Public finance

Analysts and investors are applauding the pressure Standard & Poor's is putting on issuers to disclose their outstanding direct loans.

ARKANSAS

ALABAMA

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.

Three senators hope to offer an amendment on Senate floor that rejects budget gimmicks and requires passage in 2014 of a longer term transportation funding measure.

Despite significant obstacles, Detroit's proposed plan of adjustment to exit its Chapter 9 bankruptcy is feasible, according to Martha Kopacz, the municipal finance expert hired by the bankruptcy court to assess the plan.

Detroit’s retirees and employees endorsed the city’s proposed plan of adjustment while holders of the city’s limited tax general obligation bond holders and certificates of participation rejected it, according to the voting results released late Monday by the federal bankruptcy court.

IOWA

COLORADO

The Amsterdam at Harborside plans to file for bankruptcy tonight or tomorrow, the conclusion of over a year of restructuring negotiations with bondholders. The plan does not forgive any debt, but does feature a senior and subordinate exchange offer.

Detroit's proposed plan of adjustment to deal with its $18 billion debt load is feasible, the municipal finance expert witness hired by the federal bankruptcy court to assess the plan believes.

The ailing Highway Trust Fund needs a long-term answer, not another short-term patch, says Transportation Secretary Anthony Foxx

CALIFORNIA

ALABAMA

Amid heightened demand for municipals and volume estimated to remain around $5 billion this week, competitive sales will dominate new-issue activity with a pair of Maryland general obligation offerings and an Alabama GO sale.

The Detroit Institute of Arts has raised 80% of the $100 million it pledged to contribute to Detroit's underfunded pension debt.

The $11 billion, 10-month legislative bailout of the Highway Trust Fund adopted overwhelmingly by the House would stymie the best chance for a long-term solution for transportation funding, according to most industry experts.

The District of Columbia Water and Sewer Authority will close on about $450 million of debt July 23, most of it in the form of a historic green century bond issuance that DC Water's chief financial officer is crediting with introducing new investors to the large, frequent issuer.

One year after Detroit filed for bankruptcy, muni experts said the city's approach should set a precedent for how not to manage a distressed workout, and that they've learned to throw out many traditional assumptions and beliefs about the treatment of bond debt in Chapter 9.

CALIFORNIA