Commonwealth of Pennsylvania

Pennsylvania is set to hit the market with the week’s biggest offering — a $974 million competitive sale. Municipals were stronger, according to early trade data.

Municipal yields were down by as many as seven basis points amid concern that tax reform may crimp supply.

Retail and institutional municipal bond investors hope volume of nearly $9 billion is a sign of consistent elevated weekly volume for the remainder of the year.

With nearly $9 billion in volume, thanks to a large refunding deal, market participants expect issuance will remain strong as issuers try to beat tax reform.

Refundings on the calendar for the week ahead spurred speculation that issuers may rush deals to market before they are banned by the GOP tax plan.

More states and localities moved ahead with infrastructure financings in October, as issuers gained confidence the municipal tax exemption will remain in place.

The Pennsylvania governor could borrow against tobacco revenues or against profits from the state-run liquor system.

Joe Torsella cited the legislature's approval of a revenue package to balance the fiscal 2018 budget.

State-related and other schools are taking a good, hard look at their business models.

Legislative leaders say the move will plug a $2.2 billion budget shortage and end a nearly five-month budget impasse.

The petition calls the $1.25 billion budget-balancing move unconstitutional.

Senate consideration is next as Pennsylvania winds through the fourth month of its budget stalemate.

The short-term lifeline will enable the commonwealth to make Medicaid payments while it will lacks a revenue plan.

The governor said the lease agreement could provide $200 million up front for the cash-strapped state.

Lawmakers can't agree on how to fund the state budget, while the governor looks for a loan from the state liquor monopoly.

The governor said he would borrow against $1.25 billion in profits from the state liquor system.

Issuance of municipal bonds fell 33.9% to $26.7 billion compared to $40.4 billion in September 2016.

The rating agency calls on the commonwealth to match recurring revenues with expenses.

House Majority Leader Dave Reed blames 'a small group of unknown people' at S&P for the state's downgrade while the Senate rejects a House revenue plan.

S&P Global Ratings cited fiscal shakiness while Gov. Tom Wolf called for an end to the budget impasse.