Municipals were little changed Friday as the market took a breather ahead of a one of the largest new-issue calendars of the year with bellwether names coming in four deals that total over $1 billion each. U.S. Treasuries returned to a flight-to-safety bid and made gains while equities closed the week mixed. The new-issue muni
Bonds
Connecticut, Rhode Island and Massachusetts have agreed to work together to develop offshore wind energy in a joint venture officials say will offset rising costs that threaten the burgeoning industry’s potential. The multi-state coalition will be the first of its kind, Massachusetts Gov. Maura Healey said in a joint statement with Rhode Island Gov. Dan
The last time the triple-A 30-year muni was consistently over 4%, Barack Obama was president, lawmakers were squabbling over whether to raise the debt ceiling, cut spending and keep the federal government open, which eventually resulted in a downgrade of the United State’s triple-A rating by S&P Global Ratings. While there is a different administration,
The last time the triple-A 30-year muni was consistently over 4%, Barack Obama was president, lawmakers were squabbling over whether to raise the debt ceiling, cut spending and keep the federal government open, which eventually resulted in a downgrade of the United State’s triple-A rating by S&P Global Ratings. While there is a different administration,
The U.S. Virgin Islands government is concerned that more than $10 billion of a possible $15 billion in federal hurricane reconstruction aid may be in jeopardy, with possible impacts on the islands’ economy. The islands’ government and Water and Power Authority have more than $2 billion in bonds outstanding. Fitch Ratings rates the WAPA bonds
The U.S. Virgin Islands government is concerned that more than $10 billion of a possible $15 billion in federal hurricane reconstruction aid may be in jeopardy, with possible impacts on the islands’ economy. The islands’ government and Water and Power Authority have more than $2 billion in bonds outstanding. Fitch Ratings rates the WAPA bonds
Cities and states should “keep calm and issue bonds” despite sticker shock from rising interest rates and a volatile municipal bond market. That was the message from panelists speaking Thursday at the Government Finance Officers Association’s annual MiniMuni event, a three-day online event for issuers. The rise in rates “makes our jobs as debt managers
Cities and states should “keep calm and issue bonds” despite sticker shock from rising interest rates and a volatile municipal bond market. That was the message from panelists speaking Thursday at the Government Finance Officers Association’s annual MiniMuni event, a three-day online event for issuers. The rise in rates “makes our jobs as debt managers
New York state tax collections from mobile sports betting totaled $727.4 million in fiscal 2022-2023, according to a report from the state comptroller’s office. “Gaming has significantly expanded in the state in the last several years,” Comptroller Thomas DiNapoli said Wednesday. “With the ease and 24/7 availability of mobile betting apps, problem gambling and addiction
Municipals were mixed Thursday, outperforming U.S. Treasuries, which saw larger losses following a higher-than-anticipated inflation report, while more outflows from muni mutual funds were reported. U.S. Treasuries sold off after the consumer price index report showed inflation rising, paring back gains after several sessions of a flight-to-safety bid amid the violence in Israel. Equities ended
The U.S. Environmental Protection Agency has launched a civil rights investigation into Alabama’s Department of Environmental Management after reviewing complaints of discrimination in the distribution of federal funds. In a letter addressed to ADEM Director Lance Lefluer, the EPA said it would launch a probe into state policy concerning distributions from a federally backed sewage
Issuers focused on boosting ESG scores through mitigation efforts must face the hard fact that climate risk trumps being prepared. “There could be a point where the materiality of this risk is greater than the ability to prepare or the ability to manage it,” said Nora Wittstruck, senior director, ESG sector leader, S&P Global Ratings. “It becomes
In a show of support in the wake of the deadly terror attacks, Palm Beach County, Florida, is boosting its investment in Israel. Joseph Abruzzo, county comptroller and clerk of the circuit court, on Monday directed that $25 million from the county’s investment portfolio be invested in Israeli bonds following the surprise weekend attack by
Muni Pride, the first LGBTQ+ organization for the municipal bond industry, is hosting its first event in Chicago this month as it continues efforts to grow nationally. The organization, launched in 2019 by three San Francisco-based industry leaders as California Muni Pride, rebranded this summer to Muni Pride to match efforts to expand the group
Wall Street’s profits declined 4.3% to $13 billion in the first half of the year compared to the same period in 2022, according to a report issued Thursday by New York State Comptroller Thomas DiNapoli. DiNapoli said the data shows the financial industry’s return to pre-pandemic levels of revenue after it had record profits in
The Financial Data Transparency Act will likely make financial reporting more difficult for issuers, as regulators and governing bodies are now tasked with the challenge of providing data standards that can apply across cities, counties, hospitals, school districts and universities, among others. That’s according to panelists at this year’s Government Finance Officers Association 5th Annual
Chicago Mayor Brandon Johnson Wednesday unveiled a $16.6 billion all-funds spending package he dubbed the “people’s budget” that “begins the critical investments necessary” to usher in his progressive vision of solving the city’s significant fiscal and social challenges. The budget proposal features little in the way of new taxes or fees despite Johnson’s campaign pledge
Municipals rallied Wednesday amid a busy primary market day as U.S. Treasury yields fell out long and equities closed the session up after the Federal Open Market Committee released its minutes with few surprises. Triple-A yields were bumped seven to 12 basis points, depending on the scale, while U.S. Treasury yields fell up to 12
Steven Herbert Gerdes, 68, a nationally recognized tax attorney specializing in public finance, who spent more than 30 years working at Vinson & Elkins LLP in Houston, died July 30 following a brief illness. Born in Walnut, Ill., and growing up on a farm, Gerdes later made the transition from farmer to tax attorney, acquiring
Federal Reserve Gov. Christopher Waller said the U.S. central bank can watch and see what happens before taking further action with interest rates as financial markets tighten. “The real side of the economy seems to be doing well. The nominal side is going in the direction we want. So we’re in this position where we
A leading candidate to become Houston’s next mayor said the fourth-largest U.S. city needs a multibillion-dollar bond issue to overhaul a brittle water system. Democrat John Whitmire, the longest-serving Texas state senator, said one of his main priorities as mayor would be repairing and upgrading a decrepit water-distribution network that springs as many as 1,000