Public finance

MICHIGAN

ALABAMA

In the aftermath of Moody's Investors Service downgrade of several key U.S. banks late Thursday, it downgraded roughly $64 billion in affected municipal debt Friday afternoon.

At an anticipated $8.11 billion, municipal bond issuance this week should subside slightly. But because investors are neck-deep in heavy cash flows, the market has been absorbing healthy calendars over the past few weeks with only modest concessions to yields.

The latest round of TIGER grant funding will disburse nearly $500 million to 47 projects in 34 states and the District of Columbia, U.S. Transportation Secretary Ray LaHood announced Friday. The Department of Transportation received 703 applications from all 50 states, U.S. territories, and D.C. The awards ranged from $1 million to $21.6 million.

ARKANSAS

ALABAMA

The American Public Power Association and a California Public Agency have commented on proposed IRS governmental plan regulations, suggesting changes to provide certainty to existing participants in governmental plans.

Mary Schapiro, chairman of the Securities and Exchange Commission, laid out a case for additional money market reforms before the Senate Banking Committee Thursday.

Moody's Investors Service downgraded several key U.S. banks late Thursday, possibly impacting municipal bonds.

Muni bond indexes were mixed on the week as the need to put truckloads of reinvestment money to work pushed investors to buy munis even while yields sat at barrel-scraping levels

The tax-exempt money market sector saw a moderate decrease in cash in the week ended June 18 as $801.2 million exited the funds and total net assets settled at $271.40 billion, according to the Money Fund Report, a service of iMoneyNet.com.

After amassing $555 million of inflows for the week ended June 20, muni bond mutual funds that report their flows weekly have now seen inflows for 10 consecutive weeks.

Morningstar, Inc. will soon enter the municipal bond research business. It plans to offer credit quality and price discovery products and services on the municipal market to registered reps, asset managers, banks and insurance firms likely over the next three months.

With the final step in the federal environmental review process completed this week, the $2.6 billion Ohio River Bridges Project will allow Kentucky and Indiana to award construction contracts before the end of the year and the spans will serve to ease congestion across the Ohio River, said U.S. Transportation Secretary Ray LaHood.

Table as of: 06/20/2012 13:46 PM Invisible Supply Issuer and purpose Amount

ARIZONA

CALIFORNIA

The U.S. Department of Transportation has released $10 million under its TIGER grant program to modernize the infrastructure and warehouse facilities at the Hunts Point Terminal Market in New York City’s Bronx borough.

A 39% plunge in the median net worth of U.S. families is a credit negative for state and local governments and higher education, Moody's Investors Service stated.