News and Information from Bond Buyer

Government

Municipal bond yields held steady Monday as investors braced themselves for nearly $9 billion of issuance this week.

Public officials responsible for the investment of municipal funds will have to keep track of bond proceeds when the muni advisor rule takes effect in less than two weeks, even if compliance is ultimately not their problem, according to experts participating in a California Debt and Investment Advisory Commission webinar Monday.

Syncora Guarantee Inc. has accused Detroit of pitting its pensioners against its financial creditors in a "torches and pitchforks" campaign, the insurer's latest salvo in a rising war of words between the two parties.

New York's MTA is weighing a proposal for a 16,000-square foot eatery at Grand Central Terminal's Vanderbilt Hall, operated by restaurateur Claus Meyer.

Moody's Investors Service said it has downgraded to Ba3 from A3 the rating on Hampton County School District No. 2, S.C.'s outstanding general obligation debt.

California Gov. Jerry Brown on Friday signed a controversial budget trailer bill that would cap the amount of funds that school districts can keep in reserves.

Moody's Investors Service said it has downgraded to A2 from Aa3 the underlying general obligation rating of Lakeview Public School District (Macomb County), Mich.

Fitch Ratings has affirmed El Rancho Unified School District, Calif.'s general obligation bond rating at A and has removed a negative watch impacting $13.8 million in bonds.

Standard & Poor's Ratings Services said it raised to BBB from BBB-minus its rating on Lewisville, Texas' insured series 2011 combination contract revenue and special assessment refunding and utility system bonds, issued for Lewisville Castle Hills Public Improvement District No. 3.

The 2010 issuance of $165 million of Build America Bonds by Indianapolis' public hospital has thwarted a long-planned merger with another major Indiana system.

Social impact bond legislation in Congress authorizes the creation of P3s that would benefit by achieving socially desirable outcomes.

The $1.2 billion four-part New York State Dormitory Authority's rare competitive revenue bond sale scheduled for Tuesday will spark a brawl between underwriters, traders said.

The double-A rated University of Kentucky competitively prices $100 million of refunding bonds on Thursday.

Seleta Reynolds of the San Francisco Department of Transportation was nominated Friday by Los Angeles Mayor Eric Garcetti to be the next general manager of the Los Angeles Department of Transportation.

The concession company that operates a portion of Texas' State Highway 130 toll road is negotiating with lenders as it faces default on its June 30 payments, according to Moody's Investors Service.

Three Detroit hospitals reached a final agreement to merge into a new $3.8 billion system that will be the largest in southeast Michigan.

With the voters behind them, Texas school districts are marching to the municipal bond market to raise billions of dollars for schools needed to accommodate growth.

Tender rates for the Treasury Department's latest 91-day and 183-day discount bills were lower, as the three-months incurred a 0.025% high rate, down from 0.035% the prior week, and the six-months incurred a 0.050% high rate, off from 0.070% the week before.

The New York Environmental Facilities Corporation's $213 million bond sale earlier in June showed green bonds offer issuers an opportunity to diversify their investor base by bringing in buyers who do not typically purchase municipal bonds.