Chicago is seeking a fresh pool of financial advisors ahead of a series of bond deals next year. It is the first comprehensive request for proposals related to the city’s bonds released under Mayor Brandon Johnson, who took office in May. An RFP seeking underwriters is also likely but no timing has yet been set,
Bonds
Miami-Dade County is set to come to market this week with a taxable revenue bond sale for PortMiami that was delayed earlier this summer by rising interest rates. Stifel is expected to price on Thursday the $455.1 million of Series 2023 taxable senior lien seaport revenue bonds issued by the county on behalf of its Seaport Department. Proceeds from the
A potential overhaul of Colorado’s property tax system is the target of a bill Gov. Jared Polis signed into law Tuesday as he took action on remaining legislation lawmakers passed during a special session to provide short-term property tax relief. House Bill 1003 creates a commission tasked with identifying, considering, and evaluating options “for a
Illinois sold the first general obligation bonds of its fiscal year into a favorable market Tuesday, seeing spreads continue to tighten considerably from what the state could garner prior to a trifecta of ratings upgrades throughout 2023, in line with recent institutional secondary trading. The state saw its spreads to triple-A yield curves on $875
After decades of underfunding, West Virginia dramatically closed its pension funding gap, according to a recent report from Pew Charitable Trust. The state, which had the poorest funding ratio in the entire nation in 2000, reduced its debt burden by 90% over the decades, marking one of the most impressive turnarounds amid a national trend
Municipal yields dropped up to another seven basis points led by strong secondary trading Tuesday while an $875 million competitive general obligation deal from Illinois took focus in the primary. U.S. Treasuries made gains and equities ended mixed. Municipal triple-A curves saw yields fall four to seven basis points, depending on the curve while USTs
Puerto Rico’s economic future is strong, Gov. Pedro Pierluisi said in a televised interview that bondholders said means the Puerto Rico Electric Power Authority can afford to pay them more. On Monday morning, PREPA bondholder GoldenTree Asset Management and PREPA bond insurer Syncora Guarantee presented Pierluisi’s statements to U.S. District Judge Laura Taylor Swain, who
The Utah Associated Municipal Power Systems has dropped plans to build a first-of-its-kind nuclear plant amid dwindling support from cities on the hook to pay for the electricity. UAMPS, comprised of 50 municipally owned power systems across six Western states, was working with Oregon-based NuScale Power, LLC, to launch the nation’s first small modular reactor
Declining enrollment and fiscal constraints were cited by Moody’s Investors Service in a one-notch downgrade of Issaquah School District 411 in King County, Washington. The school district’s outlook was also revised to stable from negative, according to Monday’s ratings report. The district has roughly $670 million of general obligation unlimited tax (GOULT) debt. The Moody’s
David Paul Morris/Bloomberg U.S. regulators’ swift action in March to ring-fence the banking sector after the collapse of Silicon Valley Bank might have had an unintended consequence of driving cash out of bond funds by enhancing the appeal of deposits. That’s the assessment of two Federal Reserve Bank of New York researchers writing in a
A team of public finance bankers focused on healthcare has left Citigroup Inc. for rival Jefferies Financial Group after the firm’s executives have mulled closing the municipal banking department altogether, according to people familiar with the matter. The group of about 10 bankers departing for Jefferies includes managing directors Brian Carlstead, Ben Klemz, and Katherine
Chicago’s bond ratings have improved, but the city has more work to do, even after the recent passage of Mayor Brandon Johnson’s $16.77 billion 2024 budget by an overwhelming majority of the City Council on Nov. 15. While the city has made some important progress on the expenditure side, the new mayor’s first budget didn’t
Fitch Ratings has upgraded Pennsylvania’s issuer default and outstanding general obligation bond ratings to AA from AA-minus. Fitch also raised the bonds supported by state appropriations to AA-minus from A-plus and the ratings on state school credit enhancement programs linked to the commonwealth’s IDR to AA-minus from A-plus. The rating outlook on all the bonds
Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Lynne Funk (00:03):Hello everyone and welcome to another Bond Buyer podcast. I’m Lynne Funk, executive editor at The Bond Buyer, and I am very excited to welcome this year’s public and private sector. Freda Johnson Award winners to the show today. Megan
A Bloomberg spokesperson said the discontinuation of BSBY, which lagged in the race to succeed the defunct Libor rate, was the result of the “limited” commercial opportunities.Adobe Stock Bloomberg L.P. says it’s shutting down its BSBY interest rate benchmark, marking a quiet end to the data provider’s attempt to offer a successor to the defunct
New York’s Metropolitan Transportation Authority faces potential budget gaps that could widen to nearly $900 million in 2026, according to the Citizens Budget Commission. The nonprofit think tank that analyzes state and city finances warns in a report released Monday that the MTA’s promised cost-saving measures may fall short and revenue from yet-to-be-built casinos could
Municipals were firmer Monday as investors prepare for a larger, $7 billion new-issue calendar while U.S. Treasuries made gains and equities were mixed near the close. Triple-A yield curves were bumped one to four basis points, depending on the curve, while UST yields fell by six to eight basis points. Munis continued to rally last
A new Biden administration rule requiring states to reduce transportation-related carbon emissions, which could affect infrastructure spending, faces opposition from states and Congressional Republicans. The rule, finalized last Wednesday, requires state departments of transportation and metropolitan planning organizations to measure greenhouse gas emissions from vehicles and implement targets to reduce the emissions. It’s part of
A federal judge signed off on the sale of an Arizona participant sports venue for a price that will result in a miniscule cash payment to owners of the bankrupt facility’s defaulted bonds. U.S. Bankruptcy Court Judge Daniel Collins last week approved the deal agreed to by the bond trustee and other parties for $25.7
The Arizona Industrial Development Authority as conduit issuer is set to offer a $230 million social bond next week to support a variety of high-performing public charter schools across the United States. Siebert Williams Shank as senior manager is slated to price the Series 2023A senior National Charter School revolving loan fund social revenue bonds
U.S. District Court Judge Laura Taylor Swain said she would hear a bondholder suit in the Puerto Rico Electric Power Authority case that Puerto Rico bondholders and Puerto Rico’s government argued should be assigned to a different judge. GoldenTree Asset Management and bond insurer Syncora Guarantee filed suit in the U.S. District Court for Puerto