Category: Bonds

New York City could use municipal bonds as a way to finance better outcomes for migrants coming to New York from Ukraine and the southern border, city Comptroller Brad Lander said. Asylum seekers coming to the Big Apple could benefit from a new economic initiative tied into an inclusive strategy, Lander said during a webinar…

Puerto Rico Electric Power Authority mediation ended Saturday morning and the Oversight Board is proposing that litigation commence, as the sides were unable to reach an agreement. “[S]harp differences over what a reasonable settlement is” remain, the board said. The sides “also differ on some key legal issues.” The current round of mediation started in…

Municipals were weaker on the front end of the curve as selling pressure mounted all week while U.S. Treasuries were mixed and equities ended down again. Investors will be greeted with a lackluster calendar of a mere $1.4 billion total and only two deals over $100 million as issuers hold back with the Federal Open…

With their revenues beating expectations through stronger-than-expected tax receipts and federal pandemic aid, many states have used the extra funds to pay down unfunded pension liabilities accrued in some cases over decades, according to a Pew Charitable Trusts report on state pension systems. The combination of increased contributions and surging investment returns “has had a…

Public education advocates in Arizona are pushing for a special legislative session to avoid more than $1 billion in school district budget cuts by suspending a spending limit for a second-straight year.  Democratic state lawmakers and others at a Thursday press conference said Republican Gov. Doug Ducey needs to call lawmakers back to session to…

Municipals were weaker Thursday as mutual fund losses climbed another $1.4 billion, while U.S. Treasuries sold off five years and in and equities ended in the red as ongoing concerns over Fed policy hang over markets. Municipal triple-A yields rose two to three basis points while UST rose up to eight on the short end…

Municipals were weaker in spots Wednesday as mutual funds continued to see more outflows, while U.S. Treasuries and equities were mixed. Two- and three-year muni-UST ratios are around 64% to 65%. The five-year was at 70%, the 10-year at 83% and the 30-year at 103%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services…

James Diossa, the former mayor of Central Falls, Rhode Island’s smallest city, won the state’s Democratic primary election for treasurer on Tuesday. He bested Stefan Pryor, former Rhode Island commerce secretary with 55% of the vote, according to results from the local election office. James Diossa, mayor of Central Falls, won the Democratic primary for…

Detroit’s revenue picture brightened on the strength of income tax collections, development projects in the works, and a boost in state revenue sharing, but a potential recession and gaming trends cloud the projections adopted this week, the city said. The city now expects to close the current fiscal year with a $41 million, or 3.6%,…

Municipals saw losses across the yield curve, outperforming a U.S. Treasury selloff on the front end of the curve but facing larger losses out long, while equities tumbled following a hotter-than-expected inflation report. Two- and three-year muni-UST ratios are around 64% to 67%. The five-year was at 69%, the 10-year at 82% and the 30-year…

Fitch Ratings said it raised the Municipal Electric Authority of Georgia’s $311.4 million of Project One senior lien power revenue bonds to A from A-minus and $1.2 billion of Project One subordinated bonds to A-minus from BBB-plus. Fitch also upgraded MEAG’s $101.1 million of general resolution senior lien power revenue bonds to A from A-minus…

Fitch Ratings upgraded New Jersey’s issuer default rating to A from A-minus and raised the ratings on the state’s $5.5 billion of general obligation bonds and $484 million of Garden State Preservation Trust revenue bonds that are linked to or capped by the state’s IDR. Fitch also raised the state’s qualified bond program and school…

With a round of rating upgrades in hand, Illinois will hold an in-person and remote meeting with investors later this month to promote its fiscal progress ahead of its next bond sale. “The state of Illinois intends to hold an investor meeting on Wednesday, September 21st, in advance of an anticipated $700 million competitive general…

The Inflation Reduction Act offers a crutch, if not exactly a lifeline, to operating nuclear plants, a sector long plagued with high debt and fixed costs that may now be poised for a rebound thanks to national clean-energy goals. The IRA, which President Biden signed into law Aug. 16, provides $30 billion in production tax…

Federal Reserve Governor Christopher Waller said he favors “another significant” increase in interest rates when the central bank meets later this month, signaling his backing for a 75 basis-point move. “Inflation is far too high, and it is too soon to say whether inflation is moving meaningfully and persistently downward,” Waller said in the text…

A federal judge is weighing whether to dismiss the charges against Capital Market Advisors, which was municipal advisor to the City of Rochester, New York and was charged by the Securities and Exchange Commission for misleading investors and breaching its fiduciary duty in connection with a 2019 bond offering. Lawyers who preferred not to be…

The Oklahoma Turnpike Authority and opponents of its plan to build bond-financed extensions will square off on Tuesday at a hearing set by the state Supreme Court. In its Aug. 10 petition to validate $500 million of second senior lien revenue bonds, OTA asked the Supreme Court to accept original jurisdiction for two lawsuits opponents…

Municipals were steady Friday ahead of a new-issue calendar next week at $6.6 billion, while U.S. Treasuries were weaker five years and in and equities rallied. “While the U.S. economic data remain relatively strong, this hawkish tone continues to put pressure on Treasury rates, which have moved higher by 10-15 basis points this week, more so…

Puerto Rico bankruptcy Judge Laura Taylor Swain extended the deadline for the Puerto Rico Electric Power Authority mediation to 11:59 p.m. Sept. 16 from 11:59 p.m. Friday and gave the mediators the option to further extend the deadline to 11:59 p.m. Sept. 30. This is the fifth deadline extension since Swain put the PREPA restructuring…

Fitch Ratings lifted Ohio’s issuer default and general obligation rating to AAA Thursday over its “fiscal resilience” bolstered by stronger reserves and cash balances. Moody’s Investors Service and S&P Global Ratings rate Ohio one notch below the top mark at Aa1 and AA-plus, respectively, and both assign a stable outlook. The upgrade “reflects material strengthening…