News and Information from Bond Buyer

Issuers and dealers are criticizing as incompatible with the municipal bond market the Municipal Securities Rulemaking Board's proposed rule changes to establish a process for determining markups and markdowns that may have to be disclosed to retail investors.

A group of investors sued the Government Development Bank for Puerto Rico Monday to protect their interests after the governor said the bank can't make its $423 million debt payment due May 1.

Top quality municipal bonds finished mostly steady on Monday, traders said, as the first of the week's supply started to come to market with the University of Connecticut offering bonds to retail investors.

Texas sales tax revenues grew 2.1% in March after five months of declines, Comptroller Glenn Hegar reported.

The first inventory of Texas toll roads is a starting point for future discussions about how to reduce tolling, said an anti-toll Texas lawmaker.

Atlantic City’s credit crating was slashed two notches to Caa3 by Moody’s Investors Service Monday as default concerns persist over the gambling hub.

Kentucky Attorney General Andy Beshear said Friday he will file suit if Gov. Matt Bevin fails to rescind immediate budget cuts the governor imposed at state colleges and universities.

New York State’s $156 billion 2017 fiscal budget approved Friday boosts spending to address aging statewide public water needs.

Los Angeles emphasized the tech industry’s growing importance as an economic driver at its third regional investor’s conference.

Colorado Gov. John Hickenlooper’s signature on recently passed legislation will clear a path for the University of Colorado’s $168 million issue of new money and refunding bonds.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.235% high rate, down from 0.300% the prior week, and the six-months incurred a 0.385% high rate, down from 0.475% the week before.

Top quality municipal bonds were mostly steady at mid-session, traders said, as the market awaits the first of the week’s $7.66 billion new issue pricings. The week’s calendar is broken down into $6.58 billion of negotiated deals and $1.08 billion of competitive sales.

Veteran banker Jeffrey Diehl will direct the nascent Rhode Island Infrastructure Bank, its board of directors announced.

Municipal managers are optimistic the price volatility and outflows associated with the April 15 tax deadline and spring redemption season will bring additional buying opportunities.

New York City business activity “continued to expand at a slower rate, settling close to a stall speed in the latest month,” as the current business conditions index fell to 50.4 in March from 53.6 in February, the Institute for Supply Management-New York’s Report on Business index, released Monday, indicated.

The municipal bond market is set to see more supply hit the screens this week with new issue volume estimated by Ipreo at $7.66 billion.

Rebranding and internal improvements paid off for Capital Region Water – the former Harrisburg Authority – which landed its first investment-grade rating since 2011.

Apr. 4, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.75 1.52 2.28 3.25 Delaware Aaa/AAA/AAA 0.55 1.06 1.69 2.68 Maine Aa2/AA/AA 0.57 1.12 1.8 2.81 Maryland Aaa/AAA/AAA 0.55 1.1 1.73 2.69 Massachusetts Aa1/AA+/AA+ 0.57 1.16 1.87 2.86 New Hampshire Aa1/AA/AA+ 0.57 1.11 1.74 2.78 New Jersey A2/A/A 0.9 1.92 2.64 3.59 New York Aa1/AA+/AA+ 0.55 1.07 1.76 2.85 Pennsylvania Aa3/AA+/AA+ 0.75 1.67 2.38 3.29 Rhode Island Aa2/AA/AA 0.65 1.3 2.05 3.04 Vermont Aaa/AA+/AAA 0.55 1.08 1.72 2.7 Dist. of Columbia Aa1/AA/AA 0.58 1.18 1.88 2.89 Puerto Rico Caa3/CC/CC 25.55 15.82 11.65 8.89