News and Information from Bond Buyer

Under a formula released by the Internal Revenue Service Wednesday, most states are likely to have more new capacity to issue private-activity bonds in 2016 than they did this year.

The House Transportation and Infrastructure Committee on Thursday passed a six-year, $325 billion transportation bill after rejecting an amendment by Rep. John Garamendi, D-Calif., that would have increased the funding by more than $100 billion.

North Carolina Gov. Pat McCrory signed House Bill 943 into law setting March 15 as the date voters will decide whether the state can issue $2 billion of bonds for public improvements.

The ports of Seattle and Tacoma have merged their marine cargo operations in an effort to better compete with other Pacific ports while keeping their bond portfolios independent.

With the Illinois state budget impasse blocking only a limited number of revenue sources, most local governments in the state should be able to get by without an immediate ratings impact bond structures that include covered abatements and adequate liquidity and reserves.

Puerto Rico Electric Power Authority's (PREPA; Caa3 negative) anticipated issuance of new securitization bonds would carry risks that are typical of utility cost recovery charge (UCRC) bonds that Moody's Investors Service rates, such as legislative risk, servicing risk, customer payment delay and default risk as well as event risk stemming from severe weather conditions, the agency says in a report which outlines how those risks might present themselves in the specific circumstances of PREPA and Puerto Rico.

The Treasury Department Thursday sold $7 billion of inflation-indexed 29-year four-month bonds at a 1.200% yield, an adjusted price of 89.991203, with a 3/4% coupon.

Resident Commissioner Pedro Pierluisi, D-P.R. and others testifying at a Senate committee hearing on Puerto Rico on Thursday said that it’s possible that some of territory’s debt may be unconstitutional and, if that is the case, it should not be paid.

Municipal bonds were unchanged at mid-session as a $370 million bond deal for Duke University priced while the New Jersey Turnpike Authority was selling $750 million of municipal bonds in the primary.

The Treasury Department said it will auction $15 billion two-year floating rate notes on Wednesday, Oct. 28.

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

Manufacturing activity in the Federal Reserve Bank of Kansas City's region “steadied somewhat and was expected to remain largely unchanged heading forward,” according to the bank's monthly manufacturing survey, released Thursday.

Indicator Last Report Forecast Actual Initial Jobless Claims 10/10: 256,000 10/17: 265,000 10/17: 259,000 Continuing Claims 10/3: 2.164M 10/10: 2.203M 10/10: 2.170M Existing Home Sales Aug.: 5.30M Sept.: 5.37M Sept.: 5.55M

Gov. Dannel Malloy should not invoke Wall Street in discussions about Connecticut’s budget deficit, said state Sen. Len Fasano.

First Southwest Co., the top financial advisor in the Southwest region, expects to be fully combined with the former Southwest Securities under the name Hilltop Securities by January.

The composite index of Leading Economic Indicators was down 0.2% in September following a flat reading in August, first reported as a 0.1% rise, the Conference Board reported Thursday.

Existing home sales grew 4.7% to a seasonally adjusted 5.55 million-unit rate in August from a downwardly revised 5.30 million pace the previous month, the National Association of Realtors announced Thursday.

The New Jersey Turnpike Authority was on tap to sell $750 million of municipal bonds in the primary on Thursday, one of the last big deals coming to market this week.