Bonds

While a move to raise New York City’s borrowing capacity by $12 billion is reasonable and sufficient for the city to meet future capital needs, the debt service threshold must be kept within safe limits, officials say. Letting New York City sell more bonds will allow it to meet its capital needs over the next

The state of Washington is the second large issuer to face pushback from investors as it heads to market with a deal to refund Build America Bonds using extraordinary call provisions. Wells Fargo Securities, leading a seven-bank syndicate, plans Tuesday to price $1.08 billion of Washington state motor fuel tax and vehicle related fees refunding

Municipals saw spots of weakness on the short end of the curve while two high-grade issuers priced the largest deals left of the week, mutual funds saw smaller inflows and U.S. Treasuries closed the session softer 10-years and in, but a touch stronger out long. Equities rallied as the markets contemplated the better likelihood of

Employee-owned international broker-dealer Baird has added depth to its newly launched California Public Finance group with the addition of Alex Boutyrski. Boutyrski, who joins as senior vice president in the Los Angeles office, has more than 10 years of public finance experience. He will work with John Baracy, a Baird managing director, who the firm

The Internal Revenue Service has finalized the rules monetizing clean energy tax credits, which frees up non-profit power companies to issue more debt that can be used to finance electrical infrastructure projects.   “Elective payment” was created by the Inflation Reduction Act and allows non-profit power companies to use tax credits created through green energy projects

Utah Gov. Spencer Cox said Thursday he will sign by the end of the day a bill that has been flagged by the Intermountain Power Agency (IPA) as posing risks to its bond-financed transition from coal to cleaner fuels.  The legislation aims to keep the state’s largest coal-fired power plant located near Delta, Utah, in

House Speaker Mike Johnson has unveiled a new $1.2 trillion spending package to keep the federal government funded throughout the remainder of FY 2024 in a bipartisan compromise bill that cuts $20 billion from the Internal Revenue Service, and provides massive funds for defense and homeland security, among many others. The introduction of the bill

Investors turned up the heat Wednesday on the Regents of the University of California’s $1.1 billion Build America Bonds refunding, bringing on high-profile law firm Kramer Levin and telling the university it must either pay bondholders more for the make-whole premium, cancel the deal or face a lawsuit for breach of contract. It’s the latest

Initial funding for a $2.55 billion bond-financed terminal project at Houston’s George Bush Intercontinental Airport is moving forward after months of delays. The city council on Wednesday appropriated $150 million, which marks the first portion of the city’s share of the project that will be financed with up to $624 million of general airport revenue

With the high-yield municipal bond market riding a tide of inflows and new deals in 2024, investors say Citigroup’s December exit from the space appears manageable so far, but that the true test will come when flows reverse and the market has to fare without its longtime, go-to liquidity provider. For a thinly traded market

The whistleblower who brought a lawsuit charging Wall Street banks with rigging the state of Illinois’ variable-rate bonds will receive a $14.4 million payout under a final settlement that ends the decade-long case. The payout is part of a $70 million agreement that the group of eight banks agreed to pay last year to end

The Kentucky State Property and Buildings Commission has $649 million of bonds on the calendar next month in a deal that will refund all of its outstanding Build America bonds, provide new money for capital projects and include a tender offer. Separately, the Kentucky Housing Corp. and the Kentucky Infrastructure Authority are seeking firms to provide

State tax revenue collections are softening and some are even negative compared to a year earlier, analysts say. “Most states are now grappling with weakened tax revenues and growing uncertainties, particularly related to the presidential election, potential federal policy changes, and geopolitical crises,” said Urban Institute Principal Research Associate Lucy Dadayan. “Overall, growth in state

S&P Global Ratings on Wednesday upgraded Louisiana’s general obligation bonds to AA from AA-minus. S&P also raised the long-term rating on the state’s appropriation-backed debt to AA-minus from A-plus. “The upgrades reflect our view of Louisiana’s demonstrated commitment to improving and maintaining reserves above levels that we consider very strong and the state’s ongoing effort

Municipals were weaker Wednesday with the largest losses on the front end, leading to muni to UST ratios rising slightly there as a result of a firmer U.S. Treasury curve10 years and in, while equities rallied after the Federal Open Market Committee kept rates unchanged. Treasury bonds rallied after the announcement as the market interpreted

The state of California has published its fiscal year 2022 annual comprehensive financial report, marking the fifth year in a row the state’s ACFR has been significantly delayed. The audited financial statements were dated Friday and announced Monday by State Controller Malia Cohen, almost a full year later than the state’s internal goal of releasing

A proposed settlement with firefighters would cost Houston about $72 million a year to cover debt service payments on $650 million of judgment bonds and to fund pay hikes under a five-year contract, the city council learned Wednesday. The deal announced by Mayor John Whitmore last week got its first public airing at the council

The Securities and Exchange Commission to is under fire from lawmakers and the financial industry regarding the volume and scope of regulations raining down from the regulator under the leadership of Chairman Gary Gensler. “Chair Gensler’s frenetic partisan rulemaking agenda at the SEC has threatened the health of U.S. capital markets and highlights the need

An effort by Utah lawmakers to keep a coal-fired power plant in operation poses risks to the Intermountain Power Agency (IPA), which issued bonds to finance its transition to cleaner fuels and has asked the governor to veto the legislation.   Senate Bill 161, which was passed by the legislature in late February would require IPA

On Friday, the Chicago City Council’s Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds that Mayor Brandon Johnson has urged the City Council to approve. But no vote will take place on the bonds as of yet. The Johnson administration is reportedly aiming to pass the bond measure

On Thursday, southeast North Dakota residents voted down a $14.84 million bond referendum for the Oakes Public School District. The district is about 114 miles from Fargo, near the border with South Dakota. The general obligation bonds were to go toward HVAC and window replacements, Americans with Disabilities Act-compliant restrooms, underground sewer pipes replacements and