Bonds

Municipals rallied hard Thursday, playing catch up to the moves in U.S. Treasuries, which extended their gains for a second session following the Federal Open Market Committee’s clear communication of future rate cuts in 2024. Equities continued their rally. Triple-A yields fell 13 to 17 basis points, depending on the curve, but the gains were

The San Diego area’s Sharp HealthCare plans to bring $343.2 million of fixed-rate revenue bonds to market next week, continuing early next year with variable-rate financings. The fixed-rate tax-exempt bonds will be priced the week of Dec. 18 through conduit issuer California Public Finance Authority, according to an online investor presentation. RBC Capital Markets and

Fiscal problems at the University of Arizona have led to belt tightening, the resignation of its chief financial officer, and a move to increase financial oversight of the state’s public university system. At a special meeting Wednesday, the Arizona Board of Regents unanimously adopted a report that listed recommendations, including enhanced financial reporting and expenditure

New Castle, Pennsylvania, has exited from distressed status under the state’s Municipalities Financial Recovery Program, also known as Act 47, the Department of Community and Economic Development announced Monday. A formal determination letter finding that termination of the city’s distressed status was appropriate under Section 255.1 of Act 47, was signed by DCED Secretary Rick

Oregon’s march toward adding tolls to its mix of transportation revenues may have hit a snag this week. The Oregon Department of Transportation’s plan to toll Portland-area highways hit opposition from a federal lawmaker before it even hit the governor’s desk. The Oregon Transportation Commission had approved a staff proposal — which includes holding public

Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed

Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is

Fast-moving developments in the national capital region could open a gold mine of new debt to finance a nine million square foot arena complex in Alexandria, Virginia.  The proposed, $2 billion public-private partnership would move the National Hockey League’s Washington Capitals, and the NBA’s Washington Wizards out of Washington, D.C.’s Capital One Arena in the

The Puerto Rico Oversight Board reached a tax cut compromise with the local government, the board indicated Wednesday. The non-recurring action will allow 177,000 taxpayers to receive a refund when they file taxes for this year, while an additional 413,000 residents will receive larger Earned Income Tax Credit payments, the board said. Puerto Rico Oversight

A sales tax extension to fund a replacement professional sports and concert arena costing at least $900 million won overwhelming approval from Oklahoma City voters Tuesday. The continuation of a Metropolitan Area Projects (MAPS 4) one-cent sales tax for six years beyond its April 1, 2028 expiration date passed with 71% of the vote amid

Florida’s $114.4 billion proposed budget for fiscal 2024-2025 continues a more than decade-long trend of paying down debt while limiting new bond issuance. Gov. Ron DeSantis released his recommended budget on Dec. 5, which would spend almost 4%, or $4.6 billion, less than the current fiscal year. The budget proposal includes $455 million in funding

Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a

Two big Illinois issuers have scheduled refunding deals with planned pricings on Thursday, with the Illinois State Toll Highway Authority to issue $900 million of series 2024A senior revenue refunding bonds and Chicago’s Midway Airport to sell $393 million of series 2023C senior revenue refunding bonds.   Rising interest rates had made refundings thin on the

Municipals were mostly steady to a touch softer in secondary trading while newly upgraded gilt-edged Ohio upsized its general obligation refunding deal and repriced to lower yields. U.S. Treasuries improved on the day following cooler inflation data that many participants said would not move the needle on the Federal Reserve’s rates decision Wednesday. Triple-A yields

The Chicago Civic Federation Tuesday named the city’s former inspector general, Joseph Ferguson, to serve as its new president, replacing long-time and high-profile former president Laurence Msall, who died in February. Ferguson, 63, joins the non-partisan watchdog and research organization after a months-long search led by a 15-member committee. He was selected from a pool

America’s local communities are woefully ill-equipped to deal with the steady onslaught of disasters happening across the country and Congressional leaders need to act to lower the threshold and permanently reauthorize the Community Development Block Grants – Disaster Relief program. That was one key message delivered during the Senate Committee on Transportation, Housing and Urban

Washington Gov. Jay Inslee has announced plans to allocate another $941 million toward climate change programs when he formally unveils his supplemental budget on Wednesday. The proposal, part of what Inslee called his 2024 climate agenda, continues the state’s actions to protect Washingtonians from climate change and create clean energy jobs, he said Monday.  Lawmakers

Two New York budget watchdogs testified before the City Council’s Finance Committee on Monday listing the good, the bad and the worrisome about the current state of the Big Apple’s finances. The Independent Budget Office predicts the city will end fiscal 2024 with a $3.6 billion surplus above the Mayor’s Office of Management and Budget

Stakeholders in the transit systems serving Chicago and its wider metropolitan area have delivered a plan to deal with financial shortfalls driven by the COVID-19 pandemic and the “fiscal cliff” coming when the last federal relief funding is spent. All they need now is the money to pay for it. The Plan of Action for

Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Keeley Webster (00:04):Hello, I am Keeley Webster. Welcome to another Bond Buyer podcast. The Governors of

This week’s Federal Open Market Committee meeting will be of interest to market participants despite the unlikelihood of any changes in monetary policy, since a new Summary of Economic Projections will be released and will provide insight into officials’ thinking on fed fund target levels for next year. The market is pricing in about five