Fitch Ratings and Moody’s Ratings downgraded Xavier University, a private Jesuit college in Cincinnati, to A-minus from A and to Baa1 from A3, respectively, last week. Fitch pointed to the school’s decision to take on more debt to finance the construction of a new College of Osteopathic Medicine at a time when operating performance has
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A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California. Patrick T. Fallon | AFP | Getty Images An abrupt turn higher for mortgage interest rates caused weekly demand from both potential homebuyers and current homeowners to drop. Total mortgage application volume fell 5.1% last
Stay informed with free updates Simply sign up to the European banks myFT Digest — delivered directly to your inbox. The writer is chair of BBVA Mergers and acquisitions are firmly back into the spotlight in Europe and for good reason. Apart from BBVA’s offer to the shareholders of Banco Sabadell, Italy’s UniCredit has built
Unlock the US Election Countdown newsletter for free The stories that matter on money and politics in the race for the White House Israel has told the US that defence minister Yoav Gallant will no longer travel to Washington this week, prompting fears the cancellation could jeopardise co-ordination with Israel over its response to Iran’s
Municipals were weaker Tuesday with the largest losses out long while U.S. Treasuries saw narrow gains on the day and equities ended up. Triple-A yields rose by up to five basis points, depending on the scale, while USTs saw yields flat or lower by a basis point or two. The two-year muni-to-Treasury ratio Tuesday was
An ongoing investigation into overcharging on San Diego’s state route 125 toll road found implementation of the back-office system encountered problems from the onset, and San Diego Association of Governments’ executive management failed to address the situation in a timely manner, including informing the board of directors. SANDAG’s independent performance auditor released two investigations Monday
David Hester inspects damages of his house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. Chandan Khanna | Afp | Getty Images It’s crucial to understand how to file a homeowners insurance claim after a natural disaster. Insured losses alone for Hurricane Helene are now estimated at more than $6
A new board of supervisors and a new name shouldn’t impact the first bond sale by the district enveloping Disney’s theme parks since Florida stripped Disney of its control of the district, but Hurricane Milton’s impact is a concern, analysts said. The Central Florida Tourism Oversight District, which had been the Reedy Creek Improvement District,
Investors have been pumping larger amounts of cash into muni mutual funds over the past several weeks due to positive returns for the asset class and some clarity from the first Federal Reserve rate cut, with some market participants believing a larger inflow cycle is only beginning. Mutual funds saw inflows to the tune of
The District of Columbia is saddled with slowed jobs and economic growth, but has still managed to score a boost in five credit ratings from Moody’s Ratings. “Moody’s upgrades are a testament to the district’s solid financial management and strong economic fundamentals,” said Chief Financial Officer Glen Lee. “We are extremely pleased by this recognition
Illinois’ bonds are underappreciated, Wells Fargo Head of Municipal Markets Strategy Vikram Rai said Monday as he released a report on the state titled, “Why Illinois Beckons.” “All the negative news was drowning out all the positive news and the positive developments about Illinois’ improving story,” Rai said during Monday’s municipal market weekly call, noting
Molten copper pours into ceramic molds to form plates at the Southern Copper Corp. smelter facility in Ilo, Peru, on Jan. 30, 2017. Dado Galdieri | Bloomberg | Getty Images After years of political unrest in Peru, the relative calm of recent months has made international investors increasing their appetite for the country’s sovereign bonds.
When Chicago’s City Council meets on Wednesday, it will decide whether to sell controversial refunding bonds and deal with Friday’s resignation of the entire seven-member Chicago Public Schools board. According to the agenda, the finance committee at its Oct. 2 meeting approved an ordinance authorizing the refunding of the city’s Series 2024 general obligation and
San Francisco-based Wells Fargo has named Elena M. Gallo as its new head of government banking, where she will oversee the bank’s commercial banking division that serves more than 3,000 government agencies, public utilities, transportation, and housing authorities across 43 states and the District of Columbia. Gallo will replace Mara Holley, who is retiring after
The University of Arizona heads to the municipal bond market this week with its first bond issue since financial troubles led to negative rating outlooks from Moody’s Ratings and S&P Global Ratings. The $115.645 million of Stimulus Plan for Economic and Educational Development, or SPEED, revenue bonds issued through the Arizona Board of Regents will
Moody’s upgraded Pennsylvania’s issuer default rating to Aa2 from Aa3 Monday, ahead of the commonwealth’s plans to sell at least $1.4 billion of general obligation bonds. The Keystone State is now at its highest rating since 2013, before the state’s finances were mired by partisan conflict between and among the two houses of the legislature
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Israeli military deployed thousands more troops in Lebanon and signalled an expanded ground offensive against Hizbollah, even as the militant group launched one of the largest rocket barrages into northern Israel since the conflict
If vice-president Kamala Harris defeats Donald Trump in November, most of America’s allies will greet her victory with thinly veiled delight. “If she wins,” says an official from one of its long-standing Asian partners, “we will have a national holiday!” The official was barely joking, such are the worries in many capitals over the presumed
Investors will have a chance to buy New York City’s third-ever social-labeled general obligation bonds this week. Comptroller Brad Lander said he has high hopes for the taxable $1.5 billion deal despite the awkwardness of Mayor Eric Adams’ recent federal criminal indictment on bribery charges. “[The credit rating agencies] have reported they believe the city’s
Traders work on the floor of the New York Stock Exchange during afternoon trading on October 03, 2024 in New York City. Michael M. Santiago | Getty Images Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it
Texas Capital is expanding its public finance team with the addition of five industry professionals, the Dallas-based financial services firm announced Friday. The public finance business was launched in May with the hiring of Steve Genyk, a former public finance head at UBS, as a managing director. The move came as the ranks of underwriters