News and Information from Bond Buyer

Contribution levels that fall short of actuarially required needs drove growth in the unfunded liabilities of a majority of 11 pension funds that cover Chicago area governments and local government employees throughout the state.

Credit agencies say the new $305 billion FAST Act funding law is credit positive for state road and transit debt secured by federal transportation grants.

The Puerto Rico Electric Power Authority and its creditors agreed Tuesday to extend deadlines in their Restructuring Support Agreement to Dec. 17.

State Senate President Steve Sweeney is proposing a constitutional amendment that would require payments on a quarterly basis

Top quality munis are stronger by as many as two basis points on some maturities through midday, according to traders.

The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 1.25% coupon at a 1.255% yield, a price of 99.985324.

Women in Public Finance has chosen Carole Brown, a longtime Chicago-based public finance banker who became the city’s chief financial officer this year, to receive its founders’ award honoring lifetime achievement.

Recent actions by Louisiana lawmakers to close a nearly $500 million budget deficit, amid uncertainties that may lead the state to privately place its next borrowing, could to pressure on the state’s credit ratings, according to Fitch Ratings.

The Treasury Department Tuesday auctioned $14 billion of 364-day bills at a 0.740% high yield, a price of 99.251778.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.235% high yield, a price of 99.981722.

No clarity has been offered with regard to the extent of the reasonable diligence obligations of those participating in competitive deals, as co-managers, syndicate members or selling dealers.

The costs of issuing, trading and managing portfolios of tax credit bonds would cause such securities to be unappealing both to issuers and investors.

Both the manufacturing and non-manufacturing sectors of the economy should see growth in 2016, according to the Institute for Supply Management's December 2015 Semiannual Economic Forecast, released Tuesday.

Municipal bond traders are ready to see more big new issues hit the market on Tuesday, topped by over $1.5 billion coming from New York issuers alone.

Illinois Gov. Bruce Rauner signed legislation that frees up $3 billion of funds, allowing the state to distribute motor fuel taxes, gambling, and emergency phone service revenues to local governments.

Small businesses were less optimistic in November as the Small Business Optimism index fell to 94.8 in November from 96.1 in October, the National Federation of Independent Business said Tuesday.

Janney Capital Markets managing director Alan Schankel and Bond Buyer senior Northeast reporter Paul Burton dissect Chicago and other public pension basket cases in the latest Bond Buyer podcast.

Dec. 8, 2015 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.46 1.42 2.26 3.23 Arkansas Aa1/AA/NR 0.43 1.32 2.09 3.05 Colorado Aa1/AA/NR 0.43 1.38 2.19 3.18 Kansas Aa1/AA+/NR 0.41 1.38 2.19 3.14 New Mexico Aaa/AA+/NR 0.41 1.32 2.1 3.08 Oklahoma Aa2/AA+/AA+ 0.45 1.41 2.21 3.18 Texas Aaa/AAA/AAA 0.44 1.37 2.17 3.13 Utah Aaa/AAA/AAA 0.41 1.26 2 2.96

12/7/2015 11/30/2015 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 5 $178,660 6 308,815 -$130,155 Arkansas 5 51,935 8 214,650 -162,715 Colorado 9 519,275 4 232,560 286,715 Kansas 6 38,678 11 457,548 -418,870 New Mexico 1 57,275 0 0 57,275 Oklahoma 4 7,800 10 157,315 -149,515 Texas 39 534,488 39 838,267 -303,779 Utah 2 31,500 4 63,840 -32,340

Tuesday, December 8 Issuer St Description Amount