News and Information from Bond Buyer

Louisiana now pegs its official mid-year deficit at $304 million, a number that is complicating the state’s ability to issue new debt.

Top-rated municipal bonds finished substantially weaker on Thursday, traders said, with muni yields rising by as much 10 basis points in spots. In the primary, the last of the week’s big offerings hit the market, topped by the city of Chicago’s $1.1 billion bond deal.

The Puerto Rico Oversight Board said a 79% reduction in payments may be in store for bondholders in fiscal 2019.

A Montana legislator has introduced a bill that would divert some interest earned from the Coal Tax Trust Fund into an infrastructure fund.

The Securities and Exchange Commission has approved proposed Municipal Securities Rulemaking Board changes to complaint processes for dealers and municipal advisors, saying they are consistent with the MSRB’s authority and do not overburden market participants.

Incoming Trump administration officials ask Virginia for a list of infrastructure projects with their own revenue source.

The Treasury Department sold $13 billion of inflation-indexed 10-year TIPs at a 0.436% high yield, an adjusted price of 99.326760, with a 3/8% coupon.

Michigan's underfunding of its infrastructure could crowd out the state's ability to fund other priorities such as improving pension funding at a time when tax revenues are beginning to slow, according to a Moody's Investors Service.

Top-rated municipal bonds were substantially weaker at mid-session, traders said, as muni yields rose by as much as eight basis points, following Treasuries. The market interpreted comments made by Federal Reserve Board Chair Janet Yellen on interest rates as being particularly hawkish for the future.

New Jersey's Department of Community Affairs hired Atlantic City business administrator Jason Holt to assist in its state takeover of the distressed city.

A state task force charged with solving Washington’s K-12 education funding crisis failed to overcome its partisan divide, leaving state lawmakers with serious work to do.

The Treasury Department said it will auction $15 billion two-year floating rate notes on Jan. 25.

The Treasury Department said it will auction $28 billion seven-year notes on Jan. 26.

The Treasury Department said Thursday it will auction $34 billion 91-day bills and $28 billion 182-day discount bills Monday.

The December Chicago Business Barometer was revised down to 53.9 from 54.6 reported previously as a result of the annual seasonal adjustment recalculation.

Municipal bond traders are set for the week's biggest deal to hit the market on Thursday as over $1 billion of Chicago bonds are on tap.

Indicator Last Report Forecast Actual Initial Jobless Claims 1/7: 249,000 1/14: 254,000 1/14: 234,000 Continuing Claims 12/31: 2.093M 1/7: 2.075M 1/7: 2.046M Housing Starts Nov.: 1.102M Dec.: 1.190M Dec.: 1.226M Building Permits Nov.: 1.212M Dec.: 1.225M Dec.: 1.210M Philly Fed Manufacturing Dec.: 19.7 Jan.: 16.0 Jan.: 23.6

The region's manufacturing sector expanded in January, as the general business conditions index rose to 23.6 from a revised 19.7 in December, first reported as 21.5, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Build America Mutual has appointed John White, chairman of the PFM Group, to join the bond insurer’s board of directors.

Jan. 19, 2017 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.9 1.6 2.26 3 Florida Aa1/AAA/AAA 0.89 1.62 2.25 3.03 Georgia Aaa/AAA/AAA 0.88 1.55 2.14 2.88 Kentucky Aa2/A+/AA- 0.93 1.71 2.36 3.12 Louisiana Aa3/AA/AA 0.97 1.93 2.69 3.46 Mississippi Aa2/AA/AA 0.91 1.65 2.32 3.1 North Carolina Aaa/AAA/AAA 0.88 1.55 2.13 2.87 South Carolina Aaa/AA+/AAA 0.88 1.56 2.16 2.89 Tennessee Aaa/AAA/AAA 0.88 1.55 2.14 2.88 Virginia Aaa/AAA/AAA 0.87 1.54 2.12 2.86 West Virginia Aa1/AA-/AA 0.91 1.65 2.33 3.08