Bonds

The Napa Valley Community College District, California, saw its negative rating outlook removed by Moody’s after its financial situation approved. Moody’s affirmed the district’s Aa3 rating. Moody’s had assigned the negative outlook June 13, 2022, after the college came under review by the Fiscal Crisis and Management Assistance Team, which is a state organization charged
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Cities across the country can participate in class-action claims against a group of Wall Street banks accused of rigging interest rates on local variable-rate bonds during a nearly eight-year period, a federal judge ruled Thursday. Judge Jesse Furman of the U.S. District Court for the Southern District of New York granted class certification to consolidated claims
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The Secure and Fair Enforcement Regulation Banking Act, a bipartisan bill introduced last week that would give communities and small cannabis businesses access to financial institutions, has a strong chance of passing and has already garnered the support of local government groups. The bill will be marked up on Wednesday in the Senate Committee on
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Former longtime Citi head of municipal strategy Vikram Rai has landed at Wells Fargo, where will join the municipal credit strategy team as senior strategist. The firm confirmed that Rai joined Wells on Monday. He will report to Matt Rosenberg and Chris Lee, co-heads of sales and trading. Longtime head of municipal strategy at Citi
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S&P Global Ratings said Friday it revised Pennsylvania’s credit outlook to positive from stable. At the same time, S&P affirmed its A-plus long-term rating on the state’s $10.7 billion of outstanding general obligation bonds. S&P said the outlook reflects “our view that Pennsylvania has continued to make progress toward structural budgetary balance, with positive operating
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Munis were weaker Friday ahead of a larger new-issue calendar. U.S. Treasuries saw yields fall, and equities ended the trading session up. The two-year muni-to-Treasury ratio Friday was at 66%, the three-year was at 67%, the five-year at 68%, the 10-year at 71% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read.
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Legislation that would update Internal Revenue Service rules governing debt financing for small to mid-sized manufacturers and farmers is getting a fresh push in the Senate. The Modernizing Agricultural and Manufacturing Bonds Act is sponsored by Sens. Sherrod Brown, D-Ohio, and Joni Ernst, R-Iowa.   “By modernizing and clarifying the rules for aggie bonds and industrial development
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New Jersey’s American Dream Mall reported a $245 million loss as costs increases outstripped modest revenue gains in 2022. According to a three-page financial document posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure website Monday, the mall, developed with help of large public financing package, reported a loss four times bigger than the
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Ignoring a hesitance to cut rates at the Fed, recession worries, and a federal shutdown threat, many state and local governments are still flush with revenue resulting in Indiana muni bonds being paid off early.  “We’ve defeased pretty much every bond that we can at this point,” said Zac Jackson, Indiana’s budget director, during a
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The jury is still out on San Francisco’s fiscal health, though the tech layoffs didn’t appear to be the death knell that was predicted. The city’s outlook was revised to negative by Moody’s Investors Service in July with analysts citing outyear deficits projected through 2028 and expectations it would draw on reserves in fiscal 2023
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