Markets

The Chicago City Council will take up ordinances as soon as Wednesday authorizing up to $1.65 billion of O'Hare International Airport debt that will raise new money for the airport's $8 billion expansion.

Fewer governors have been focusing on pension reform in their state of the state addresses this year, but most who propose reform follow through, according to Loop Capital Markets.

Many prominent, heavily leveraged municipal bond closed-end funds saw sharp declines to their NAVs late last week thanks to seasonal factors, such as lighter cash flows, heavier supply and lower demand, mixed in with the approaching tax season.

To no surprise in the bond markets, teetering Harrisburg, Pa., will miss $5.2 million worth of payments on general obligation bonds and notes due March 15.

U.S. banks enjoyed more exposure to municipal bonds at the end of 2012 fueled by increased profitability and revenues looking for a home in the face of declining commercial loan generation and the imposition of new federal regulations, according to municipal experts.

A $2.5 billion California general obligation financing will thunder into the municipal market at a time when volume is expected to inch up over $8 billion in what is one of the largest one-week supply scenarios so far this year -- however the extra supply may force underwriters to bump yields in order to get investors' attention on the heels of last Thursday and Friday's weakness, according to one market expert.

Barclays is warning that if a Build America Bond subsidy payment is reduced under sequestration and this triggers an extraordinary redemption provision, the issuer may be able to call those BABs anytime, even years later when market changes make the call affordable.

Zero-coupon bonds: exceptional value or chronic underperformance? Opinions vary, but there's no mistaking that there's a lot of activity in zeros lately as investors look to them for yield.

The Bond Buyer's weekly yield indexes increased the week ended March 7.

For the first time in nine weeks, muni bond funds that report flows weekly recorded outflows for the week of March 6, at $97 million.