News and Information from Bond Buyer

Detroit's mayor-elect, Mike Duggan, will manage the bankrupt city's day-to-day operations under an agreement with the city's emergency manager, Kevyn Orr, that was announced Thursday.

The Bond Buyer's weekly yield indexes were mixed in the week ended Dec. 19.

The Internal Revenue Service is auditing $49.04 million of revenue bonds issued by IAH Public Facility Corp. in Polk County, Texas, in 2004 and 2006 for an adult detention facility.

Auction house Christie's valued bankrupt Detroit's art collection at between $454 million and $867 million in a final assessment turned over to city emergency manager Kevyn Orr this week.

The Irwindale, Calif. Sriracha chili sauce manufacturing facility now being threatened by a lawsuit from Irwindale, Calif. had been promoted as a successful use of California's now defunct redevelopment law.

The city of Berkeley, Calif. is planning a competitive offering of $15 million of general obligation bonds to finance street improvements.

Phil Wilson, executive director of the Texas Department of Transportation and former aide to Gov. Rick Perry, will become general manager of the Lower Colorado River Authority Feb. 1.

The upward movement of Treasury yields following the Federal Reserve's announcement to begin tapering its bond buying has started to tug municipals higher as Thursday's session pushes into the afternoon.

The Virginia Department of Transportation sought bids on more than $2.5 billion of transportation projects — more than the promised $2 billion - this year, Gov. Bob McDonnell said Wednesday.

The Treasury Department auctioned $29 billion of seven-year notes, with a 2 3/8% coupon, a 2.385% high yield, a price of 99.935882.

Standard & Poor's Ratings Services lowered its long-term rating to BBB-plus from A-minus on Sedgwick, Kan.'s existing general obligation bonds.

Battered by rising interest rates and credit concerns in 2013, the muni market may face additional obstacles next year as regulatory limits on broker dealers could crimp liquidity.

Moody's Investors Service said it has assigned an A3 rating to the village of Endicott, N.Y.'s $1.8 million public improvement (serial) bonds, 2014, and upgraded to A3 from Baa1 the rating on $9.1 million of outstanding parity debt.

The Treasury Department Thursday auctioned $16 billion of four-year four-month inflation-indexed notes with a 0.125% coupon, a negative 0.375% high yield, an adjusted price of 103.2271040.

The Treasury Department said Thursday it will sell $30 billion of four-week discount bills Monday.

The Treasury Department said Thursday it will auction $32 billion 91-day bills and $28 billion 182-day discount bills Monday.

Some large bid-wanteds dotted municipal bond traders' screens Thursday morning, but few market participants have stepped up to buy, thus far.

Moody's Investors Service said it has downgraded to Ba1 from Baa3 the rating on Arkansas City Public Building Commission, Kan.'s revenue bonds.

Puma Energy has picked Puerto Rico to be its new regional headquarters, which is expected to lead to the creation of 230 jobs indirect jobs there.