News and Information from Bond Buyer

The New York region's service sector activity "continued to grow at a healthy pace," according to the Federal Reserve Bank of New York's December Business Leaders Survey.

The future accessibility of private activity bonds and stadium bonds is the massive tax bill's gift to the municipal market this holiday season. However, the bill also brings coal in the form of a year-end halt to advance refundings and a drop in the corporate tax rate.

Concerned about the tax bill before Congress, the private passenger train owners want to issue bonds by Dec. 31.

As the exact language of the final tax legislation looms, municipal market participants eager wait to see how it pertains to private activity bonds, there will be $11 billion of issuance awaits as issuers make one final push.

Bond analysts and Puerto Rico political leaders were voicing concern Friday over a new tax on territories reportedly included in the Republican federal tax bill.

Cybersecurity is among the city's latest challenges, said James Patchett, CEO of the New York City Economic Development Corp.

Moody's dropped Wood County Hospital Association to Ba1 and assigned a negative outlook.

Andrew Cuomo and Chris Christie say the ball is in Trump's court on the crucial Gateway Hudson Tunnel Project, as local commitments are secured.

The municipal bond market next week will continue to see above-average volume, albeit at a much slower pace than this week, as $11.14 billion of deals are on the calendar.

The California Chamber of Commerce supports a developing $8.9 billion bond proposal as well as a $4 billion measure that is already on the June ballot.

Urban planners argue for the unlocking of public assets through an asset trust, an idea largely untested in the U.S.

The panel recommended issuing $500 million general obligation bonds for public school construction and repair over 10 years.

The rating agency will continue to monitor financial developments in Connecticut's capital city.

Concern that “persistent factors” rather than “transitory ones” could be keeping inflation low pushed Federal Reserve Bank of Chicago President Charles L. Evans to dissent on the Federal Open Market Committee vote on the federal funds rate Wednesday.

The municipal bond market saw deals from far and wide this week as the threat of tax reform changes spurred a rush to issuance that will continue into the next week.

Industrial production grew 0.2% in November, the Federal Reserve reported Friday.

The Empire State Manufacturing Survey showed "business activity continued to grow at a solid clip in New York State."

In the week ended Dec. 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index nudged up to 3.91% from 3.90% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

The municipal bond market will be hurt less than expected by the tax bill with the retention of private activity bonds, but will still be hurt by the loss of advance refundings and the huge reduction in the corporate tax rate to 21%.

The municipal bond market priced deals from Partners Healthcare, South Miami Health and Empire State Development as investors waited for final details of tax law changes affecting private activity bonds.