News and Information from Bond Buyer

TENNESSEE

Financial regulators and others should work to reverse the increased narrowing of the municipal market caused by fewer retail investors and wealthier bondholders, the Securities and Exchange Commission’s Investor Advocate told regulators.

Government

New Hampshire's Dartmouth-Hitchcock Obligated Group received a one notch downgrade from one rating agency while another placed it on watch with negative implications.

Dallas County Judge Clay Jenkins’ advocacy for two Dallas-based bond firms in a $168 million issue led to accusations of interference in a process designed to avoid political influence.

Jaime Perelló Borrás resigned as president of the Puerto Rico House of Representatives Monday afternoon, according to multiple local press accounts.

Top-rated municipal bonds finished flat on Monday as the largest deal of the week hit the market when JPMorgan Securities priced the state of California's $2.7 billion offering for retail investors ahead of the institutional pricing on Tuesday.

Federal aid will alleviate financial challenges for southern Louisiana parishes affected by this month’s flooding, but the disaster remains a credit negative for the state and local governments, Moody's Investors Service said/

Fresno, Calif., Mayor Ashley Swearengin says rating upgrades from Moody's show the steps taken to get the city on sound fiscal ground have worked.

Southwest Ohio’s largest healthcare provider capitalized on the low interest rate environment last week to save on the debt of four hospitals it now operates as one obligated group.

Congressional critic of California's $9 billion of state bonds for high-speed rail wants to repurpose the funding.

Amtrak countersued the Massachusetts Bay Transportation Authority over $30 million for track maintenance between Boston and Rhode Island.

Piper Jaffray & Co. has agreed to pay a $12,500 fine after the Financial Industry Regulatory Authority found the firm submitted 23 disclosure documents related to primary offerings late to the Municipal Securities Rulemaking Board’s EMMA system.

PFM Asset Management LLC is celebrating its tenth year of providing clients with multi-asset class management services.

Using Congressional Budget Office estimates for gross domestic product suggests that for the next decade the natural rate of interest, also known as r-star, will be around 1%, according to a Federal Reserve Bank of San Francisco research adviser.

The chances of a near-term improvement in funded ratios for many state-wide pension systems are remote, Fitch Ratings says, even as annual pension contributions made by state governments continue to rise.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.335% high rate, up from 0.310% the prior week, and the six-months incurred a 0.480% high rate, up from 0.450% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

After approving a plan to finance $70 billion of projects over the next decade, the Texas Transportation Commission will issue $712 million of bonds in September to take care of current needs.

Indicator Last Report Forecast Actual Personal Income June: +0.3% July: +0.4% July: +0.4% Consumption June: +0.5% July: +0.3% July: +0.3% Core PCE Price Index June: +0.1% July: +0.1% July: +0.1%