News and Information from Bond Buyer

A lawyer facing Securities and Exchange Commission charges that he violated federal securities laws as part of a pay-to-play scheme to secure Ohio pension business is arguing the commission’s charges cannot apply to him and should be dismissed.

Top rated municipal bonds ended stronger on Wednesday, according to traders, as a California issuer came to market with almost $1 billion of bonds just one day after the massive Ascension Health Alliance deal was priced.

A haircut of up to 47% is being negotiated between the Government Development Bank for Puerto Rico and holders of some of its debt.

After having been withdrawn from the energy bill in the Senate, controversial legislation to provide federal funds to Flint, Mich., and any other community facing a water crisis, has been included in a major water bill introduced in the chamber this week.

North Carolina Gov. Pat McCrory recommended a 2.8% increase in state spending for fiscal 2017 as part of the $54.6 billion budget he submitted to lawmakers Wednesday.

Ohio-based American Municipal Power Inc. will use a portion of the proceeds from its upcoming sale of $137.5 million in tax-exempt project revenue bonds to finance the purchase of an ownership interest in the Greenup Hydroelectric Facility.

State budget conditions vary widely as of late fiscal 2016, with the overall picture getting better while states with less diversified economies face significant stress, Standard & Poor's said Wednesday.

The Federal Open Market Committee left the fed funds rate target at 0.25% to 0.50%, but seemed to offer a mixed picture that doesn’t give any clues about the next hike, according to its post-meeting statement, released Wednesday.

Federal grants would be available to repair or replace dangerous dams under bipartisan Senate proposal.

The New York State Thruway Authority is planning an $850 million bond sale in early May to aid the construction of an estimated $5 billion new Tappan Zee Bridge.

West Palm Beach, Fla.’s plan to borrow $60 million in taxable bonds to boost its already 83% funded police pension plan received divergent views from market experts.

Ferguson, Missouri’s bond ratings fell deeper into junk territory amid the fiscal strains of dealing with fallout from a controversial 2014 fatal police shooting.

The Puerto Rico Senate may still vote to exempt guaranteed and trust debt from a debt payment moratorium.

Top rated municipal bonds were slightly stronger at mid-session, traders said, ahead of the Federal Reserve’s announcement on interest rates.

Standard & Poor's Ratings Services said it has lowered its underlying rating on Oyster Bay, N.Y.'s existing general obligation bonds two notches to BB-plus from BBB.

Indicator Last Report Forecast Actual Pending Home Sales Feb.: +3.4% March: +0.5% March: +1.4%

The municipal bond market is set for more new issuance to hit the screens, with a big California issue slated one day after the massive Ascension Health Alliance deal was priced.

Pending home sales increased 1.4% to an index reading of 110.5 in March, after a revised 3.4% gain to 109.0 in January, according to a report released Wednesday by the National Association of Realtors.

New York Mayor Bill de Blasio unveiled his $82.2 billion executive budget, which he said relies on “progressive, responsible and honest budgeting.”

Chicago’s water revenue debt won an upgrade from Standard & Poor’s as the city prepares to shed bank counterparty and liquidity risks in an upcoming issue.