Public finance

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.

A bond insurer and Detroit's two pension funds are among five appointees to the committee named to represent the interests of unsecured creditors as the city proceeds through Chapter 9.

Transportation infrastructure funding is at a crossroad in 2014, as lawmakers confront the necessity of finding ways to bolster the rapidly depleting Highway Trust Fund while supporting efforts to ensure the nation's airports and ports maintain a global economic edge.

NEW JERSEY

INDIANA

Outflows, weak supply, rising interest rates, and mediocre returns are forecast for the municipal market as it rings in 2014 — in other words: more of the same.

GEORGIA

GEORGIA

Light issuance and the Federal Open Market Committee's decision to taper its bond-buying program drove the municipal market on the pre-holiday week.

Detroit's federal bankruptcy judge urged the appellate court to reject an appeal of his recent rulings on the city's eligibility for Chapter 9 and declined to recommend an expedited appeal process.

Puerto Rico Gov. Alejandro García Padilla is proposing three measures to strengthen the commonwealth's and its municipalities’ finances.