Category: Bonds

Democrats Erick Russell and James Diossa won open-seat campaigns for the state treasurer’s offices in Connecticut and Rhode Island. Russell will replace Connecticut State Treasurer Shawn Wooden, who didn’t seek re-election, and Diossa will replace Rhode Island General Treasurer Seth Magaziner, who ran for and won a seat in the U.S. House of Representatives. Russell,…

Voters in New York State approved the $4.2 billion Clean Water, Clean Energy, Green Jobs Environmental Bond Act bonds on Tuesday’s ballot. San Diego Unified School District voters approved $3.2 billion for facility and safety improvements. Austin ISD voters approved a $2.44 billion bond package including $2.316 billion for general purposes, $75.5 million for technology…

Municipals were firmer again Tuesday along with U.S. Treasuries, while equities made modest gains as voters headed to the polls. Triple-A yields fell two to five basis points while USTs were lower by six to nine, with the strongest performance in the belly of the curve. With a more volatile UST market that saw yields…

Several Puerto Rico credit unions argued for the court to undo the Puerto Rico and Government Development Bank for Puerto Rico plans of adjustment’s treatment of the credit unions’ nearly $1 billion of bonds, but the judges seemed unlikely to do so. The credit unions presented oral arguments before a panel of three judges from…

Municipals were little changed and lightly traded ahead of the midterm elections while U.S. Treasuries were weaker across the curve and equities improved. Triple-A yields were little changed to a basis point or two firmer 10 years and out while the U.S. Treasury two-year climbed to another high not seen since 2007. Muni to UST…

The looming severance of governance ties between Chicago Public Schools and the city adds to strains on the district’s “fragile” fiscal health as federal COVID-19 pandemic relief is being exhausted and structural costs are mounting. That’s the assessment of a review that delves into CPS finances and how Chicago and other city-related entities prop up…

The Internal Revenue Service’s Tax Exempt & Government Entities Division is making clear there will be a beefier IRS presence in the coming year, which may be both a boon and a hindrance to issuers and their attorneys. The TE/GE 2023 Program Letter wasreleased online Friday and lists the division’s priorities for the fiscal year.…

St. Joseph’s University in Philadelphia will borrow $200 million in the municipal market as it implements a new operational and strategic vision sped up by this year’s merger with the nearby University of the Sciences. The tax-exempt bonds will price through conduit issuer Philadelphia Authority for Industrial Development next week, according to an online slide…

Failure of the U.S. Congress to raise the rum cover rate has a Virgin Islands senator concerned about its finances and its retirement fund. The Virgin Islands government refinanced matching fund bonds in March, planning to use some of the savings to prop up the faltering retirement system, which would have otherwise run out of…

Municipals were little changed Friday as the market shifts its focus to next week’s midterm elections and a larger new-issue calendar. U.S. Treasuries were weaker out long and equities ended up as markets digested a better-than-expected October jobs report that may validate the Fed’s more hawkish tone on rate hikes this week. Muni to UST…

A Rhode Island charter school plans to upgrade and expand with proceeds from a $12.7 million Rhode Island Health and Educational Building Corporation bond sale that closed Oct. 26. Proceeds from the sale are destined for Blackstone Valley Prep Mayoral Academy, a private charter school based in Cumberland seeking capital to purchase and renovate a…

A report co-produced by the National League of Cities and The Public Finance Initiative expected to be issued Nov. 17 will address if and how bond issuers can help correct racial injustice. The report, work on which was announced in January, was funded by a $4 million grant from the Robert Wood Johnson Foundation.  The…

Municipals were weaker in secondary trading Thursday as a $1 billion-plus deal from the City and County of Denver took focus in the primary and mutual fund outflows grew by another $2.4 billion. U.S. Treasury yields rose, with the two-year seeing the greatest losses, and equities ended in the red as markets continue to digest…

An economic recession could lead Utah to increase its use of debt to fund capital projects, according to the state’s first debt affordability study, which also criticized rating agencies’ use of environmental, social, and governance factors.  The study produced by the Utah Treasurer’s Office and released on Wednesday said pay-as-you-go should remain the primary and…

The Puerto Rico Oversight Board said it has lined up an impaired class to support a potential Puerto Rico Electric Power Authority restructuring deal, as legally required, but some were skeptical. One impaired class must vote for a PREPA plan of adjustment under the Puerto Rico Oversight, Management, and Economic Stability Act for U.S. District…

If the $4 trillion municipal bond market is like a small town, where everyone knows everyone, then Tim Schaefer is its West Coast mayor. Schaefer stepped down after more than seven and a half years as California’s deputy treasurer for public finance two weeks ago — quietly, he said, because he didn’t want “his retirement…

The Connecticut Green Bank’s most recent issuance of its retail investor friendly Liberty Green Notes brought in $250,000 for green upgrades to small business energy infrastructure statewide, the bank said. The end of the sales period last week marked the fourth successful issuance by the state-affiliated bank of the pioneering credits, giving investors access to…

Municipals were steady to slightly firmer in spots to kick off a lighter new-issue calendar due to the Federal Open Market Committee meeting. U.S. Treasuries extended Friday’s losses on the short end, while equities ended down. Triple-A municipal yields fell one to two basis points while UST saw losses of eight on the short end…

Kentucky will benefit from $74 million in federal funds from the Infrastructure Investment and Jobs Actto tackle the problems created by abandoned coal mines. The announcement came from Secretary of the Interior Deb Haaland at a press conference in the state’s capital earlier this month. “We have a once-in-a-generation investment to address these sites with…

Rising interest rates in the second half of fiscal 2022 cut into New York City’s expected debt service savings, according to an annual report on the city’s finances issued Friday by Comptroller Brad Lander. “This year’s Annual Comprehensive Financial Report comes at a time of economic change and disruption in the global economy and details…