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Government

Puerto Rico Gov. Alejandro García Padilla has not yet decided whether he will sign oil tax rise legislation approved by the legislature that would support the Puerto Rico Highways and Transportation Authority.

A slew of new municipal bond deals priced on Tuesday with issuers from Texas and California dominating the primary market. Traders reported that many of the deals were oversubscribed and that they were attractively priced.

A report released Tuesday by Sen. Tom Coburn, R-Okla., recommends that Congress should eliminate the tax exemption for municipal bonds.

Dealers said the MSRB's proposal to extend gifts and gratuities regulation to municipal advisors should be reworked to establish uniform recordkeeping requirements for both dealer and non-dealer firms, while a major non-dealer firm said the proposal should be an opportunity to fix a gap in the existing rule.

The Kentucky Pension Oversight Board will finalize recommendations for new funding and tighter control of the state's pension systems at its Dec. 16 meeting.

Standard & Poor's Ratings Services said it has raised its rating on Harris County Municipal Utility District (MUD) No. 382 , Texas' general obligation (GO) debt outstanding one notch to BBB-plus from BBB.

A profound shift in debt management and the control of a handful of state related agencies with bonding powers may lay ahead for Illinois as the state ushers in its first Republican governor in 12 years.

Governments should invest $163 billion a year in infrastructure to keep pace with growing transportation needs, new study finds.

The Las Vegas Valley Water District snared Double A ratings ahead of plans to price up to $339 million in a general obligation bond limited tax refunding on Dec. 11.

Tustin Unified School District, located in Orange County, Calif., has been upgraded by Moody's Investors Service ahead of its $45 million general obligation bond sale.

Indiana University is selling $56 million of so-called green bonds Wednesday, the second public university to tap into the young market.

A proposed $2 billion rail transport system to northeastern Utah's Uinta Basin oil producing region is shelved as the estimated cost more than doubled to $5 billion, state officials said.

The Treasury Department Tuesday auctioned $25 billion of three-year notes with a 1% coupon at a 1.066% yield, a price of 99.805642.

Moody's Investors Service said it has upgraded the town of Ithaca, N.Y., to Aa1 and assigned the Aa1 rating to $885,000 general obligation public improvement refunding (serial) bonds, 2014 Series A and $3.0 million public improvement (serial) bonds, 2014 Series B.

The municipal bond market saw a slew of new supply priced in the primary on Tuesday, led by two big deals in the Lone Star State. About $12 billion in new bonds are scheduled to come to market this week, the bulk of which are set for sale on Tuesday and Wednesday.

The Treasury Department Tuesday auctioned $50 billion of four-week bills at a 0.040% high yield, a price of 99.996889.

The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.210% high yield, a price of 99.787667.

Texas Department of Transportation executive director Joe Weber said he expects the upcoming session of the Texas Legislature to de-emphasize toll roads after a series of protests and a general feeling of "toll fatigue."

Standard & Poor's Ratings Services said it lowered its long-term rating to A-plus from AA-minus on Sheffield-Sheffield Lake City School District, Ohio's series 2011 general obligation unlimited-tax school improvement bonds.