News and Information from Bond Buyer

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The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 7/8% coupon at a 0.890% yield, a price of 99.955693.

A fix for Illinois’ $112.9 billion unfunded pension tab, which requires an $8 billion contribution next year, remains high on the minds of lawmakers in the midst of their 10-month-old budget impasse.

Prices of top-rated municipal bonds were weaker at mid-session, according to traders, as the New York City Transitional Finance Authority sold $750 million of bonds.

The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.200% high yield, a price of 99.984444.

California reported $7.4 billion of revenue in March, outstripping projections in the proposed budget released in January by 3%.

Municipal bond traders are set to see the first of the week’s big new issues come to market on Tuesday, with issuers in New York and Ohio leading the pack.

Turning a little to the conservative side, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Patrick T. Harker Tuesday suggested holding off raising the fed funds rate target until inflation increases.

Small business optimism fell in March, as measured by the Index of Small Business Optimism, which dipped to 92.6 from 92.9 in February, according to the National Federation of Independent Business.

The impact on state transportation funding from the new $305 billion Fixing America’s Surface Transportation (FAST) Act is explored by Matt Click from the infrastructure solutions firm HNTB with Northeast regional reporter Andrew Coen. Click has nearly 20 years’ experience advising states on tolling, transportation finance, congestion pricing and priced managed lanes.

Tuesday, April 12 Issuer St Description Amount

Tuesday, April 12 Issuer St Description Amount

Week Of April 11 Issuer St Description Amount

Week Of April 11 Issuer St Description Amount

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The Securities Exchange Commission has charged Texas Attorney General Ken Paxton with securities fraud in a case involving a Texas-based technology company. Paxton was already under indictment in Texas for acting as an unregistered financial advisor.

Government

Kentucky Attorney General Andy Beshear, a Democrat, filed suit Monday contending that budget cuts at nine public colleges and universities ordered by Republican Gov. Matt Bevin were illegal.

Moody's Investors Service affirmed Pennsylvania's Aa3 general obligation rating Monday and kept the commonwealth's outlook at negative following its passage of a 2016 budget nine months into the fiscal year.