Increases in unfunded pension liabilities are a widespread problem affecting many public entities’ budgets, ratings and borrowing capacity, which also impacts their capital improvement programs.
Top-rated municipal bonds were stronger at mid-session, according to traders, as market prepared to see some supply hit the screens, led off by issuers in Indiana and Florida.
The Treasury Department Wednesday auctioned $13 billion of one year 11-month floating rate notes with a high discount margin of 0.060%, at a 0.060% spread, a price of 99.999848.
