Moody’s Investors Service’s recent decision to stop endorsing U.S. public finance credit ratings for use in the European Union and the United Kingdom will trigger market volatility, negatively impact infrastructure needs, and reduce foreign investors’ presence in the muni market, market participants said. Due to Moody’s decision, EU/UK investors may be forced to sell their
Bonds
California lawmakers are lining up statewide bond proposals ahead of the presidential election in November. The latest is a $1 billion bond measure introduced by Assemblymember Rick Chavez Zbur, D-Los Angeles, in Assembly Bill 2208 to build out the ports to support offshore wind projects to generate electricity. Others include broad $16 billion climate bond
The secondary market was active and trading showed strong prints across the curve, pushing triple-A yields lower following a stronger U.S. Treasury market. Triple-A yields fell two to four basis points while UST yields fell two to three basis points. Municipal bond mutual funds saw the second week of outflows, with LSEG Lipper reporting $142.2
The Puerto Rico Oversight Board has brought on David Brownstein, who spent more than three decades at Citi with a focus on derivatives, distressed issuers and debt restructurings, as a restructuring advisor on its plan of adjustment for the Puerto Rico Electric Power Authority. Brownstein’s new boutique restructuring advisory firm, BGC Partners Advisory LLC, entered
The House Ways and Means Committee heard testimony from Internal Revenue Service Commissioner Daniel Werfel on Wednesday as he defended the $80 billion budget boost the agency received from the Inflation Reduction Act, an increase that bond lawyers have suggested will lead to increased audits. “There’s absolutely money being left on the table in terms
A measure to lift the federal deduction cap on state and local taxes failed to advance on a procedural vote in the House Wednesday, dooming the latest effort by high-tax state lawmakers to kill the controversial law. The SALT Marriage Penalty Elimination Act, sponsored by Rep. Mike Lawler, R-N.Y., would have doubled the current $10,000
The Chicago Park District Board of Commissioners on Wednesday unanimously approved ordinances laying the groundwork to issue roughly $26 million of general obligation limited bonds and $11 million of alternate revenue bonds, and to refund up to $145.9 million outstanding of Series 2021A bonds through a tender that would convert the taxable bonds to tax-exempt
Career muni analyst and advisor Patrick Early has joined the Treasury Department’s Office of State and Local Finance as a senior policy analyst at a time when the details of major legislative proposals, such as the Federal Data Transparency Act and the Basel III Endgame proposal are set to impact the municipal market. The move
Airports in nearly every state will receive $970 million in federal grants for terminal makeovers, the White House announced Thursday. The funding, which goes to 114 airports in 44 states and three territories, marks the third round of Airport Terminal Program grants under the Infrastructure Investment and Jobs Act, which allocated a total of $5
States have queued up a robust pipeline of public-private partnership deals in the transportation space even as the pace of federally-funded projects is expected to quicken ahead of the autumn election. “It’s a big pipeline this year,” said Robert Poole, senior transportation director at Reason Foundation, who spoke with The Bond Buyer for an upcoming
Enjoy complimentary access to top ideas and insights — selected by our editors. Infrastructure projects to watch this year include the reconstruction of the Interstate 5 bridge in Oregon, which received federal funding, as well as the Biden administration’s prioritization of high-speed rail systems on the West Coast. Read more about these and other infrastructure
Christina Weinberg has joined the team at Municipal Market Analytics as the new director of business development, where she’s focusing on expanding the firm’s reach. Weinberg has been working in the financial industry since 1998, including previous stints at TMC, BondWave, and Tradeweb. “I am absolutely thrilled to join MMA,” said Weinberg. ”I am looking
The Kentucky Office of the State Budget Director reported January’s general fund receipts increased to $1.3 billion, up 4.4% from the same time last year. Last month’s sales tax receipts hit a record high at $586.2 million. Large increases also occurred due to a new section of the individual income tax, the pass-through entity tax,
Munis were steady to a touch firmer in spots and new-issues fared well in the primary, while U.S. Treasury yields fell and equities ended the trading session up as markets further digested inflation data and its effects on future Fed moves. Triple-A yields fell a basis point or two, depending on the curve, while USTs
Bellevue, Nebraska, plans to issue $60 million of municipal bonds to build a 100,000-square-foot indoor water park as a draw for visitors and their money. Inspired by a Texas water park and managed by the same company that runs that park, American Resort Management, the new water park will form part of an entertainment district
Beleaguered Kaweah Health Care District in central California had its rating outlook revised to stable from negative by Moody’s Investors Service, which cited significant traction by management on its financial turnaround plans. Moody’s also affirmed the health care district’s revenue bonds at below investment grade Ba1 on Monday affecting $220 million of debt. Kaweah Health
Tackling Houston’s structural budget gap is at the top of Melissa Dubowski’s to-do list as the city’s finance director. The nearly 10-year veteran of Houston government, who served as a deputy director overseeing debt and cash flow forecasts since 2019, was tapped for the top post by Mayor John Whitmire after he took office in
Melissa Messina, a veteran public finance lawyer, has rejoined Miles & Stockbridge as a principal in its Baltimore, Maryland, office. She will focus on senior living and life-plan communities. Messina previously worked as a financial advisor and investment banker at HJ Sims, counseling nonprofit life plan communities, assisted living and skilled nursing facilities. She advised
Nearly half of America’s private colleges and universities reported negative operating margins in fiscal year 2023, and the situation was even worse in the Midwest, according to preliminary data compiled by Merritt Research Services. Within the Midwest region, roughly 50% of colleges in the east north central states had negative operating margins, while 67% of
The number of distressed charter schools rose to a record in the beginning of 2024 as the sector struggles with the end of pandemic assistance and rising costs. So far this year, five charter schools have become impaired, meaning a borrower has defaulted on their debt, broken a covenant or used some emergency means to
A hotter-than-anticipated inflation report spurred a selloff in U.S. Treasuries and equities, and municipals could not ignore the broader markets and closed weaker on the day. Triple-A yields rose up to six basis points but largely outperformed UST losses that touched 17 to 20 basis points on the short end. Expectations for a Fed rate
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