Category: Bonds

155 local governments experienced losses in 2020 in connection with their public golf courses, in some cases losing enough money to be significant on a local scale. That’s according to a Reason Foundation report that found that of the 221 local governments that reported running golf courses in their 2020 financial statements, 155 experienced total…

U.S. Virgin Islands government officials hailed its bond refinancing as a success in helping to solve the islands’ pension underfunding problem but skeptics remain on the islands’ future financials. Ramirez & Co. priced $955.545 million of Virgin Islands Matching Fund Special Purpose Securitization Corp. bonds on March 31 and the deal closed Wednesday and the…

The U.S. Department of Transportation needs to clarify its guidelines for one of its largest surface transportation discretionary grant programs, the Government Accountability Office said in a new report to Congress. States, cities and other entities applying for the Infrastructure for Rebuilding America program need clearer guidelines to ensure they know how to apply for…

New Jersey state employees would be allowed to work from home up to two days a week under a test program that was approved on Wednesday. The New Jersey Civil Service Commission voted to establish the hybrid work pilot, which will let state departments and authorities create a telework program for their employees. Under the…

The ratings of Providence, a not-for-profit healthcare system, were downgraded to A1 from Aa3 by Moody’s Investors service following its split with Hoag Hospital in Orange County, California. The downgrade comes as a result of a disaffiliation with Hoag Hospital and the expectation that weaker operating, balance sheet and debt measures will continue for the…

Municipals greatly outperformed a large selloff in U.S. Treasuries Tuesday with yields rising to multi-year highs in the global safety benchmark curve following Federal Reserve officials’ hawkish remarks about shrinking its balance sheet and a likely 50 basis point interest rate increase as soon as May. Equities end in the red. Munis lagged, as they…

The Metropolitan Pier and Exposition Authority’s tourism-related taxes — which took a pandemic-driven beating — have generated enough revenue to meet this year’s scaled-down debt service but challenges loom as debt service ramps up. The agency last year restructured debt service coming due in fiscal 2022, providing some breathing room by lowering the overall tab…

Municipals were steady to firmer in spots Monday, while U.S. Treasuries strengthened inside five years but key parts of the curve remained inverted while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST were still sitting above the 10- and 30-year. More activity surfaced…

The Texas municipal bond market is still trying to sort out new state laws that apply litmus tests for banks and others seeking contracts with governmental entities amid expectations that more restrictions tied to corporate policy decisions are coming, according to speakers at last week’s Bond Buyer Texas Public Finance Conference. The Republican-controlled legislature last…

Puerto Rico bankruptcy Judge Laura Taylor Swain designated the mediators and named the participants in the debt resolution process for the Puerto Rico Electric Power Authority but excluded the legislature from the list of participants. On Friday morning she named U.S. Bankruptcy Judge for the Southern District of New York Shelley Chapman to lead the…

House Speaker Nancy Pelosi Thursday threw cold water on measures to suspend the federal gas tax, warning the move would deplete the Highway Trust Fund and not necessarily translate into savings at the pump. Pelosi called the idea of a federal gas tax holiday “very showbiz” and said it would mainly benefit the oil companies,…

Improved state revenue collections and federal COVID-related relief funds enabled Washington lawmakers to add $5 billion in spending to the supplemental budget signed by Gov. Jay Inslee Thursday. The $64.1 billion supplemental budget builds off of the $59 billion, two-year spending plan adopted by the Legislature last year. It includes $2 billion toward a 16-year,…

Larry Wiemer II took over last month as executive director of the Wisconsin Health and Educational Facilities Authority after three decades working in key financial roles for healthcare providers and other not-for-profits. The agency conducted a national search to fill the shoes of Dennis Reilly who spent 26 years at the state conduit including the…

Municipals were mostly steady to close out the week, but the 30-year U.S. Treasury ended lower than the entire short end of the curve,increasing fears about the rising possibility of a recession, while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST ended higher…

For the first time since 2005, S&P Global Ratings has raised its rating on New Jersey’s general obligation bonds. S&P raised the Garden State’s GOs to A-minus from BBB-plus. The outlook is stable outlook. S&P also raised its long-term and underlying ratings to BBB-plus from BBB on various other bonds secured by annual appropriations from…

Municipals were better Thursday as triple-A benchmark yields fell while U.S. Treasuries were mostly steady and equities ended down. Triple-A municipal yield curves saw one to four basis point bumps. . Muni to UST ratios were at 82% in five years, 94% in 10 years and 104% in 30, according to Refinitiv MMD’s 3 p.m.…

Los Angeles’ finance team will be counting on its wastewater system’s record as “a large and frequent issuer with strong market access” when it prices $168.4 million in wastewater revenue bonds next week. The city comes to market after it took a reputational hit last summer when a system failure at its Hyperion Water Reclamation…

Municipals were steady to firmer in spots with triple-A benchmark yields falling for the first time since March 17 and large new issues saw bumps in repricings as conditions improved. U.S. Treasuries strengthened, but parts of the yield curve remained inverted, while equities sold off. Triple-A municipal yield curves saw bumps up to five basis…

Michigan Gov. Gretchen Whitmer signed legislation Wednesday that pours $4.7 billion of federal funds and state surplus revenues into spending on roads and water, transit, housing, and park projects. The package approved in a bipartisan vote last week pumps $1 billion into drinking water projects including $325 million to replace lead service lines, $712 million…

Municipals were weaker on Tuesday, most pronounced on the short end again, while U.S. Treasuries pared back some losses but the curve remained inverted while equities rallied after Ukraine and Russia signaled they are open to talks. Triple-A municipal yield curves saw cuts up to five basis points on the short end while the three-year…