Private placements

A big New York State Empire Development Corp. private placement is likely to be followed by more until the municipal primary starts functioning again.

The dealer group has opposed the proposed order from the start, and is keeping the pressure on as the SEC appears poised to approve the proposal in some form.

The last-ditch attempt to settle Preston Hollow Capital's lawsuit against Nuveen failed this week.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Preston Hollow is fighting Nuveen's attempt to reopen a trial record in the private lender's lawsuit accusing the investment powerhouse of anti-competitive tactics.

A successful closing on the unrated deal was needed to make payments on short-term notes due on Dec. 31.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Competitive pricing and speed convinced the owners of the Carlsbad, California, plant to use a taxable bank loan instead of tax-exempt debt.

At the SEC's invitation, Bond Dealers of America submitted a proposed framework for an exemptive order aimed at muni advisors on private placement deals.

Mayor Karen Freeman-Wilson said the city is forging ahead with the transaction to raise money to help pay its bills.