Public finance

ALABAMA

In its smallest cash-flow borrowing deal since 2006, California achieved a record-low interest rate on its $2.8 billion sale of revenue anticipation notes on Wednesday.

Municipal analysts should scrutinize local pension plans because they are subject to more event risk, according to a report by Loop Capital Markets.

Detroit and Syncora Guarantee Inc. will spend the next few days working to finalize a major agreement that would speed up the bankruptcy, but important questions remain in the case, muni market experts said.

Members of Congress broke the news early on allocations of federal TIGER grants ahead of the official announcement of awards totaling $600 million from the program.

Detroit's historic bankruptcy case saw a major breakthrough late Tuesday when the city and its strongest opponent, bond insurer Syncora Guarantee, announced they had reached an agreement in principal.

ARKANSAS

ILLINOIS

Detroit Mayor Mike Duggan said emergency manager Keyvn Orr will likely serve as a consultant to the city's bankruptcy after his tenure as emergency manager expires at the end of the month.

Guaranteed availability payments are becoming more attractive to private investors in infrastructure P3s than volatile toll or fare revenues.

Oppenheimer is set to return to court on Wednesday afternoon to defend a motion to add to the list of defendants in its complaint against the Rhode Island Tobacco Settlement Financing Corporation.

Detroit has reached a deal to spin its troubled Water and Sewerage Department to a new regional authority, that allows up to $800 million of new money bonds for capital improvements to assets located in the city limits.

Pension obligations are no different than borrowing obligations, public finance expert Richard Ravitch told a group of investors in New York.

Detroit entered the second week of the confirmation trial for its bankruptcy exit plan Monday, calling witnesses who testified to the city's desperate need for the $1.5 billion of capital investments featured in the plan.

KANSAS

IOWA

Oppenheimer squared off against the Rhode Island Tobacco Settlement Financing Corp. at a state court hearing Monday as the fund company sought to block a $593 million tobacco bond refunding sale originally slated for early August.

University of Pennsylvania economist Kevin Gillen is the keynote speaker at the Sept. 26 meeting of the Philadelphia Area Municipal Analyst Society.

CALIFORNIA

An uptick in negotiated offerings will do little to alleviate the drought in the long-term primary arena this week, as just over $3 billion is expected to arrive. Most attention will focus on a single $2.8 billion financing in the short-term market.