News and Information from Bond Buyer

Traders said prices of top-quality municipal bonds finished stronger on Monday, with yields on some maturities falling by as much as one basis point ahead of this week’s heavy new issue supply.

The Financial Industry Regulatory Authority has ordered R.M. Duncan Securities, its president and chief executive officer, and a broker to pay a combined $166,000 for selling defaulted municipal securities from their own accounts to seniors at unreasonably high prices and for not maintaining adequate supervisory procedures.

Moody's Investors Service said it has upgraded the borough of Point Pleasant, N.J., to Aa3 from A1 and assigned a Aa3 to the borough's $8.7 million general obligation bonds, Series 2015, consisting of $7.3 million in general improvement bonds and $1.4 million in water/sewer utility bonds.

The Wyoming Department of Transportation says it needs an additional $62 million per year to maintain its roads and bridges, even as a recent report concludes that the state faces a sharp drop in revenue due to a weak oil and gas market.

Florida Gov. Rick Scott plans to offer businesses nearly a $1 billion in tax cuts if the Legislature agrees with his proposed budget to be released next month.

The Southeastern Pennsylvania Transportation Authority has opened its first new regional station in nearly 20 years as part of a public private partnership.

New York MTA plans $700 million of new-money transportation revenue bond anticipation notes and a $43.8 million remarketing next month, said finance manager Patrick McCoy.

Standard & Poor's Ratings Services said it lowered its underlying rating on West Bloomfield School District, Mich.'s outstanding general obligation bonds to A-minus from A.

Standard & Poor's Ratings Services said it removed its B-minus rating on Detroit Community Schools (DCS), Mich.'s series 2005 public school academy revenue bonds from CreditWatch, where it was placed with negative implications on Sept. 10, 2015.

Kym Arnone has joined Jefferies LLC to jointly head its municipal investment banking business with Neil Flanagan as part of an effort to expand the firm’s municipal securities business.

A consortium of Canadian pension funds will take over the lease rights to the Chicago Skyway toll road for $2.8 billion.

Already endangered by state and federal spending cuts, many rural hospitals in Texas are facing additional strain from falling oil and gas prices.

Puerto Rico needs to be put on life support and the way to do it is through bankruptcy, former Detroit bankruptcy Judge Steven Rhodes told The Bond Buyer in an interview.

Traders said prices of top-quality municipal bonds were stronger at mid-session, with yields on some maturities falling by as much as two basis points ahead of this week's heavy new issue supply

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.145% high rate, up from 0.135% the prior week, and the six-months incurred a 0.330% high rate, down from 0.340% the week before.

The second wave of underwriter settlements was similar to the first, but with some new details on issuers failures to comply with prior continuing disclosure undertakings.

The Treasury Department said Monday it will sell $55 billion of four-week discount bills Tuesday.

The Connecticut Teachers' Retirement Board lowering its long-term investment return assumption to 8% from 8.5% is a credit positive for the state, said Moody's.

Municipal bond traders are preparing for a jump of almost $6 billion in weekly issuance, with many larger deals than we have seen in a few weeks.

Indicator Last Report Forecast Actual Empire State Manufacturing Oct.: -11.36 Nov.: -6.0 Nov.: -10.74