City of Detroit,

At BB-minus, the city remains three notches below investment grade. A changed rating methodology for priority-lien revenue debt also pushed $430 million of bonds to speculative grade.

Detroit Mayor Mike Duggan will name a permanent replacement for the departing John Hill in the spring.

Detroit issued bonds Friday to fund the successful tender offer.

Detroit originally planned to sell $112 million of new money GOs but boosted the deal to $135 million as buyers sought the speculative-grade paper.

Municipal bonds were stronger with Treasurys as the Chicago O’Hare airport deal came to market as Detroit sold GOs.

Municipal bonds were stronger with Treasuries at mid-session.

A junk-rated $112 million deal without state backing will test the market's perceptions of the city's recovery from its Chapter 9 bankruptcy.

Detroit will issue $112 million of new money GO bonds and is also considering issuing refunding bonds in December.

Continuity is expected as other financial team members remain while the city conducts a national search for a replacement.

The junk-rated city is eyeing a return to market without a state backstop, but there is no timeline.