Bonds

Transit systems around the country have experienced a sputtering recovery from COVID-19, but the state of two large California agencies underscores how much the funding structure they had in place before the pandemic affects their fiscal recovery. Before the pandemic, the San Francisco Bay Area Rapid Transit System, which runs 131 miles of rail service

The White House is narrowing its search for a nominee to become the next Federal Reserve vice chair, intending to swiftly replace Lael Brainard, who became President Joe Biden’s top economic adviser this week. A top tier of candidates is taking shape led by Harvard University professor Karen Dynan and Northwestern University professor Janice Eberly,

A municipal fintech platform for asset management firms, banks, insurance companies, and municipal advisors is being developed by Assured Guaranty’s new subsidiary, AG Analytics. The platform intends to deliver best-in-class technology and turnkey solutions to replace fragmented data resources used by municipal asset managers, analysts and other market participants. “Many asset managers are using too

Municipals were weaker in spots in secondary trading Wednesday as $688 million of New York City general obligation bonds priced in the primary, while U.S. Treasuries were firmer and equities ended mixed. The three-year muni-UST ratio was at 62%, the five-year at 62%, the 10-year at 65% and the 30-year at 91%, according to Refinitiv

Rejecting nearly all of the challenges to its disclosure statement and plan of adjustment in the Puerto Rico Electric Power Authority bankruptcy, the Puerto Rico Oversight Board attempted to explain why National Public Finance Guarantee could get preferential treatment. National’s treatment is permissible since it is supported by a “legitimate basis,” the board said, citing

Veteran municipal bond banker and industry expert Peter Hill has joined Ramirez & Co. as a senior managing director effective Wednesday, according to the firm. In his new role, Hill will work alongside Ted Sobel, head of public finance and with other senior executives, continuing to grow and expand the 51-year-old minority-owned investment banking, brokerage,

Legislation that imposes environmental, social, and governance investment rules on Indiana’s public pension system is advancing after revisions cut the potential impact of the rules to $550,000 from $6.7 billion. If adopted and signed by Gov. Eric Holcomb, the pension system would be required to divest from and terminate some investment relationships when various ESG

Rhode Island last week appealed a decision that struck down its first-of-a-kind tolling program in a case that’s closely watched by other state transportation departments looking to drum up new revenue for transportation infrastructure. The Rhode Island Department of Transportation asked the U.S. Court of Appeals for oral argument, saying the case raises “important questions

States in the Southeast have a mixed message for electric vehicle makers and buyers. New factories to build EVs are celebrated and subsidized by the region’s largely GOP-controlled governments. But many of those same governments discourage EV ownership with special taxes levied on owners. It’s a dichotomy that’s frustrated public and non-profit attempts to root

Reparations programs for state and local governments have begun to spring up all over the country, whether in the form of proposals, established committees and task forces, or hard cash handed out to citizens, the idea of reparations has never had more financial backing behind it. While none of the reparations plans currently active have

For Janice Hofferber, new head of U.S. public finance at Moody’s Investors Service, a focus on fundamentals is key to all the agency does. “Our goal and our mission is really this — to provide investors with the insightful research that will help them make better investment decisions,” she told The Bond Buyer. Hofferber, who

Federal Reserve Bank of St. Louis President James Bullard said the U.S. economy is proving more resilient than expected and repeated his call for the central bank to keep raising interest rates. “I think we are going to have to get north of 5%. Right now I’m still at 5.375%,” Bullard told CNBC in an

A bill introduced in California’s legislature would prohibit banks or lenders with business customers that manufacture firearms from working on the state’s public finances. Senate Bill 637, introduced Thursday by California Sen. Dave Min, D-Costa Mesa, applies to every aspect of the state’s public finances including municipal bonds, capital projects and the state’s debt portfolio,

Bondholders, bond insurer Syncora Guarantee, bond trustee U.S. Bank National Association, and others launched new attacks on the Puerto Rico Oversight Board’s proposed Puerto Rico Electric Power Authority disclosure statement and plan of adjustment. These groups and a committee of claim assignees for National Public Finance Guarantee-insured PREPA bonds all objected to the plan’s superior

Build America Bond subsidy payments are subject to federal budget sequestration, and public power agencies that floated the bonds are not eligible for refunds, the U.S. Court of Appeals for the Federal Circuit ruled Friday. The ruling stems from a three-year-old lawsuit brought against the United States by six Midwestern public power agencies, led by

The quest to find a long-term funding fix for the Chicago region’s transit system began in earnest during the last month with Chicago area civic, planning, and business leaders on board. With ridership slow to return after the COVID-19 pandemic, the region’s bus and rail systems face a $730 million fiscal cliff in 2026 when

Transcription below:Chip Barnett (00:04):Hi and welcome to another Bond Buyer podcast. I’m Chip Barnett and my guest today is New York State Controller Thomas DiNapoli. And we’re going to be taking a look at New York State, the challenges it’s facing and the opportunities that lie ahead. Welcome to The Bon Buyer Comptroller DiNapoli. Thomas

The Oklahoma Turnpike Authority is the target of several bills in the state legislature that would change its bond and other practices in the wake of a controversial $5 billion plan to build toll road extensions. Measures filed by Republican and Democratic lawmakers come as the turnpike authority awaits an Oklahoma Supreme Court decision on

A big Texas bond deal to recover extraordinary costs incurred by natural gas utilities during a fierce 2021 winter storm finally won approval Friday from a state board, paving the way for pricing next month.  The Texas Bond Review Board approved the issuance of up to $3.6 billion of taxable customer rate relief bonds by

Municipals were weaker Friday ahead of a holiday-shortened week with a smaller new-issue calendar. U.S. Treasuries were firmer, and equities ended mixed. Triple-A benchmarks were cut three to 11 basis points, depending on the scale, pushing the one-year muni above 3% and the 30-year to 3.50%. UST yields fell two to five basis points. Muni-UST

New York City is heading to market with the biggest municipal bond deal of the holiday-shortened week, a $677.45 million tax-exempt general obligation bond offering that will refund some outstanding debt.   Lead managers Siebert Williams Shank, BofA Securities and RBC Capital Markets are set to price the fiscal 2023 GOs for institutions on Wednesday