News and Information from Bond Buyer

Week Of January 4 Issuer St Description Amount

Week Of January 4 Issuer St Description Amount

WISCONSIN

Puerto Rico’s financial crisis grew deeper Monday when it skipped $37.3 million in debt service payments.

Government

Illinois Gov. Bruce Rauner said if legislation subjecting local mayors to recall elections passes, he would sign it.

Municipal bonds were sharply stronger on Monday, traders said, with yields on top-rated maturities falling by as much as six basis points. Treasuries surged in a flight-to-quality bid while U.S. equities plunged in the wake of a stock market meltdown in China.

Jefferson County, Ala., has appealed a judge’s ruling that struck down a state law to allow the county to issue debt; a group of challengers has also pledged to appeal.

Missouri officials are waiting for the National Football League to decide if the St. Louis Rams can relocate despite a $1 billion stadium financing package designed to keep the team from leaving.

Infrastructure funding and municipal revenue could be on the chopping block when Washington state lawmakers convene.

The Municipal Securities Rulemaking Board is seeking applicants to replace seven board members whose terms will end Sept. 30 and has emphasized its interest in applicants to represent investors.

New tolled express lane west of Denver is meeting early expectations for congestion relief within the I-70 corridor.

The University of Texas System will offer investors taxable and green bonds in a pair of top-rated deals worth $450 million.

Municipal bonds were decidedly stronger at mid-session, traders said, as U.S. Treasuries surged in a flight-to-quality bid as U.S. equities plunged in the wake of a stock market meltdown in China.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.215% high rate, down from 0.260% the prior week, and the six-months incurred a 0.500% high rate, off from 0.550% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

Indicator Last Report Forecast Actual Construction Spending Oct.: +0.3% Nov.: +0.6% Nov.: -0.4% ISM Manufacturing Nov.: 48.6 Dec.: 49.7 Dec.: 48.2

The overall economy grew for the seventy-ninth straight time, while the manufacturing sector contracted for the second month in a row, the Institute for Supply Management reported Monday.

Construction spending decreased 0.4% in November, the Commerce Department said Monday, and is 10.5% above the November 2014 level.

Municipal bond traders were back at work on Monday after the long holiday weekend. Traders will be looking at a revived primary market this week, with several large negotiated and competitive sales on tap.