News and Information from Bond Buyer

For the 11th straight week, municipal bond funds reported cash outflows. The weekly reporting funds saw $29.255 million of outflows in the week ended July 15, after experiencing outflows of $305.707 million in the previous week, according to the latest Lipper data.

Steep junk-level yield penalties drew strong interest in Chicago's $347 tax-exempt sale Thursday which followed the city's pricing of $743 million of taxable securities a day earlier.

Government

Puerto Rico's approved budget allocation for appropriation and GDB debt is 19% short of the amount requested by the governor.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices increased three basis points to 4.48% for the week ended July 16 from 4.45% in the previous week.

Indiana fiscal officials released final year numbers Thursday, saying the state brought in $210 million more than it spent in 2015, boosting its prized reserve fund to $2.1 billion.

Prices of top-rated municipal bonds finished mostly stronger on Thursday, traders said, as several big deals hit the screens.

Chicago Mayor Rahm Emanuel rolled out a new leadership team for the fiscally beleaguered Chicago Public Schools that will be led by his recently appointed chief of staff, Forrest Claypool.

The Municipal Securities Rulemaking Board is proposing to create a trade data product that would allow higher education researchers to see what dealers are doing while keeping the dealer identities anonymous.

Standard & Poor's Ratings Services raised its long-term rating on the town of Wallkill, N.Y.'s general obligation debt one notch to AA from AA-minus.

Federal Reserve Board Chair Janet Yellen's prepared text for testimony before the Senate Banking Committee was identical to the text for Wednesday's presentation to the House Financial Services Committee.

Rep. Charlie Rangel, D-N.Y. and Sen. Sherrod Brown, D-Ohio, have introduced identical bills that would make permanent and enhance the Qualified Zone Academy Bond program.

Senators are optimistic about passage next week of a multiyear transportation funding reauthorization measure.

Ohio-based boutique investment firm Lancaster Pollard, which specializes in health care and housing, has a new leadership team.

Stockton, Calif., chief financial officer Vanessa Burke, who weathered the storm of the city's bankruptcy, has joined Urban Futures, Inc.'s public management team.

Cuts in U.S. Army ranks could pose a long-term risk to military housing bonds, though the most recent round should not affect ratings in the short-term, according to Fitch Ratings.

Tampa General Hospital in west-central Florida has been upgraded to A from A-minus by Fitch Ratings due to a "significant strengthening of liquidity metrics."

Jefferson County, Ala.'s planned return to the municipal market two years after exiting bankruptcy may prove challenging, especially if the bonds arrive without external support, municipal analysts and investors said this week.

Moody's Investors Service said it has upgraded to Aa1 from Aa2 the rating on the town of Fuquay-Varina, N.C.'s $14.6 million of general obligation debt outstanding.

Standard & Poor's Ratings Services said it raised its rating to B-minus from CCC-plus on Aliceville Governmental Utilities Services Corp. (GUSC), Ala.'s series 2011 bonds, issued for its Federal Bureau of Prisons (FBOP) project, and removed the rating from CreditWatch with developing implications.