News and Information from Bond Buyer

Government

In the week ended Dec. 24, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.22% from 4.24% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

The Puerto Rico Electric Power Authority’s two biggest bond insurers scored a victory in the authority’s Christmas Eve debt restructuring deal.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's core conduct rule for municipal advisors, despite its controversial ban on principal transactions.

Municipal bonds finished unchanged on Thursday, traders said, as the market experienced a quiet, abbreviated session. Trading ended early ahead of the full close on Friday and will begin again on Monday.

The impact of December’s interest rate increase was just one of the topics, as municipal portfolio managers, strategists, analysts, and directors, weighed in with predictions for 2016.

The Treasury Department said it will auction $29 billion seven-year notes on Wednesday, Dec. 30.

The Treasury Department said Thursday it will auction $28 billion 91-day bills and $26 billion 182-day discount bills Monday.

Just how far Connecticut Gov. Dannel Malloy can advance his transportation agenda is uncertain, given the state's budget strains, high debt, and pension liability woes.

The gasoline tax and other dedicated taxes and fees provide about 70% of the funding in the new five-year, $305 billion FAST Act, but that level of support will drop to about 50% when the measure expires in October 2020, said Peter Nonis, senior manager for federal relations at the American Society of Civil Engineers.

The search for a robust revenue source to supplement or even replace the federal gasoline tax will pick up speed in 2016.

In the latest bizarre turn to Pennsylvania's budget drama, the Senate sends Gov. Tom Wolf a trimmer, House-favored $30.3 billion spending plan.

Municipal bond prices were unchanged in early trading, traders said, as the market was set for a quiet, abbreviated session on Thursday.

Moody's Investors Service said it has downgraded to A1 from Aa3 the city of Kalamazoo, Mich.'s lease revenue debt, with rental payments that are secured by the city's general obligation limited tax (GOLT) pledge.

Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on the village of Weston, Wis.'s outstanding general obligation unlimited tax debt.

Dec. 24, 2015 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.52 1.32 2.02 2.92 Florida Aa1/AAA/AAA 0.52 1.34 2.07 2.94 Georgia Aaa/AAA/AAA 0.5 1.26 1.93 2.81 Kentucky Aa2/AA+/AA+ 0.54 1.4 2.13 3.04 Louisiana Aa2/AA/AA 0.58 1.56 2.32 3.22 Mississippi Aa2/AA/AA+ 0.55 1.42 2.18 3.07 North Carolina Aaa/AAA/AAA 0.5 1.26 1.93 2.82 South Carolina Aaa/AA+/AAA 0.5 1.28 1.96 2.85 Tennessee Aaa/AA+/AAA 0.5 1.28 1.95 2.82 Virginia Aaa/AAA/AAA 0.49 1.25 1.92 2.8 West Virginia Aa1/AA/AA+ 0.52 1.32 2.06 2.97

12/23/2015 12/16/2015 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 0 $0 2 $97,805 -97,805 Florida 3 285,130 2 35,130 250,000 Georgia 0 0 0 0 0 Kentucky 0 0 2 37,430 -37,430 Louisiana 1 66,875 2 66,350 525 Mississippi 0 0 0 0 0 North Carolina 1 6,900 1 6,900 0 South Carolina 0 0 1 6,930 -6,930 Tennessee 1 5,185 0 0 5,185 Virginia 0 0 0 0 0 West Virginia 0 0 0 0 0

Tuesday, December 29 Issuer St Description Amount

Tuesday, December 29 Issuer St Description Amount