Public finance

Investors in municipal bonds are mostly pleased that hedge funds have increased their bets recently in distressed state and local government debt.

Detroit's mayor-elect Mike Duggan introduced the core of his transition team even as he said it remains unclear how much power he will have under the city's state-appointed emergency manager.

More than $5 billion in private activity bond capacity remains available from DOT to fund P3’s that invest in large surface transportation projects.

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

ARKANSAS

ILLINOIS

A state-run board Tuesday approved Gov. Rick Snyder's push to lease Belle Isle, Detroit's biggest park, for up to 30 years, killing an alternative 10-year lease proposed by the Detroit City Council.

American Airlines and US Airways Group Inc. settled an antitrust lawsuit with the U.S. Department of Justice, clearing American's path to exit bankruptcy and repay its municipal bondholders.

The group of motorists who lost their challenge to the Elizabeth River Tunnels public-private partnership in the Virginia Supreme Court are asking the court to rehear the case, as the commonwealth's governor-elect suggests he is interested in working to lower the planned toll rates for the tunnels.

ALABAMA

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.

Volume will slow this week due to the observance of Veteran's Day as deals from California and New Jersey head to a market that weakened after Friday's stronger-than-expected employment report.

The Port Authority of New York and New Jersey reached a financial closing on a $1.5 billion P3 to replace the Goethals Bridge with a cable stayed design bridge.

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

An agreement on funding new and renewed transportation infrastructure could be the basis of a bipartisan budget deal, President Barack Obama said Friday at the Port of New Orleans in south Louisiana.

ARKANSAS

ARIZONA

Municipal bond mutual fund flows remained solidly in the red for a 24th straight week, with outflows of $738 million.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

The Maryland Transit Administration plans to seek bids soon for a private partner willing to provide up to $900 million of funding for a $2.2 billion light-rail line in the northern suburbs of Washington following Gov. Martin O'Malley's and the state Board of Public Works' unanimous approval of the P3 competitive solicitation process.