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The high-grade issue is expected to be well received by the market. D.C. joins a growing list of issuers refunding outstanding BABs amid lower rates.

"People could trust him and know they were in good hands," said Greg Carey, a co-worker and friend.

Massachusetts drew multiple bidders for all four tranches when it sold $850 million of general obligation bonds competitively last week.

Municipal supply continues to grow as Bond Buyer 30-day visible supply sits at $20.02 billion and the municipal market will see one of the largest weeks of new-issuance at an estimated $13.35 billion, led by three billion-plus deals from Washington, D.C. ($1.6 billion), the New York City Transitional Finance Authority ($1.5 billion) and Illinois ($1 billion).

Eisner Advisory Group Partner Allen Wilen is the chief restructuring officer for Jackson Hospital & Clinic.

It's the latest proposal for a type of national infrastructure financing structure in lieu of the municipal bond market.

"The numbers are weak, but not cusp of recession weak," Chris Low, chief economist at FHN Financial, said.

PREPA and its creditors have 30 more days to negotiate a possible debt-cutting deal.

Ciraolo, who spent more than 17 years at Goldman Sachs, has been brought on as a senior vice president in corporate and municipal short-term securities to help expand SWS' taxable muni franchise through commercial paper trading.

The good, the bad and the ugly for two of California's major cities when they sell debt in current market conditions.