Public finance

Detroit emergency manager Kevyn Orr said he asked the Securities and Exchange Commission to investigate the city's interest-rate swaps amid "serious questions" about the legality of the financings.

The municipal bond market capped a light year of issuance with a 6% drop in long-term volume in December.

U.S. port infrastructure projects may get some breathing room as another delay looms for Panama Canal expansion.

NEW YORK

Outflows from municipal bond mutual funds persisted for a 32nd straight week, at $1.47 billion.

More public transit options do not reduce highway congestion and fewer options do not make it worse, according to an analysis by Reason Foundation.

Reduced federal funding prompts Kentucky and Ohio to consider using a P3 to build the $3.57 billion Brent Spence Bridge Project between Kentucky and Cincinnati.

As Detroit gears up to file its plan of adjustment this month in its historic bankruptcy case, the chief mediator in the case ordered the city Tuesday to meet with bondholders in a series of mediation sessions next week.

NEW JERSEY

IOWA

The mediators overseeing Detroit's bankruptcy case recommended that the bankruptcy judge approve a settlement between the city and its interest-rate swap counterparties, calling it a significant step.

The Federal Transit Authority has made available $3 billion of competitive grants aimed at upgrading the storm resilience of public transit infrastructure.

Detroit emergency manager Kevyn Orr filed an order with the bankruptcy court outlining and defending the city's revised settlement with its interest-rate swap counterparties.

Detroit's pension funds Thursday asked a federal circuit court to allow an expedited appeal of the bankruptcy court's recent ruling that the city is eligible for Chapter 9 and that its pensions can be cut, saying the case has national implications that warrant a speedy review.

Muni bond funds that report flows weekly recorded outflows of $1.49 billion for the week of Dec. 25, down from $1.71 in the week prior, Lipper FMI numbers showed.

NEW YORK

INDIANA

Attorneys for Detroit's pension funds said they will challenge a new settlement between the city and its interest-rate swap counterparties.

ARIZONA

Bankrupt Detroit will shave about $65 million off its costs to terminate interest-rate swaps under a new settlement agreement reached with its bank counterparties the day of Christmas Eve.