News and Information from Bond Buyer

Jamie Rachlin, a senior level official at BMO Capital Markets, will join RBC Capital Markets as managing director in the municipal finance department in Chicago, after Piper Jaffray Cos. completed its purchase of Bank of Montreal’s Chicago-based muni business.

The Treasury Department held back release of the results of its four-week bill auction while it determined whether a rule limiting competitive bidding was violated, a spokesman said.

Noting that he still would be comfortable with a rate hike, Federal Reserve Bank of Richmond President Jeffrey Lacker in a televised interview would not predict how his colleagues will vote at the October Federal Open Market Committee meeting.

The Municipal Securities Rulemaking Board plans at its quarterly meeting next week to discuss its proposal to require dealers to disclose on retail customer confirmations the markups and markdowns on principal transactions.

House Transportation Committee next week will consider a multiyear highway funding bill that lacks revenue provisions.

Moody’s Investors Service revises Hawaii’s outlook to positive ahead of $747 million bond sale.

The New York City Transitional Finance Authority intends to sell $1 billion of future tax-secured subordinate bonds this month.

The Holland School District’s sharp and unexpected enrollment decline illustrates the widespread credit challenges many Michigan districts face, says Moody’s Investors Service.

BMO Global Asset Management has hired three municipal veterans to its municipal fixed income portfolio management division.

A bipartisan bill offered in the House would extend the Qualified Zone Academy Bond program by providing $400 million of volume cap for the bonds in each of 2015 and 2016.

Miami-Dade County is embarking on what its leader calls an innovative capital program focused on public-private partnerships that could surpass $7.85 billion.

The Treasury Department Wednesday auctioned $5 billion of four-week bills at a zero high yield, a price of par.

Prices of top-quality municipal bonds were stronger at mid-session, traders said, as deals from New York’s Long Island Power Authority, the state of Hawaii, and the city of Chicago were coming to market.

The Treasury Department Wednesday auctioned $10 billion of 364-day bills at a 0.205% high yield, a price of 99.792722.

Labor market “activity remained essentially unchanged, while momentum declined but remained high” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.100 in September from negative 0.105 in August, according to the Bank.

Indiana Gov. Mike Pence unveiled a new $1 billion, four-year road and bridge construction plan that draws from reserves and calls for new borrowing.

Indicator Last Report Forecast Actual PPI Aug.: unch Sept.: -0.2% Sept.: -0.5% PPI Core Aug.: +0.3% Sept.: +0.1% Sept.: -0.3% Retail Sales Aug.: unch Sept.: +0.2% Sept.: +0.1% ex-Autos Aug.: -0.1% Sept.: -0.1% Sept.: -0.3% Business Inventories July: unch Aug.: +0.1% Aug.: unch

Traders’ eyes on Wednesday will be riveted on the largest deal of the week – a $1 billion restructuring bond sale coming from the Long Island Power Authority.

Oct. 14, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.98 3.06 4 5.05 Indiana Aaa/AAA/AA+ 0.23 1.29 2.17 3.22 Iowa Aaa/AAA/AAA 0.23 1.3 2.17 3.22 Michigan Aa2/AA/AA 0.29 1.38 2.3 3.37 Minnesota Aa1/AA+/AA+ 0.24 1.27 2.12 3.14 Missouri Aaa/AAA/AAA 0.23 1.24 2.08 3.13 Nebraska NR/AAA/NR 0.23 1.31 2.22 3.3 North Dakota Aa1/AA+/NR 0.26 1.36 2.25 3.3 Ohio Aa1/AA+/AA+ 0.25 1.32 2.21 3.29 South Dakota NR/AA+/AA+ 0.27 1.35 2.25 3.32 Wisconsin Aa2/AA/AA 0.26 1.33 2.22 3.25

10/13/2015 10/6/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 10 $148,560 12 $2,188,630 -$2,040,070 Indiana 6 25,015 10 26,860 -1,845 Iowa 8 78,340 6 49,000 29,340 Michigan 9 138,920 9 132,585 6,335 Minnesota 35 327,845 45 516,927 -189,082 Missouri 5 84,900 6 92,425 -7,525 Nebraska 0 0 0 0 0 North Dakota 7 89,460 6 67,500 21,960 Ohio 5 129,814 7 151,175 -21,361 South Dakota 1 176,160 1 176,160 0 Wisconsin 15 100,435 20 229,395 -128,960