Category: Bonds

The Puerto Rico Oversight Board is arguing that the U.S. District Court for Puerto Rico does not have subject matter jurisdiction over a recent conflict-of-interest complaint filed against a law firm representing it. The board said the Court lacks subject matter jurisdiction over a dispute between two “non-Title III debtor third parties that does not…

Cleveland-based Case Western Reserve University joined the small club of century bond higher education borrowers this week to lock in what university officials said is a still-attractive long-term rate. The coupon on the Wednesday sale was set at 5.405%, for a 220 basis point spread to the comparable Treasury benchmark. The bullet maturity is due…

The triple-A yield curve steepened further Wednesday, with municipals better on the short end and much weaker out long while a large general obligation deal from Maryland took the focus in the primary. U.S. Treasuries were weaker and equities ended in the red. Triple-A yields were bumped as much as five on the short-end and…

Chicago Public Schools is proposing to spend $9.5 billion in the next fiscal year after closing the books June 30 with an expected $1 billion fund balance and no short-term debt outstanding. Both measurements — tracked closely by market participants and rating agencies and key to the district returning to investment grade status — are…

The increase in funding to California schools from the state’s $97.5 billion surplus has helped earn Sacramento City Unified School District a revised Fitch Ratings outlook to stable from negative. The amount of money dedicated to schools in Gov. Gavin Newsom’s most recent budget proposal changed the dynamic for the Sacramento district, said Graham Schnaars,…

Transcription: Chip Barnett: (00:03)Hi, and welcome to The Bond Buyers reporters’ roundtable, an inside look from the experts at what will be happening around the country that’s of interest to you in the public finance arena. I’m Chip Barnett. And with me today is the core of the bond buyers regional coverage senior reporters, Yvette…

Since New York legalized the sports gambling industry five months ago, residents of the state have made almost $6 trillion in bets, according to the New York State Gaming Commission’s latest numbers. In January, legislation took effect allowing nine authorized bookmakers to begin accepting wagers statewide. Those companies have grossed $425 million since, which has…

The Municipal Securities Rulemaking Board will be releasing a comprehensive summary in July of the comments it received as part of its request for information on environmental social and governance considerations in the muni market. The board received 52 comments in response to its request for information, many of which centered around the MSRB’s lack…

The new fund managing suburban Chicago and downstate police pension assets won’t make an end-of-the-month consolidation deadline but it’s seen an uptick in local funds ready to begin the transfer process after last week’s court ruling upholding the state law.   The increased willingness to abide by the 2019 law comes after Kane County Circuit…

Some observers of Puerto Rico politics are concerned that the territory’s government appears to continue to avoid fiscal responsibility, ignoring past mistakes that led it into the largest bankruptcy in municipal market history. And some stakeholders fear what the island’s future looks like without a federal Oversight Board running the fiscal ship. On Tuesday, the…

Los Angeles Mayor Eric Garcetti’s budget signing ceremony was overshadowed by a tight mayor’s race. Frontrunners U.S. Rep. Karen Bass and Rick Caruso, a billionaire mall developer, have been running neck-and-neck. Caruso has blanketed the airways with self-funded television ads effectively pushing out well-known Democrats like Los Angeles City Attorney and former state legislator, Mike…

Municipals ended firmer on the short end Friday, capping off a quieter, but stronger week, while U.S. Treasuries were weaker and equities sold off. Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $6.488 billion in $4.142 billion of negotiated deals and $2.347 billion of competitive loans. The…

New York State Comptroller Thomas DiNapoli and former Lt. Gov. Richard Ravitch presented Eugene Keilin with the Felix Rohatyn Award at the Citizens Budget Commission’s awards dinner. The award, given Thursday night at the CBC’s 90th annual gala held at Cipriani 42nd Street, honors a person whose career exemplifies public service and a commitment to New…

Managing change is one constant in a public finance officer’s job, said incoming Government Finance Officers Association president Terri Velasquez, who takes the helm at a volatile time for government finance. Velasquez, the finance director of Aurora, Colorado, assumes the post after being elected by the GFOA last July. Her one-year term begins during an…

The Municipal Securities Rulemaking Board has filed a proposal with the Securities and Exchange Commission to change its fee structure to account for prior year results, a move aimed at ensuring the board maintains sufficient operating revenue and avoids collecting excess cash reserves. The new fee structure will establish a new Annual Rate Card Process…

Municipals were better Wednesday as the smaller primary kicked into gear, while U.S. Treasuries sold off on the front end of the curve and equities ended in the red. Pressure on UST and volatility in equities hit after stronger economic data and continued hawkish Fed speak. “Stocks turned negative as expectations grew that the Fed…

Sacramento-based Sutter Health received an improved outlook to stable from negative by Moody’s Investors Service, reflecting expectations that the health system’s improved financial position will continue. The outlook revision affects $4.5 billion in debt. “The affirmation of the A1 rating and the revision of the outlook reflect our expectation that recent operating improvements will be…

Transcription: Chip Barnett: (00:03)Hi, and welcome to another Bond Buyer podcast. I’m Chip Barnett. My guest today is Howard Globus, cybersecurity, evangelist, founder, and CEO of IT-on-demand.com. And he’s dedicated to helping businesses and individuals stay safe while working in an, an evermore connected online world. With over 25 years of experience in cybersecurity, working…

Municipals were slightly firmer in light trading Tuesday with the asset class ignoring a large selloff in U.S. Treasuries while equities ended the session with losses. Triple-A yield curves saw up to two basis point bumps, continuing to outperform U.S. Treasuries, moving ratios lower again. Muni-to-UST ratios were at 74% in five years, 87% in…

Infrastructure consulting firm InfraStrategies LLC, which provides infrastructure financing advice to a number of major issuers nationwide, has brought on board Emma Huang from the Los Angeles County Metropolitan Authority’s Office of Extraordinary Innovation. Huang follows the firm’s January hire of Joshua Schank, who ran LA Metro’s Office of Extraordinary Innovation, which oversees the agency’s…