News and Information from Bond Buyer

Louisiana Gov. John Bel Edwards on Friday said that lawmakers should begin a special session on June 6 to continue work on the fiscal 2017 budget to avoid what he said are unnecessary cuts in important state services.

Hartford, Conn., Mayor Luke Bronin has called a $47 million performance bond on the developer of a minor-league baseball park, citing delays and cost overruns.

Bill proposed by Sen. Deb Fischer, R-Neb., would authorize five P3s to finance and build VA medical facilities and cemeteries.

The Atlantic City rescue package New Jersey Gov. Chris Christie signed before the Memorial Day weekend is a credit positive for the cash-strapped gambling hub, according to Moody’s Investors Service.

Indicator Last Report Forecast Actual Personal Income March: +0.4% April: +0.5% April: +0.4% Consumption March: unch April: +0.5% April: +1.0% Core PCE Prices March: +0.1% April: +0.1% April: +0.2% Chicago PMI April: 50.4 May: 52.0 May: 49.3 Consumer Confidence April: 94.7 May: 95.6 May: 92.6

The state of Maryland will hold a competitive sale of $1.036 billion of tax-exempt state general obligation bonds June 8, according to the state treasurer’s office.

The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.265% high yield, a price of 99.979389.

Top-rated municipal bonds were weaker in quiet activity at mid-session, according to traders, who returned to work on Tuesday after a long holiday weekend. The market closed early last Friday and remained closed on Monday for Memorial Day.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.340% high rate, down from 0.350% the prior week, and the six-months incurred a 0.475% high rate, off from 0.480% the week before.

Vice President Joseph Biden visited Rhode Island to trumpet the state’s sweeping $500 million bridge-and-road improvement plan.

Texas factory activity, as measured by the production index, "declined in May after two months of increases," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Tuesday.

In the latest installment of Muni Minute – The Bond Buyer's 60-second video series that examines a top municipal market story that will impact the coming week – we take a look at the biggest bond deal of the week – an almost $1 billion competitive sale from the state of Pennsylvania. It's the first big deal from the Keystone State since last year's budget crises – and it's coming ahead of a possible new one.

The consumer confidence index decreased to 92.6 in May from a revised 94.7 last month, The Conference Board reported Tuesday.

The Chicago Purchasing Managers' Business Barometer dropped to 49.3 in May from 50.4 in April, the National Association of Purchasing Management-Chicago said Tuesday.

Municipal bond traders are returning to work on Tuesday after a long holiday weekend. The market finished early last Friday and was closed on Monday for Memorial Day.

Chicago will get more time to phase in higher public safety pension contributions after state lawmakers overrode a veto by Gov. Bruce Rauner, but no end is in sight to the state’s budget stalemate.

The Midwest Economy Index remained at 0.25 in April, the Federal Reserve Bank of Chicago said Tuesday.

Drexel Hamilton's managing director of municipal finance Tom Mead and director of capital markets John Martinko join Bond Buyer markets reporter Aaron Weitzman to discuss the service-disabled veteran owned broker-dealer, the firm's growth, changes in the muni market over the years, and more.

ALABAMA

Tuesday, May 31 Issuer St Description Amount