Bonds

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
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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
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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
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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
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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
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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
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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
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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
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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
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