Bonds

Advance refunding tax-exempt debt with taxable bonds prior to the call date does not always pay off, a new research paper shows. Those are the findings of Andrew Kalotay, president of Kalotay Advisors, and Martin Luby, associate professor, public affairs, associate dean of academics at University of Texas at Austin. They released a paper on

Puerto Rico’s economy showed strength in May according to the economic activity index released Tuesday. The index was up 1.8% from a year earlier and 0.8% from a month earlier, according to the Economic Development Bank for Puerto Rico. Advantage Business Consulting President Vicente Feliciano said Puerto Rico’s economy was strong enough that it would

The recent controversial Supreme Court ruling banning affirmative action may force colleges and universities to boost enrollment with costly outreach programs amid the prospect of chilled interest from nonwhite students who represent the only growing segment of future student demand.   Ratings analysts said the June 29 SCOTUS ruling itself would not impact ratings —

The Wisconsin biennial budget package taps the state’s flush coffers to offset borrowing needed for capital, while also paving the way for a centuries-long hike in local education funding and scaled-down tax relief, reshaped by Gov. Tony Evers through his veto pen.  Evers, a Democrat, had initially pitched a $3.3 billion capital spending plan that

Transcription:Jessica Lerner (00:03):Hello everyone and welcome to another Bond Buyer podcast. I’m Jessica Lerner, markets reporter at the Bond Buyer. I’m happy to welcome Nick Venditti, municipal bond portfolio manager with Allspring Global Investments. Welcome, Nick.  Nick Venditti (00:18):Thank you so much for having me.  Jessica Lerner (00:19):Yeah, it’s great to talk again. The first

Municipals were mixed Monday ahead of a larger new-issue slate while U.S. Treasuries improved and equities were up near the close. Triple-A yields saw a mix of one to two basis point bumps and cuts, depending on the curve, while UST saw yields fall by one to 11 basis points with the strongest moves inside

Environmentally friendly infrastructure got a big boost just before California Gov. Gavin Newsom signed the budget on July 1 and then again last week through a grant-funding program. With the budget shortfall this year, lawmakers scrambled to tap the state’s cap-and-trade program and other non-general fund sources to sustain ongoing programs. California lawmakers added money

Municipal underwriters handled $171.714 billion in 3,501 issues in the first half of 2023. The total par amount and issues continued to decline, down from $201.119 billion in 4,688 deals in 2022.  BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the

Former Sterlington, Louisiana, mayor Vern Breland has agreed to settle a Securities and Exchange Commission lawsuit that alleged he and Sterling’s municipal advisor, Aaron Fletcher of Twin Spires Financial, misled investors on two offerings worth $5.8 million. Without admitting or denying the findings, Breland has been permanently barred from participating in future issuances of municipal

After months of feuding on how to deliver a massive property tax cut, Texas legislative leaders announced Monday they reached an agreement on a bill that could be sent to Gov. Greg Abbott later this week.  With the state projected to end its fiscal 2022-23 biennium on Aug. 31 with a record $32.7 billion budget

Municipal financial advisors saw $146.805 billion of business in 2,685 transactions in the first half of 2023, down from $167.727 billion in 3,484 deals over the same time period in 2022. Municipal Capital Markets Group, Columbia Capital Management and Caine Mitter and Associates moved into the top 10, while Baker Tilly Municipal Advisors, Stifel Nicolaus

A bankruptcy case involving an Arizona participant sports venue could be dismissed amid allegations by a U.S. trustee of “dishonesty, incompetence, or gross mismanagement,” as well as the possible misuse of bond proceeds on the part of its nonprofit owner.  Legacy Cares Inc. filed the Chapter 11 bankruptcy in Arizona federal court May 1 after

California headlined the top 10 issuers of the first half of 2023, almost all of which outperformed their par amounts year-over-year. Four new issuers entered the top 10, one of which did not sell debt in the first half of 2023. Three of the issuers who fell out of the top 10 — the Louisiana

New York state agencies need to do more to protect the state’s water systems from threats like cyberattacks and natural disasters, according to an audit released by state comptroller Thomas DiNapoli. “New York has thousands of water systems supplying drinking water,” DiNapoli said, “but as we’ve seen in other states, this critical infrastructure is increasingly