News and Information from Bond Buyer

Indicator Last Report Forecast Actual Initial Jobless Claims 4/9: 253,000 4/16: 263,000 4/16: 247,000 Continuing Claims 4/2: 2.171M 4/9: n/a 4/9: 2.137M Philly Fed Manufacturing March: 12.4 April: 7.0 April: -1.6 Leading Indicators Feb.: +0.1% March: +0.3% March: +0.2%

ARKANSAS

West Virginia took a one-notch Standard & Poor’s downgrade, stemming largely from sharply reduced demand for coal products. Its GO bond rating is now AA-minus.

It will take time to repair Louisiana’s structural budget imbalance but the state is committed to resolving its challenges, Gov. John Bel Edwards said at the National Municipal Bond Summit.

Government

California achieved $195 million in net present value savings on a $1.5 billion competitive sale that included a sizeable refunding.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was unchanged from 3.94% in the previous week.

The Municipal Securities Rulemaking Board’s proposal to require dealers acting as principals to disclose their markups and markdowns on retail confirmations would add complexity to the market and subject dealers to significant costs, dealers and others said here on Thursday.

A California bill that would encourage the state’s two big public pension funds to invest in state infrastructure was approved in committee.

Top rated municipal bonds finished weaker on Thursday, traders said, with yields on some longer-dated maturities stronger by as much as five basis points.

The MTA board authorized Chairman Thomas Prendergast to settle a dispute with New York City officials over the proposed 99-year lease of its former headquarters.

A Michigan House committee will take up the next round of discussions on the proposed Detroit Public Schools restructuring.

Long Beach, Calif. closed Wednesday on $513 million in financing on a public-private partnership for a new city hall, port headquarters, library and park.

St. Louis-based Ascension Health Alliance is set to bring $1.9 billion of bonds to market in deals that fold into one package the system's new money needs, refunding opportunities and refinancing of inherited debt.

The fiscal 2017 federal transportation budget approved by Senate Appropriations Committee incorporates FAST Act funding.

The Treasury Department Thursday auctioned $16 billion of five-year inflation-indexed notes with a 0.125% coupon, a -0.195% high yield, an adjusted price of 101.634854

A revised revenue estimate that is $229 million below previous forecasts will delay highway projects and force other state spending cuts, Kansas officials said.

November’s election could create momentum for federal tax reform, said panelists at The Bond Buyer’s National Municipal Bond Summit.

A bill introduced by Senate Democrats would increase funding for state revolving funds, permanently reauthorize a program to provide low-cost loans for water projects, and remove the cap on private-activity bonds for water and wastewater projects.

Legislation to put California’s teacher pension fund on a more sustainable track could prove to be bitter medicine for some school districts and the state itself because of higher contributions.