Public finance

For states planning cash flows over the next two years, passage of the federal Highway Bill creates a positive scenario for grant anticipation revenue vehicles known as Garvees, according to ratings analysts.

President Obama will sign the compromise two-year, $105 billion highway bill at a White House ceremony on July 6.

ILLINOIS

MINNESOTA

Table as of: 07/02/2012 13:47 PM Invisible Supply Issuer and purpose Amount

CALIFORNIA

IOWA

Municipal issuers back the Municipal Securities Rulemaking Board's proposal to require dealers to discontinue temporarily masking the exact par value of large muni bond trades on EMMA, while dealer and institutional investor groups oppose it.

Table as of: 06/29/2012 12:52 PM Invisible Supply Issuer and purpose Amount

As many traders and investors take vacations, the municipal market anticipates slight new issuance for the Fourth of July holiday week. The market expects that municipal bonds to be sold this week will total a scant $51.7 million.

ALABAMA

ARIZONA

Stockton's filing for bankruptcy protection Thursday has already sparked a war of words between the city and one of its largest creditors.

Federal lawmakers approved a 27-month, $105 billion surface transportation bill Friday, protecting revenue streams crucial for state and local infrastructure financing despite the absence of municipal bond measures that had been sought by market advocates

An uninspiring week of frozen yields in the municipal bond market could not put a stop to the inflows pouring into muni bond mutual funds. Muni bond funds saw $625 million of inflows from funds that report their flows weekly for the week ended June 27, compared with net inflows of $555 million the week ended June 20.

Muni bond indexes on the week are down slightly or unchanged. Despite the lackluster week, traders say primary deals have been well-received and yields in the secondary, on moderate activity, have been mixed.

To make more new-issue data available, the MSRB filed a proposed rule change to prohibit dealers from reporting "NRO" unless they also report price and yield information.

In response to a G-17 interpretive notice that takes effect August 2, a SIFMA task force will release a series of documents underwriters can reference as they prepare disclosures to issuers.

A California ballot initiative that would have increased taxes on cigarettes by $1 a pack appears to be finally dead after a tight vote

Tax-exempt funds continued to see negative flows as $1.12 billion fled the funds and total net assets settled at $270.27 billion in the week ended June 25, according to The Money Fund Report, a service of iMoneyNet.com.