Buy side

Municipal bond defaults, which increased to record levels last year as Detroit's bankruptcy boosted the total, may remain elevated this year.

The Charlotte, N.C., City Council agreed to restructure two non-recourse bank loans obtained as part of the financing to build the NASCAR Hall of Fame.

Investors will celebrate a $3 billion boost in volume this week, highlighted by a large, well-known New York credit, following the seasonally-light first official week back to market.

Tennessee has $5.9 billion in outstanding debt, and reduced its GO bonds by $175 million, state comptroller Justin Wilson said in the state's semi-annual debt report.

For the week ended Jan. 8, 2015 the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell eight basis points to 4.21% from 4.29% in the previous week.

Chris Mier, chief strategist at Loop Capital along with Tom Kozlik, director and credit analyst at Janney Capital Markets, will be presenting their forecasts for the municipal bond market at the Jan. 15 meeting of the Philadelphia Municipal Analyst Society.

Vanguard is expanding its existing lineup of municipal bond funds with the upcoming launch of its first-ever national municipal bond index fund.

Proposed changes in how Moody's Investors Service rates $6.5 billion in tax allocation bonds in California could mean upgrades for many Golden State redevelopment credits.

Illinois and Gov.-elect Bruce Rauner face a sea of red ink because shrinking income tax revenue will fail to keep pace with rising pension and health insurance costs, according to outgoing Gov. Pat Quinn's latest three-year budget forecast.

Predictions by several municipal experts forecast a 2015 that runs the gamut from a flattening yield curve to increased issuance on the heels of a surprisingly strong year of performance in 2014.

An estimated $2.185 billion is expected for negotiated sale the week of Jan. 5, according to Ipreo LLC and The Bond Buyer, while competitive sales are expected to total $1.055 billion.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell two basis points to 4.29% in the week ended Dec. 31, from 4.31% in the previous week.

Buena Vista, Va., will stop making payments on a golf course bond issue that its officials say has become an albatross around the small city's finances.

Credit rating agencies have made strides in implementing mandatory reforms, the SEC said in recent reports that found the raters also need to improve in several areas, including the way they handle conflicts of interest.

For the week ended Dec. 24, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, gained three basis points to 4.31% from the 4.28% the previous week.

Municipals delivered solid performance overall thanks to the strength of the long duration and high-yield segments.

Standard & Poor's gave an investment-grade A-minus rating to a series of bonds Detroit recently sold as part of its exit from bankruptcy.

Deals for the coming holiday-shortened week are looking scarce, after a sell-off toward the end of last week. Traders said some issuers may have thrown in the towel until the New Year after interest rates spiked on Thursday.

For the week ended Dec. 18, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was lower four basis points from the previous week at 4.28%.

Revenue and demand pressure on not-for-profit healthcare providers as they navigate federal healthcare reform will weigh down the sector for another year, Standard & Poor's said.