News and Information from Bond Buyer

The Treasury Department Tuesday auctioned $65 billion of four-week bills at a 0.340% high yield, a price of 99.974500.

Top quality municipal bonds were weaker at mid-session, traders said, who were keeping a wary eye on the direction of muni yields, which have risen by as much as 60 basis points since Election Day and by 113 basis points since all-time lows hit last July.

Municipal advisors want the MSRB to take more time to consider how its proposed continuing education requirements for advisors would fit into the existing MA regulatory structure as well as provide details about how firms can best comply.

Municipal bond market participants were keeping a wary eye on yields as the holiday-shortened trading week was quickly passing by.

Thomas Ross, President of the Volcker Alliance, and William Glasgall, director of the group’s state and local program, stop by The Bond Buyer to talk about a new initiative called the "Truth and Integrity in Government Finance." The alliance has partnered with 13 academic institutes to work on a multi-year study aimed at helping U.S. states improve budgeting and fiscal sustainability.

Tuesday, November 22 Issuer St Description Amount

Tuesday, November 22 Issuer St Description Amount

Week Of November 21 Issuer St Description Amount

Nov. 22, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA-/NR 0.92 1.68 2.51 3.29 Arkansas Aa1/AA/NR 0.89 1.61 2.39 3.16 Colorado Aa1/AA/NR 0.9 1.67 2.46 3.25 Kansas Aa2/AA/NR 0.9 1.66 2.48 3.27 New Mexico Aa1/AA/NR 0.89 1.59 2.36 3.15 Oklahoma Aa2/AA+/AA+ 0.91 1.68 2.48 3.27 Texas Aaa/AAA/AAA 0.91 1.68 2.45 3.28 Utah Aaa/AAA/AAA 0.87 1.54 2.26 3.03

ILLINOIS

ARKANSAS

11/21/2016 11/14/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 0 $0 1 $719,815 -$719,815 Arkansas 1 2,805 1 56,675 -53,870 Colorado 2 33,575 7 315,032 -281,457 Kansas 7 25,935 8 122,170 -96,235 New Mexico 1 39,365 3 62,155 -22,790 Oklahoma 3 3,725 2 23,930 -20,205 Texas 26 938,535 61 1,040,780 -102,245 Utah 1 6,500 1 25,000 -18,500

The Puerto Rico Aqueduct and Sewer Authority said it wouldn’t have the money to make its debt payments in the next 10 years unless changes are made.

The head of the SEC’s Division of Trading and Markets has said he will leave his position by the start of the new year.

State highway officials warn that Trump’s $1 trillion infrastructure proposal ignores Highway Trust Fund woes.

Government

The New Jersey legislature approved a bill Monday that if signed by Gov. Chris Christie would mandate a boost to the state’s underfunded pension system.

S&P Global Ratings' general obligation (GO) rating on the city of Chicago's debt is unaffected by the adopted 2017 budget. In our view, the adopted budget remains structurally imbalanced due to its reliance on debt and other one-time actions to cover the budget gaps. Overall, we consider Chicago's overall budgetary performance to be very weak. However, the corporate fund budget gap has narrowed in 2017, indicating some near-term relief in the city's budgetary pressures, so we therefore are not contemplating any rating action based solely on the adopted budget.

Top-rated municipal bonds finished weaker on Monday, with yields on some maturities rising by as much as five basis points. The market doesn't have much supply to work with this week, with a holiday calendar totaling just over $1 billion.

California issuers won’t face most new disclosure requirements until 2018 under a new law that takes effect in January.