News and Information from Bond Buyer

12/15/2016 12/8/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 $0 0 $0 $0 California 27 587640 37 1021965 -434,325 Hawaii 0 0 0 0 0 Idaho 0 0 0 0 0 Montana 0 0 1 16385 -16,385 Nevada 0 0 0 0 0 Oregon 0 0 1 9180 -9,180 Washington 6 738580 9 1002100 -263,520 Wyoming 1 90000 2 184000 -94,000

Lured by opinions and ratings endorsing its bankruptcy-remote structure and a still steep yield penalty, investors snapped up Chicago Public Schools’ A-rated capital improvement tax bonds.

Government

In the week ended Dec.8, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell two basis points to 4.33% from 4.35% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

The market continued to be very choppy, as municipal bond yields reversed on Thursday and increased. Top-shelf muni bond yields were up as many as 11 basis points in some maturities, according to traders, as they had a few deals to work with including a much anticipated deal from an issuer in Chicago.

NYC Pension Funds See Positive Q3 Results

Petersburg, Va., was removed from CreditWatch by S&P Global Ratings, which maintained its BB junk ratings and negative outlook despite the cash-strapped city's hiring of a turnaround firm.

Washington Gov. Jay Inslee on Wednesday released his nearly $47 billion 2017–19 budget proposal.

Revere Securities was fined $10,000 for trade reporting failures while two individuals were fined a total of $22,500 and suspended for improper trading of municipal securities and supervisory failures by the Financial Industry Regulatory Authority.

Maryland Gov. Larry Hogan wants lawmakers to repeal a new law requiring statewide ranking of road projects.

Healthcare and education finance will be key areas of growth as Huntington Capital Markets looks to expand its public finance footprint in Ohio, Chicago and Wisconsin.

The New York City Council’s Finance Committee held a public hearing Wednesday at City Hall to hear comments on a proposal to expand the DUMBO Business Improvement District. The legislation would expand the current boundaries of the DUMBO BID (Down Under the Manhattan Bridge Overpass) and increase its annual expenditures.

Puerto Rico Governor-Elect Ricardo Rosselló appointed financial professionals to two key positions within his government.

The Federal Reserve Board said it has approved action on Thursday by the Board of Directors of the Federal Reserve Bank of Minneapolis, increasing the discount rate (the primary credit rate) at the Bank from 1% to 1.25%, effective immediately.

Fiscal management will be critical for New York City amid uncertainty in Washington, Mayor Bill de Blasio's budget chief, Dean Fuleihan, told City Council members.

Brad Bennett, who oversaw many important municipal bond enforcement cases over nearly six years, plans to leave the Financial Industry Regulatory Authority as its enforcement chief early next year and return to private practice.

The market continues to be very choppy, as municipal bond yields reversed and are higher. Top-shelf muni bond yields were up as many as 11 basis points in some maturities, according to traders.

Direct pay bonds similar to Build America Bonds may wind up forming the backbone of Donald Trump’s proposed 10-year $1 trillion infrastructure investment plan.

The Treasury Department said it will auction $14 billion four-year four-month 1/8% inflation-indexed bonds on Dec. 22.

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