Puerto Rico

The ripple effects of Puerto Rico's bankruptcy may be less onerous for state special revenue credits than some investors thought.

Justifying the latest bid to recover funds related to illegally issued debt, the board says the legislature failed to authorize the pension system bonds.

An IRS opinion that the existing bonds are tax-exempt is key to the exchange offer.

The delay of $220 million of pension savings is the latest "upsetting piece of news for bondholders."

The board and the governor remain about $500 million apart on spending.

Moody's put the Illinois State Toll Highway Authority's A3 rating on review for a downgrade in the wake of the Puerto Rico ruling.

Municipal bond market participants are keeping one eye on the sale calendar and the other on the equities market.

The anticipated surplus for fiscal years 2019 through 2013 has dropped to $11.6 billion from $15.1 billion, leaving less money for debt service and capital spending.

The plan continues a cut to the pension system found in earlier versions.

Municipal bond buyers saw more deals come to market on Wednesday as muni yields held in at lower levels.