Public finance

Table as of: 07/23/2012 13:11 PM Invisible Supply Issuer and purpose Amount

The U.S. Department of Transportation today announced $787 million in grants to 48 states, the District of Columbia and Puerto Rico for 255 projects that will upgrade or replace mass transit infrastructure.

Stockton, Calif. asked bondholders and bond insurers to take major hits during the mediation process that preceded the city's Chapter 9 bankruptcy filing.

If municipal bond market observers feel there are other time bombs out there waiting to detonate that resemble the accusations surrounding the manipulation of Libor, they won't be found in variable-rate debt tied to the SIFMA municipal swap index.

MISSISSIPPI

CALIFORNIA

The municipal market expects a dip in supply for the primary this week

Fitch Ratings is preparing to possibly drop nearly all of its charter school ratings.

Excerpts from "Investing in the High-Yield Municipal Market," by Triet Nguyen:

Credit matters. That is the crux of the newly-released book, "Investing in the High-Yield Municipal Market," written by Triet Nguyen, a 30-year veteran of the fixed-income market who used his years of experience in research and trading within the complex segment of the industry as a springboard for the 254-page publication.

The recently approved Chicago Infrastructure Trust won't replace long-term debt financing, but will allow the city to avoid the controversial act of privatizing public infrastructure, Mayor Rahm Emanuel told guests at a Washington D.C. think tank on Friday.

CALIFORNIA

ALABAMA

A new 3.8% tax on investment income that's part of the federal health care overhaul will boost demand for tax-free municipal bonds starting next year, say some market experts.

Largely stable rates highlighted a subdued municipal market this week.

Analysts are warning that weak investment returns for pension funds are likely to pressure state and local government budgets.

Tax-exempt money market funds lost $2.03 billion -- nearly half of the unusually high bounty they amassed last week – as total net assets dipped to $272.67 billion in the week ended July 16, according to The Money Fund Report, a service of iMoneyNet.com.

The Pittsburgh firm will manage the Massachusetts Municipal Depository Trust bond portfolio, ending Boston-based Fidelity's 35-year run.

Municipal bond mutual funds continue to see strong and growing demand from investors. Even though, the week was marked by modest moves in prices throughout most of the yield curve, money poured into bond funds for the week ended July 18.

CALIFORNIA