

Broker-dealers charged billions of dollars in excessive markups on municipal bond trades from 2005 to 2013, according to a new study.

California Gov. Jerry Brown reached a deal with lawmakers on Monday on key parts of the state general fund spending plan, laying a foundation for an on-time balanced budget.

Moody's Investors Services is developing a guide for issuers on what to expect when they meet with rating agencies and how its rating process works.

The chairman of the Senate Commerce, Science and Transportation Committee, on Monday named Sens. Mark Warner and Richard Blumenthal to lead two subcommittees.

Stradling Yocca Carlson & Rauth has hired Dan Deshon, a 27-year bond industry veteran, to help expand its utility practice in the Far West.

Moody's Investors Service on Friday downgraded Reno, Nev.'s general obligation limited tax bond rating to A1 from Aa3 and revised the outlook from negative to stable.

A bill that would enable the Los Angeles Department of Water and Power and other public California water utilities to issue project-specific bonds through a joint powers authority is moving through the state legislature.