Bonds

Cities and Counties have had to question long-term revenue forecasts that were based on fundamentals that may no longer be present in their post-COVID economies. This uncertainty is particularly unsettling as COVID relief funds are spent down. Issuers, their advisors, and sector professionals will discuss their view of these challenges amidst those of the broader

Baby bond programs aren’t a panacea for generational inequality, but remain a promising tool to chip away at such problems, experts said at an event this week in New York. Tuesday’s event at the Federal Reserve Bank of New York, “Exploring Baby Bonds as a Tool to Improve Economic Security,” was organized in conjunction with

Municipals were slightly weaker in spots Thursday while a more robust primary market provided distraction again as the New York Urban Development Corp. sold $1.4 billion in the competitive market. U.S. Treasuries were weaker 10 years and in, and equities sold off. Outflows from municipal bond mutual funds intensified as investors pulled $3.601 billion out

Illinois’ $700 million general obligation issue drew healthy interest from bidders but the state saw spreads widen as rising marketwide interest rates trumped the state’s fiscal and credit progress. The competitive deal came in three series, each bid separately, with a taxable series for $175 million maturing in 2029 won by BofA Securities from among

Puerto Rico bankruptcy Judge Laura Taylor Swain said she would approve a three-pronged approach to advancing the more than five-year-old Puerto Rico Electric Power Authority bankruptcy with a plan confirmation due by June 2023. Swain said there should be litigation on two key issues, the development of a plan of adjustment with several versions, and

Meredith Hathorn will be taking over for Patrick Brett as chair of the Municipal Securities Rulemaking Board Oct. 1, bringing her nearly forty years of public finance experience to the role. “What I really want to do is highlight the value of being an SRO (self-regulatory organization), and continuing to earn the public trust,” said

Under the oversight of a state review board, the troubled finances of West Haven, Connecticut, are moving in the right direction, according to Moody’s Investors Service, which last week affirmed the city’s Baa3 general obligation bond rating after a two-month review. Financial mismanagement and federal corruption charges have dogged the New Haven suburb, which is

With interest rates on the rise and projects lined up, Michigan plans to tap all $1.9 billion of its remaining borrowing authority under the $3.5 billion Rebuilding Michigan road program in a sale slated for later this fall. The Michigan Department of Transportation recently named the finance team and tentatively plans to issue the week

California Gov. Gavin Newsom, who has been bouncing around the country making appearances fueling further talk of a presidential run, has signed hundreds of bills ahead of Thursday’s deadline to sign or veto bills the Legislature sent him. The final bill signings also serve as a demarcation of sorts for when the governor moves from

Patrick Brett’s tenure with the Municipal Securities Rulemaking Board has been one marked by his embrace of technology, highlighted in the launch of EMMA Labs and an updated MSRB.org in addition to a handful of new rule proposals, including the controversial request for information on environmental social and governance considerations. All of that was spearheaded

Kaufman Hall & Associates LLC will acquire the consulting firm Claro Healthcare to scale up on the depth of its professional services for hospital and health systems that are navigating ongoing COVID-19 wounds made worse by a labor shortage and high expenses. Kaufman Hall, which specializes in the healthcare and higher education sectors, said Thursday

Walk the walk, not talk the talk on fighting climate change and supporting environmental, social and governance goals, New York City Comptroller Brad Lander told BlackRock CEO Larry Fink on Thursday. Voicing concern that BlackRock Inc.’s investment actions don’t match up with its ESG policy commitments, Lander sent a letter to the company requesting immediate

Owners of the American Dream Mall in East Rutherford, New Jersey, want a downward reassessment of the shopping center’s property assessment, a move that if successful will reduce the amount of money paid to the municipality via a payment-in-lieu-of-taxes bond agreement. Those PILOT payments back $800 million of tax-exempt bonds issued to fund completion of

Illinois basked in a brighter fiscal picture as it met with the buy side this week than it did at its last event in 2019 when its ratings sat on the verge of junk, but investors still fret over how the state would weather a potential recession and its prospects for further progress. Illinois’ top

Municipals extended their selloff on the front of the curve Friday following U.S. Treasuries while equities sold off. Triple-A yields rose 11 to 15 basis points five years and in, depending on the scale, while UST saw smaller losses on the short end and improved slightly out long. Two- and three-year muni-UST ratios climbed to

The municipal market has grown in overall size, market value has fallen and retail ownership trends are shifting amid the massive outflows from municipal bond mutual funds this year, the latest Federal Reserve data show. Retail investors may be moving out of mutual funds and into separately managed accounts, largely due to the headline shock

Municipals were hit hard on the front end of the curve but the damage was felt throughout as triple-A yields rose up to 15 basis points and mutual fund outflows topped $2 billion. U.S. Treasuries sold off and equities were mixed. Municipal yields rose up to 15 basis points on the one- and two-year with

Aaron Fletcher and his firm Twin Spires Financial have entered a final judgment with the Securities and Exchange Commission over their alleged role in providing false financials to the Louisiana Bond Commission in connection with two municipal bond offerings between 2017 and 2018 for the town of Sterlington, Louisiana, as well as the firm’s failure

The failed endeavor to build the Carolina Panthers football franchise a new headquarters in York County, South Carolina, has resulted in a thorny legal battle over who is to blame. Construction on the planned $800 million mixed-used facility in Rock Hill, meant to include state-of-the-art training facilities, office space, millions in utility investments, and green

San Antonio Water System (SAWS) will head into next week’s sale of $245 million of junior lien revenue bonds with a rating upgrade from one agency and a revised positive outlook from another. The bonds, which Piper Sandler & Co. is scheduled to price Sept. 27, will fund a portion of the system’s 2022 and