Bonds

Municipals sold off Thursday, despite a stronger U.S. Treasury market, while mutual funds reported large outflows. Equities ended up. Muni triple-A yields rose nine to 12 basis points, depending on the scale, while UST yields fell two to eight basis points. Municipal to UST ratios were higher again as a result. The two-year muni-to-Treasury ratio

The chief executive officer of the financially stressed U.S. Virgin Islands Water and Power Authority said its “critical” project to retire debt and take ownership of infrastructure remains on track. CEO Andrew Smith told the WAPA board of directors Thursday he is optimistic WAPA and local agencies are making progress on fulfilling the requirements for

As the government slouches toward a shutdown this weekend, municipal market participants expect short-term fallout to be relatively minor but are keeping a cautious eye on unexpected pitfalls. A shutdown could disrupt federal infrastructure projects, halt rulemaking on new financing tools, freeze federal subsidies to direct-pay debt and generally cause uncertainty for borrowers and investors

Municipal bonds tied to Destiny USA, the biggest shopping mall in New York state, were cut deeper into junk by Moody’s Investors Service on Wednesday because the complex is unlikely to meet a key measure of profitability needed to extend an outstanding loan. Moody’s lowered the rating on municipal bonds backed by payments in lieu

Californians say jobs, the economy, and inflation are the most important issues facing the state today, according to a new poll. Two out of three Californians said they expect bad economic times in the next 12 months; and that California is going in the wrong direction, according to a Public Policy Institute of California poll

The Dallas City Council on Wednesday approved the private placement of up to $223 million of debt, an initial step to finance the replacement of its convention center and improvements to Fair Park. The special tax revenue obligations will be placed with qualified financial institutions or investors in October, according to Filicia Hernandez, the city’s

After selling off late last week and at the start of the week, the municipal market continued to weaken but with smaller cuts to AAA scales amid an active primary market. U.S. Treasury yields rose, and equities ended mixed. The two-year muni-to-Treasury ratio Wednesday was at 70%, the three-year was at 70%, the five-year at

Billions of dollars in tax incentives are under scrutiny in Georgia this legislative offseason. In the three months since the state legislature adjourned for 2023, the General Assembly’s Joint Tax Credit Review Panel has met three times in the city of Rome to evaluate the effectiveness of wide-ranging tax incentives that have helped fuel the

Leaders in public finance are concerned over the speed and scope of rulemaking happening at the Securities and Exchange Commission.  The SEC is currently working on new rules governing the proposed “consolidated audit trail,” that would track transactions tighter, crypto crackdowns, and climate risk disclosures – a  major part of the wider discussion about environmental, social

A court decision on Monday cleared the way for the Oklahoma Turnpike Authority to head to the municipal market with $500 million of bonds to start financing a controversial expansion program. The Oklahoma Supreme Court, which validated the bonds Aug. 1 in a 6-3 decision, denied a petition for a rehearing requested by property owners

Moody’s Investors Service downgraded the Pittsburgh, Pennsylvania, School District’s issuer and general obligation limited tax bond ratings to A1 from Aa3. The outlook has been revised to stable from negative. At the same time, Moody’s assigned an A1 rating to the school district’s proposed sale of $35.5 million of Series 2023 GOs. Proceeds from the

S&P Global Ratings raised New York’s Hudson Yards Infrastructure Corp.’s long-term and underlying ratings on outstanding revenue bonds to AA from AA-minus. The outlook is stable, S&P said, in line with that of New York City. “The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of

Fitch Ratings revised to positive from stable the outlook on $32 million of refunding revenue bonds associated with the construction of Atlanta’s city courthouse as revenue streams continue a post-pandemic recovery. The outlook change applies to $32 million of tax-exempt certificates of participation issued by the Georgia Municipal Authority in 2016 to refund a 2002

Municipal bonds were weaker Tuesday as U.S. Treasury yields rose out long and equities sold off. The two-year muni-to-Treasury ratio Tuesday was at 69%, the three-year was at 70%, the five-year at 71%, the 10-year at 73% and the 30-year at 90%, according to Refinitiv Municipal Market Data’s 3 p.m., ET, read. ICE Data Services

The Biden administration’s year-old rule allowing retirement plan managers to consider environmental, social and governance factors in their investment decisions has survived a challenge from 26 Republican-led states. Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas upheld the Department of Labor rule Thursday in a 14-page opinion. “While the

Arizona’s Water Infrastructure Finance Authority is “strongly considering” public financing as it seeks ideas on how the drought-prone state could expand its water supply with the help of a $1 billion fund, the agency’s head said. WIFA Director Chuck Podolak told reporters Friday that bonds are “on the table” in conjunction with the long-term water

The Securities and Exchange Commission has settled an administrative proceeding with municipal advisor Fieldman Rolapp & Associates as well as one of its principals, Anna Sarabian, for an alleged breach of the legal duty of care in connection with advice provided to an unnamed California city. The Commission found that FRA and Sarabian violated Section

California’s high-speed rail line won a $202 million federal grant, a drop in the bucket for the massive project but the largest grant among the $1.4 billion awarded Monday by the White House for rail projects across the country. “These projects will make American rail safer, more reliable, and more resilient, delivering tangible benefits to

The municipal bond market grew in the second quarter as household and exchange-traded fund ownership of municipal securities rose, while ownership by mutual funds, U.S. banks and life insurers fell, the latest Federal Reserve data shows. The second quarter data showed the face amount of munis outstanding climbed 0.4% quarter-over-quarter, or $15.5 billion, to $4.043

The Omaha Public Power District will sell $650.5 million of double-A rated bonds within the next 10 days as a step to finance its aggressive capital program over the next few years. The bonds will be $339.65 million in 2023 Series A new money and $310.9 million in Series B refunding bonds. The bonds’ maturities will

Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Kyle Glazier (00:03):Welcome to another Bond Buyer podcast. I’m Kyle Glazier, Executive Editor of The Bond Buyer, and I’m joined today by Caitlin Devitt, a Senior Reporter at the Bond Buyer. Caitlin, thank you for jumping on here with me today.  Caitlin