More than $7 billion of municipal bonds from the holdings of defunct Silicon Valley Bank, the bulk of which sport low coupons already facing pricing pressure, are set to hit the Street in the next few weeks. The Federal Deposit Insurance Corp., which took over Silicon Valley Bank on March 10, tapped BlackRock Financial Market Advisory
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The U.S. Virgin Islands Water and Power Authority expects the islands’ governor to approve a bill that would pave the way for the authority to retire a $285 million liability. WAPA Spokesperson Shanell Peterson said she expects Gov. Albert Bryan Jr. would this week sign the bill providing initial funding to settle a debt with
Democrats on the House Natural Resources Committee began a revival attempt on the Puerto Rico Status Act on Thursday, aiming to give the island territory’s voters the choice of statehood. The bill, which died at the end of the last congressional session, would establish a binding plebiscite – a direct vote on the island to choose between
Rishi Sunak was accused of “dithering” on Thursday as he agonised over whether he can cling on to deputy prime minister Dominic Raab following accusations that his ally bullied civil servants. The prime minister was handed a report into the bullying allegations by employment lawyer Adam Tolley KC on Thursday morning and spent the day
House Speaker Kevin McCarthy’s plan to address the debt limit and return funding to 2022 levels would cut the Department of Transportation’s funding by around 20%, leading to significantly decreased ability to carry out many of the programs, safety regulations and field operations that have become more and more essential following the large influx of
Bitcoin miners are contending with the fifth network difficulty increase since February 24, 2023, following a 1.72% rise on April 20 at block height 786,240. The network’s difficulty now stands at 48.71 trillion, marking a 22.62% increase over the last 55 days since block height 778,176. Bitcoin’s Difficulty Has Risen More Than 22% Since Block
The top two municipal bond insurers wrapped $5.735 billion in the first quarter of 2023, a 32% decrease from the $8.430 billion of deals done over the same period in 2022, according to Refinitiv data. The industry par amount for the top two issuers was achieved in 260 deals in 2023 versus 419 deals in
A pair of computer science researchers recently published pre-print research indicating that the nascent cryptocurrency market is beginning to show a level of maturity similar to the traditional equities market. Dubbed “Collective dynamics, diversification and optimal portfolio construction for cryptocurrencies,” the paper was written by Dr. Nick James, a fellow at the University of Melbourne’s
Illinois navigated a rocky market to clear its $2.5 billion general obligation sale Wednesday, paying more on the shorter end than its bonds have been trading, but seeing healthy demand on the long end for the newly stamped-A level rated paper. The mostly tax-exempt transaction took center stage this week amid a total of $11.5
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press release PRESS RELEASE. SINGAPORE – SAI.TECH Global Corporation, a clean-tech company specializing in Bitcoin mining, heating, and power industry, hosted its virtual corporate annual conference, SAITIME 2023 on April 20th at 08:30 EST. The virtual conference was hosted by founder & CEO Arthur Lee and was live-streamed on YouTube and Zoom. Live tweets and
Meta plans to axe more than 10 per cent of its UK workforce and ditch Instagram’s new hub in London, as the social media group retreats from the British capital in its latest restructuring effort. An internal document sent to staff on Wednesday said that at least 687 jobs would be eliminated, primarily in London,
US Treasury secretary Janet Yellen has warned that any effort to decouple from China would be “disastrous” as she said that national security measures targeted at Beijing were not designed to “stifle” the Chinese economy. In a major speech on Thursday, Yellen called for a “constructive and fair” economic relationship between China and the US,
Olathe, Kansas, plans to issue up to $810 million of taxable industrial revenue bonds to finance the construction and equipping of soft-drink bottling, warehouse, and distribution facilities that would be leased to a private business. The city council unanimously passed a resolution Tuesday approving the Heartland Coca-Cola Bottling Company project and signaling its intent to
Tennessee Gov. Bill Lee signed his hallmark $3.3 billion Transportation Modernization Act into law earlier this week, clearing the way for the state’s first public-private-partnerships meant to help cover the mounting costs of developing the state’s roadways. Tennessee is one of only five states that require road work be funded on a pay-as-you-go basis and
Los Angeles Mayor Karen Bass’ fiscal year 2024 budget would tap reserves to help fund the hiring of 400 police officers and for $1.3 billion in spending to lessen the city’s homelessness crisis. She proposed a $13.1 billion budget Tuesday, a 5.6% increase in general fund spending from the prior year. The package now heads
Cities and states are pushing back against a Republican debt-limit and spending cuts bill recapturing unspent pandemic funds that’s on track for a House vote as soon as next week. House Speaker Kevin McCarthy, R-Calif., Wednesday unveiled the 320-page “Limit, Save, Grow Act of 2023,” with a plan to bring the bill to the Rules
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Last month, just after Silicon Valley Bank collapsed, a team of American economists embarked on the daunting task of crunching 5.4mn tweets. The reason? When SVB failed it was dubbed the world’s first “Twitter-fuelled bank run” by Patrick McHenry, House Financial Services Committee chair. So, the economists — Anthony Cookson, Corbin Fox, Javier Gil-Bazo, Juan
Dogecoin rebounded from Wednesday’s drop, with the meme coin briefly climbing back above $0.090 in today’s session. However as the day progressed, bearish sentiment heightened, with price declining. Litecoin was also down today, and continues to trade near a multi-week low. Dogecoin (DOGE) Dogecoin (DOGE) was volatile on Thursday, as prices moved back into the