Markets

Moderate trading in the secondary market continues to characterize an otherwise quiet session for the municipal market Thursday.

Poseidon Resources, the builders of a seawater desalination plant in California, pulled off a $734 million bond sale in the midst of a massive sell-off.

The municipal market faces another day of modest trading and trace elements of issuance reaching the primary. In the secondary, though, there is activity in the intermediate part of the yield curve.

Wells Fargo Securities expects not-for-profit hospitals to experience challenging conditions in 2013.

Highmark, Inc. and state lawmakers are pushing the Pennsylvania Insurance Department to step up its review of the West Penn Allegheny Health System affiliation, but the agency wants more details.

Chicago Mayor Rahm Emanuel's announcement that the city will explore leasing Midway International Airport to private operators came with a full court press to portray any eventual deal as a good one for taxpayers.

Some state attorneys general are hailing settlements with major tobacco companies resolving a dispute over payments, but Herbert J. Sims analyst Dick Larkin believes tobacco companies may be the big winners.

The tradition of extremely low issuance for the week between Christmas and New Year's continues this December as the municipal bond market should see paltry activity next week.

The Illinois Finance Authority board signed off on a $90 million financing package for Clare Oaks continuing care retirement community in suburban Chicago as part of a Chapter 11 reorganization plan submitted by bondholders.