News and Information from Bond Buyer

The New York State Common Retirement Fund returned 0.52% s overall in the fiscal 2016 first quarter, said Comptroller Thomas P. DiNapoli.

Prices of top-rated municipal bonds closed mostly weaker on Friday, traders said, with yields remaining unchanged to as much as one basis point stronger. Trading was quiet as the market took a quick summer break to digest the more than $4.7 billion in new supply that was priced during the week.

Puerto Rico Aqueduct & Sewer Authority's $750 million revenue bond sale, the largest deal on the coming week's primary calendar, promises to test the market's appetite for the island's high yield debt.

Susan Gaffney has been hired as executive director of the National Association of Municipal Advisors.

The Illinois Finance Authority advanced plans for nearly $1 billion in borrowing on behalf of not-for-profit schools and hospitals led by the University of Chicago.

Fitch Ratings said 2014 hospital medians showed surprisingly strong results, while capital spending in the sector hit the lowest point in six years.

Issuers in the Northeast sold $54.2 billion of municipal bonds in the first half of 2015 rising 26% compared to the first six months of 2014.

Smaller seaports may find it difficult to fund the facilities needed to compete with rivals that can accommodate larger cargo ships.

Backed by refunding volume driven by low interest rates, sector-by-sector issuance outpaced the growth in the overall municipal market in the first half of 2015.

After a torrid first half, long-term municipal bond issuance in 2015 is currently on pace to eclipse $400 billion for the first time since 2010.

Note volume declined by 3.1% in the first half of 2015 as state and local government finances continued to strengthen, decreasing their reliance on short-term borrowing needs, municipal analysts said.

The amount of long-term debt issued with a bond insurance wrap in the first half of 2015 leapt more than 95% from the same period a year ago, outpacing the robust growth in overall volume to reach the highest level of insured penetration since 2009.

The Financial Industry Regulatory Authority has censored and fined UBS Financial Services $750,000 for falsely representing to its customers that the interest on their municipal bond payments was tax-exempt when it was taxable.

Bond insurers reported growth in their municipal market business as issuance surged through the second quarter, and those with exposure to Puerto Rico told investors that exposure is manageable as the territory heads toward a debt restructuring.

Pennsylvania issued a request for proposals to hire a law firm to initiate clawback from participants in the Harrisburg incinerator bond financing fiasco.

Municipal bond prices were weaker at mid-session, traders said, with yields on some maturities rising by as much as one basis point.

Riviera Beach, Fla., plans to price $57 million of pension obligation bonds Wednesday as part of a restructuring that closes the city’s own pension system to future hires.

Economists have mostly lowered their their expectations for GDP growth, according to the Survey of Professional Forecasters, released by the Federal Reserve Bank of Philadelphia on Friday, with the prediction for this year cut to 2.3% from 2.4% in their previous survey.

The University of Michigan's preliminary August consumer sentiment index reading was 92.9, compared to the final July 93.1, the preliminary July 93.3, and the final June 96.1, according to market sources.