Public finance

IOWA

ILLINOIS

A refunding deal assembled by the County of Los Angeles Redevelopment Refunding Authority triggered some positive rating actions for debt issued by the former Community Redevelopment Agency of Los Angeles.

A Michigan authority created to oversee the disbursement of nearly $200 million of state aid to bankrupt Detroit held its first meeting in Lansing last week.

Lumesis and Municipal Bond Information Service have entered into a strategic partnership to increase the transparency around pre-trade indicative price information, and post-trade operational practices.

While finding new revenue sources for highway improvements is indeed a thorny political issue, analysts at Conning feel that the credit quality of the existing bonds remains sound.

U.S. Bankruptcy Judge Steven Rhodes is set to rule on Detroit's bankruptcy late in the first week of November, likely putting it past the state's gubernatorial election.

ILLINOIS

ALABAMA

This week's new-issue activity will be led by a billion-dollar transportation bond sale from California and a trio of large deals in the Northeast region.

The board of Wayne County, Mich. has rejected a plan to move a half-built abandoned jail site in downtown Detroit, making it more likely the county will restart the controversial, bond-financed project.

Detroit's convention center is hitting the market Wednesday with $300 million of bonds that marks its first public offering since it was taken over by a regional authority in 2009.

Moody's Investors Service released a report saying transparency in the municipal market has been diminished by the growth of bank loans and private placements.

While spending on state highways is up, some states are falling further behind on maintenance needs, Reason Foundation says.

ARKANSAS

ALABAMA

Inflows into municipal market funds dropped this week by 41.7%.

The weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, dropped nine basis points the week ending October 16 to 4.28%

Agreement on multi-year federal highway bill possible in post-election congressional session, Transportation Secretary Foxx says.

Detroit reached a settlement with FGIC, the last major holdout creditor in its bankruptcy case, that gives the bond insurer a mix of cash and prime downtown Detroit land to build a new hotel and condominiums.