Bonds

The top bond counsel in the first half of 2023 handled a combined $171.581 billion across 3,483 bond issues, down from $201.013 billion in 4,676 transactions this time last year.  The top 10 bond counsel, which welcomed four newcomers this year, accounted for $77.823 billion across 1,066 issues during 1H 2023. The newcomers, Bracewell, Gilmore

Municipal bonds sold by a unit of Hawaiian Electric Industries, which operates the utility that serves Maui, are plunging amid scrutiny over the company’s possible role in the island’s deadly wildfire. Investment-grade muni bonds sold by Hawaiian Electric Co. due in 2039 traded at about 65.7 cents on the dollar on Monday. That compares with

Robert Doty, the veteran lawyer, underwriter, financial and municipal advisor, law professor, special consultant, expert witness and author of numerous publications, who played an early and instrumental role in developing disclosure rules for the municipal market, has passed away. He was 81. Doty’s passing in April came after a years-long battle with cancer. The public

A plastics recycling plant in Ohio that company officials promise will “change the landscape of recycling” has launched initial operations after years of construction delays that triggered a bond default designation. “This is the moment we’ve been working toward for the last decade,” PureCycle Technologies LLC CEO Dustin Olson said Wednesday during a second-quarter earnings

Annual tax revenue collection in Massachusetts fell by 4.7% in fiscal year 2023, the State Department of Revenue announced in its yearly report released Friday. The state collected $39.2 billion in fiscal 2023, $1.94 billion less than in fiscal 2022 and 1.5% below the state’s set benchmark, the report said. Officials attributed the year-over-year dip

Municipals were lightly traded and mostly steady Monday while U.S. Treasuries saw losses across the curve and equities ended in the black. Triple-A yield curves saw a mix of small bumps and cuts by a basis point or two, depending on the curve, while Treasuries saw losses of one to seven basis points with the

New York City’s economy has proven to be more resilient than previously projected, while a surplus from the last fiscal year combined with savings from a program to cut budget gaps, helped keep the books balanced despite rising costs from addressing the influx of migrants. While fiscal 2024 growth projections suggest a modest slowdown, the

California Gov. Gavin Newsom’s newest policy thrust to reduce homelessness by improving mental health services — including a proposed $4.5 billion bond to add psychiatric beds — is likely to get some pushback from county governments. An analysis from the Legislative Analyst’s Office estimates that Newsom’s overhaul of the state’s behavioral and mental health system

After more than 35 years in the public finance industry, the last 15 at Fitch Ratings, Ann Flynn has retired. Flynn’s seat on the Northeast Women in Public Finance board is now held by Arlene Bohner, Fitch’s head of U.S. public finance, whom Flynn hired. Bohner said she hopes to carry on Flynn’s commitment to

S&P Global Ratings’ announcement it will not release new or updated environmental, social, and governance credit indicators in public finance comes amid confusion over their impact on bond ratings, as well as an anti-ESG backlash that produced a deluge of legislation this year to stop the factors’ encroachment in government activities. The rating agency called

Municipals were little changed Friday, once again ignoring losses in the U.S. Treasury and equity markets that were digesting higher-than-expected inflation data and macroeconomic concerns. While the consumer price index came in nearly as expected on Thursday, Friday’s producer price index came in higher than expected, leaving some analysts to fear more Federal Reserve rate

Hawaii Gov. Josh Green called the fires that have devastated Maui and resulted in 55 confirmed deaths, “likely the largest natural disaster in Hawaii state history.” The wildfires that started Tuesday on Maui have burned at least 20 square miles, 13,000 acres, including the coastal town of Lahaina, according to a live map created by

Connecticut officials say a debt service reserve fund insurance policy allowed them to fund the state’s new baby bond trust without resorting to borrowing. Since July 1 newborns birthed under Connecticut’s Medicaid program, Husky, have been automatically enrolled in CT Baby Bonds and credited with $3,200 deposit that will be invested on their behalf. Between

Amtrak and Texas railroad company Texas Central announced Wednesday they’re eying a partnership to breathe life into a long-stalled and controversial bullet train between Houston and Dallas. “If we are going to add more high-speed rail to this country, the Dallas to Houston corridor is a compelling proposition and offers great potential,” Amtrak Senior Vice

The White House’s supplemental funding request, sent to Congress yesterday, aims to pass $40 billion in additional funding measures and includes a $12 billion injection for the Federal Emergency Management Agency’s dwindling Disaster Relief Fund, but some are pushing for it to be considered as a standalone bill over fears that it could be held

A “substantial number” of Puerto Rico Electric Power Authority bondholders agreed in principle to a settlement, the Puerto Rico Oversight Board announced Thursday afternoon. As a result, the board sought and received an extension to Aug. 18 for the deadline to submit a proposed plan of adjustment. Board Spokesman Matthias Rieker said the board wouldn’t

NOAA forecasters on Thursday increased their outlook for an above-normal hurricane season to 60%, up from 30% in May, when they predicted a near-normal hurricane season. The likelihood of near-normal activity fell to 25% from 40% in May. The update now predicts a 15% chance of seeing a below-normal season.  “Forecasters believe that current ocean

A new report released from the nonpartisan think tank Center on Budget and Policy Priorities on Wednesday contradicts the notion that residents of high tax states rates are moving to states with lower taxes primarily because of tax rates, a tax policy discussions point sometimes raised by proponents of raising or eliminating the deduction cap

Municipals were slightly firmer Thursday, outperforming U.S. Treasuries, as the last large new-issues of the week priced and mutual fund inflows returned. U.S. Treasuries saw losses across the curve following the July inflation read while equities closed out the session in the black. While the consumer price index came in mostly as expected, analysts remain

Years late and billions of dollars over budget — but finally producing electricity. The milestone of full operations for the Plant Vogtle unit 3 nuclear reactor in Georgia has improved the rating outlook for three utilities that contracted to take its electricity. Georgia-based MEAG Power, Jacksonville’s city-owned JEA utility and Alabama-based PowerSouth Energy Cooperative, partners

Voters in Tulsa, Oklahoma, approved an $814 million infrastructure funding package that includes nearly $385 million of general obligation bonds the city expects to sell over seven years. In Tuesday’s election, $170 million of bonds for street, bridge, and transportation systems passed with nearly 69% of the vote, $146.7 million of bonds for parks and