Bonds

Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the

Outstanding Illinois debt is now smoke-free after the state defeased the last $449 million of bonds backed by payments from a master settlement agreement with tobacco companies.  Gov. J.B. Pritzker said the move, which was included in Illinois’ fiscal 2024 budget, will save the state $50 million. “Today’s action reflects Illinois’ strong fiscal position and

Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large

Increasing private school enrollment has little to do with the six-year decline in California public school enrollment. That’s the conclusion the Public Policy of Institute of California reached in a piece published Monday. It’s the final installment of a four-part series in which PPIC researchers dug into why enrollment in California public schools is declining.

Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,

Fiscal 2023 ended with higher revenue for most Southwest states, but shrinking growth rates indicate their coffers won’t continue to overflow as federal stimulus subsides and tax cuts erode collections.  Texas wrapped up its fiscal year Aug. 30 with general fund revenue growth shrinking to 8.3% compared to fiscal 2022 when collections zoomed 26.4% higher

Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year

Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District

Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve

Voters in Maine will have a lot of material to chew over before they decide later this year if a public agency should take over service provided by investor-owned electric utilities. What they won’t necessarily get is a slam-dunk yes or no recommendation. Maine’s Office of the Public Advocate, a state office created to represent

Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started

New York City continued to see healthy job growth this year, according to a report issued by the New York State Financial Control Board. In the first half of the year, 175,800 jobs were created in the city, a 3.9% increase, exceeding the national growth rate of 2.8%, the Control Board heard at its yearly

Municipals were weaker in spots Thursday amid an active primary market that included two billion-dollar pricings for institutions and the return of outflows. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year

Officials in Polk County, Iowa, will decide later this month whether to place a referendum on the Nov. 7 ballot seeking voter approval for the issuance of up to $350 million of general obligation bonds for a terminal project at the Des Moines International Airport.  The Des Moines Airport Authority, which can issue debt on

Starting in October, New Jersey motorists will pay almost a penny more per gallon for gas following a worse-than-expected year for state fuel tax revenue, officials announced. State Treasurer Elizabeth Maher Muoio said in a statement on Friday that an adjustment of the state’s Petroleum Products Gross Receipt tax rate was necessary following depressed taxable

The Puerto Rico Oversight Board is demanding the financially struggling University of Puerto Rico, which has continued to pay its bonds, adopt pension reforms as part of a plan to gain financial stability. Board Executive Director Robert Mujica Jr. sent a letter to UPR Governing Board President Ricardo Dalmau Santana last week complaining about UPR’s

The Huntsville Healthcare Authority issued $190 million of hospital revenue bonds as it saw a financial rebound from tough post-pandemic conditions. The North Alabama-based public hospital operator, whose flagship Huntsville Hospital is the state’s second largest, structured the deal with a 2053 maturity and a mandatory tender date of June 1, 2030. Bond proceeds will

Enjoy complimentary access to top ideas and insights — selected by our editors. The top three co-managers in the ranking have an average dollar volume of more than $5 billion through the end of June 2023. The average number of issues for the top three is 228. Scroll through to see which co-managers are in

Investor-owned Georgia Power will recover capital costs associated with the over-budgeted construction of two new nuclear reactors from ratepayers, according to a preliminary agreement announced Thursday. Georgia Power and the Georgia Public Services Commission’s public interest advocacy staff agreed to a $7.56 billion cap on the amount of capital construction costs placed in the rate

Municipals were little changed ahead of the Labor Day weekend and a larger new-issue calendar led by California, while U.S. Treasuries were weaker after the August jobs report showed a slowing labor market. Equities ended mixed. Friday’s jobs report reinforced some market participants’ belief the Fed will opt to skip a rate hike at the

The Biden administration’s revised rule on the definition of polluted waterways threatens to delay transportation projects and drive up costs, road infrastructure groups warned last week after the Environmental Protection Agency released a revised rule that attempts to conform to a recent opinion from the U.S. Supreme Court. The EPA’s revised Waters of the United