Bonds

Municipal issuers who’ve yet to make a habit of disclosing material climate-related risks may be at risk of violating the Securities and Exchange Commission’s antifraud provisions, following the rollout of its newly updated climate rule last week. The SEC’s new climate rules, reviled by many on both sides of the aisle for either doing too
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The U.S. Department of Transportation Monday released a long-awaited funding opportunity for states and cities interested in public-private partnerships for transportation projects under a first-of-its-kind program that’s part of the Infrastructure Investment and Jobs Act. The $100 million Innovative Finance and Asset Concession Grant Program, created as part of the IIJA, is aimed at helping states
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Municipals were steady ahead of a larger new-issue calendar, while U.S. Treasuries and equities were mixed after a better-than-expected jobs report. High-yield and taxable munis outperformed this week, Bond Buyer 30-day visible supply grows to $13.27 billion with $9 billion plus of it pricing next week and opportunistic cash continues to sit on the sidelines.
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As the Infrastructure Investment and Jobs Act nears its midpoint, the massive uptick in discretionary grants for transportation infrastructure threatens to undermine the law’s effectiveness because of chronic delays and bureaucratic confusion. That’s what county and state representatives told lawmakers Thursday during a House Transportation & Infrastructure hearing on the rollout of the IIJA’s discretionary
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A routine change of leadership on the House Committee on Transportation and Infrastructure is looking more like a power struggle in a legislative body that carries weight in public finance policy and rulings. On Wednesday Rep. Rick Crawford ,R-Ark., formally announced he was running for the Chairmanship of the T&I Committee while Rep. Sam Graves,
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The Financial Industry Regulatory Authority has fined NewEdge Securities, the brokerage arm of NewEdge Capital Group $90,000, in addition to restitution of $44,927.83 for charging unfair prices on 62 corporate bond transactions and six municipal bond transactions. Along with the fine and restitution, the firm has been censured for violating FINRA Rules 2121 and 2010,
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President Biden reignited the tax debate in his State of the Union address Wednesday, touting the progress he’s made so far in his three years in office and the amount of work still needed to be done on taxes, setting up a larger partisan battle for the coming year. “The way to make the tax
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A group of investors have challenged the legality of the Regents of the University of California’s ability to trigger an extraordinary redemption provision to refund their outstanding Build America Bonds. This may not be the last challenge as several issuers have made clear they intend to use the ERP to refund billions of their outstanding
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A Houston City Council vote Wednesday on initial financing for a $2.55 billion terminal renovation project at George Bush Intercontinental Airport was once again stalled by the city controller’s office. An advisory from Mayor John Whitmire’s office late last week indicated the city was finally ready to move the project forward with the placement of
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The Puerto Rico Electric Power Authority bond trustee said the Oversight Board’s proposed plan of adjustment breaches the bonds’ trust agreement. “There is a fundamental clash between the duties of bondholders to each other in the trust agreement and the three bondholder [plan support agreements (PSAs)] in the plan,” said bond trustee U.S. Bank N.A.
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The Municipal Securities Rulemaking Board is gearing the industry up for two meetings aimed at addressing the now discarded 2024 rate card fee model. The board recently announced these meetings, the first of which will gather four trade associations and focus on the comments received, market projections and fee volatility as part of the board’s
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The Ohio state Senate on Wednesday passed a bill that included $1.27 billion in bonds for state government agency facilities, K-12 classrooms, local subdivisions’ capital improvement projects and conservation projects. The bill, HB 27, was originally intended only to give students more information about college fees and loan repayment. And Senate Democrats voiced reservations about
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