News and Information from Bond Buyer

NEW JERSEY

1/3/2017 12/27/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $272,807 4 $64,847 $207,960 Indiana 7 240,910 8 242,910 -2,000 Iowa 3 9,765 2 8,625 1,140 Michigan 14 206,785 8 48,805 157,980 Minnesota 18 227,125 15 197,950 29,175 Missouri 5 47,765 4 40,015 7,750 Nebraska 1 4,695 1 4,695 0 North Dakota 2 3,625 0 0 3,625 Ohio 0 0 0 0 0 South Dakota 1 3,965 1 3,965 0 Wisconsin 7 34,700 6 31,950 2,750

New Puerto Rico Gov. Ricardo Rosselló is taking steps to immediately cut the government’s spending and revenues.

Government

Top-rated municipal bonds finished unchanged on Tuesday, according to traders, who came back to work for the first trading day of 2017. The market is set to see a $3 billion new issue slate this week, with the calendar composed of $2.92 billion of negotiated deals and $84.2 million of competitive sales.

Sen. Chuck Schumer, D-N.Y., said Tuesday in his inaugural speech as Senate Minority Leader that he hopes for more direct spending in President-elect Donald Trump's proposed $1 trillion infrastructure plan.

The harmful effects of a repeal of the federal Affordable Care Act without a replacement package to soften the blow would extend beyond hospitals to lllinois' economy, according to the state hospital association.

Emilie R. Ninan will oversee Ballard Spahr’s team of 50 public finance lawyers across the country.

A coalition that opposes California high-speed rail has filed two lawsuits to try to halt the project just as the rail authority planned to seek approval to issue bonds.

Public utilities have the rate-setting flexibility to handle an 11% drop in demand for electricity through 2040, according to Fitch Ratings.

The Rhode Island Commerce Corp. and Securities and Exchange Commission are close to reaching a final settlement over fraud charges the SEC brought in connection with a private placement involving the video game company 38 Studios.

Wisconsin could net up to $41 billion of new road revenue by 2050 with tolls on its interstate highways.

Nearly three-quarters of state pension plans and more than half of local plans cut benefits and/or raised employee contributions to combat rising employer costs in the five years following the financial crisis, the Center for Retirement Research at Boston College said Tuesday.

The Treasury Department Tuesday auctioned $20 billion of 364-day bills at a 0.870% high yield, a price of 99.120333.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.475% high yield, a price of 99.963056.

Detroit still faces an unexpected gap in pensions and the absence of a long-term economic plan that leaves the city vulnerable to setbacks.

Top-rated municipal bonds were weaker at mid-session, according to traders, who returned to work on Tuesday, the first trading day of 2017.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.530% high rate, down from 0.555% the prior week, and the six-months incurred a 0.630% high rate, off from 0.660% the week before.

In his first podcast as a member of The Bond Buyer team, municipal market analyst John Hallacy sits down with Morgan Stanley Wealth Management managing director and chief municipal bond strategist John Dillon to discuss a muni market strategy outlook for 2017, the potential for tax reform, sweet spots for investors along the curve, as well as a retrospective on 2016.

Tom Prendergast departs as New York MTA chief on a high note as Second Avenue subway line opened. His successor will face numerous challenges.