Public finance

Detroit's Bankruptcy Judge Steven Rhodes Thursday ordered Detroit and three counties into mediation to try to hammer out a stalled deal to create a new regional authority to run the city's massive water and sewer system.

The spread between MCDX's Series 22 and Series 21 presents investors with another way to short Puerto Rico and the Puerto Rico Electric Power Authority bonds.

ARKANSAS

ARKANSAS

Detroit's two pension funds have reached a settlement with the bankrupt city that features dramatically lower cuts than originally proposed.

Detroit emergency manager Kevyn Orr defended the city's bankruptcy and talked about the deal with unlimited-tax general obligation bondholders and the importance of future capital markets access in a wide-ranging exclusive interview with The Bond Buyer.

Transportation Secretary Anthony Foxx is barnstorming across eight states to warn that road projects may be halted if Congress does not replenish the Highway Trust Fund.

ARKANSAS

ILLINOIS

A new paper makes recommendations for increasing the number of bond financings for clean energy projects.

A bipartisan group in Congress wants to fund transportation projects with an infrastructure bond bank supported by revenue from corporate tax code reforms.

With the help of mediators, Detroit reached a settlement with its police and fire retirees, one of the thorniest parts of the city's historic Chapter 9 bankruptcy.

Detroit bankruptcy Judge Steven Rhodes' decision to hire a municipal finance expert to review the city's bankruptcy plan attracted responses from five professionals, including a few well-known public finance figures.

FLORIDA

ILLINOIS

To grow and expand its platform of services, retirement and financial services provider TIAA-CREF has acquired Nuveen Investments in a $6.25 billion transaction expected to be completed by the end of 2014.

Detroit's proposed settlement with its unlimited-tax general obligation bondholders is a positive development for the bondholders and insurers that wrap the debt, Moody's Investors Service said in a comment released Monday.

NEW JERSEY

CALIFORNIA

With volume expected to return to its recent paltry levels this week, the municipal market will look to a $321 million sale of North Carolina general obligation bonds for direction.