Bonds

Municipals were steady to end the month and first half of the year ahead of a paltry new-issue calendar which will see next week’s volume drop to the lowest level of 2023. U.S. Treasuries were firmer out long and equities rallied. Treasuries saw yields fall by as much as seven basis points on the long

Dallas is moving ahead with plans to finance the replacement of its convention center and improvements to Fair Park starting with the private placement in August of short-term debt, which would be refunded as part of a sale of at least $1.4 billion of long-term bonds in 2024. The city council June 14 authorized work

Connecticut Green Bank is offering a seventh round of its one-year taxable Green Liberty Notes in a sale set to conclude on July 31. With buy-in starting at $100, the notes are geared towards retail investors, carry a 5% coupon rate, and will be issued through CGB Green Liberty Notes LLC, a subsidiary of the

June municipal bond issuance dropped 9% from 2022 as uncertainty over Federal Reserve policy and market volatility continued, but the total was the highest month of the year. June’s total volume was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data, and lower than the

Beating the legally mandated July 1 deadline to produce a balanced budget, New York Mayor Eric Adams and City Council have agreed on a $107 billion spending plan for fiscal 2024. “The agreement we reached today comes in the midst of a budget cycle dominated by great challenges and unexpected crises, but I am proud

Another $42 billion worth of infrastructure spending dedicated to improving broadband connectivity is now moving from federal to state coffers, spurring comparisons to electrification efforts under the New Deal nearly a century ago and potentially kickstarting additional bond issuance. The Broadband Equity Access and Deployment Program flows from the Bipartisan Infrastructure Law and is aimed

Sandra Kerl, the long-time general manager of the San Diego County Water Authority, retired Thursday after more than 40 years of public service. Deputy General Manager Dan Denham will serve as acting GM until the board of directors finds a permanent replacement. “It has been my privilege to work with so many talented and dedicated

Not-for-profit hospital balance sheets are on the mend from last year’s challenges that inflicted deep damage on balance sheets, but pressures persist and the recovery is slow going, according to reports published this week. Hospital finances showed signs of stabilizing in May with some improvement in operating margins, declining expenses and notable increases in outpatient visits,

Munis were weaker Thursday, unable to ignore larger losses in U.S. Treasuries, after better-than-expected economic data pointed to a strong U.S. economy. Equities ended mixed. Economic data released Thursday showed the U.S. economy is strong, said Edward Moya, senior market analyst at The Americas OANDA. The initial reaction saw UST yields surge, “while stocks focused

Connecticut is just days away from welcoming the first newborns in the state to benefit from its newly launched baby bond program. At midnight July 1, children born in the state — whose births are covered by Husky, Connecticut’s Medicaid program — will see $3,200 deposited in a trust managed by the State Treasurer’s office,

Democratic Rep. Danny Davis of Illinois has re-upped a long-stalled plan for a national infrastructure bank, saying the bank is needed to complement public infrastructure spending while acknowledging the difficult political realities of getting it through a Republican-led House. “Most bills that get introduced never get passed, so once you understand that, you don’t worry

Chicago Public Schools’ looming fiscal cliff cast a long shadow over the board’s approval Wednesday of a fiscal 2024 budget balanced with the help of the maximum property tax hike allowed under state caps and federal COVID-19 relief. The Chicago Board of Education signed off on the $9.4 billion fiscal 2024 budget package for the fiscal year

S&P Global Ratings on Thursday upgraded Kentucky’s issuer credit rating to A-plus from A, the Bluegrass State’s second upgrade in less than two months. “The upgrade reflects our view of Kentucky’s commitment and execution to strengthen its budgetary flexibility and long-term financial stability, which we expect will continue in the current and future budget cycles,”

San Diego is in the early stages of a public-private project similar in scope to a groundbreaking city center project up the California coast in Long Beach. Long Beach reshaped its downtown through two public-private partnerships that created a 22-acre Civic Center involving a new city hall, port headquarters, library and community park on six

Kroll Bond Rating Agency has hired two public finance veterans for its municipal ratings team, the firm announced Wednesday. Ted Damutz and Lina Santoro joined Kroll in May as directors in the public finance department. “The addition of two talented analysts like Ted and Lina reflects our growing footprint in public finance,” Karen Daly, senior

Texas lawmakers, ordered back to work by Gov. Greg Abbott for a second special session, largely stuck with the same property tax cut proposals they passed during the prior session. With the state projected to end its fiscal 2022-23 biennium on Aug. 31 with a record $32.7 billion budget surplus, Abbott and legislative leaders want

Municipals were little changed in secondary trading Wednesday while sizable deals from Massachusetts, the Triborough Bridge and Tunnel Authority and others that saw ample demand in the primary and municipal bond mutual funds saw more inflows. U.S. Treasuries were firmer and equities closed mixed. Triple-A yield curves were firmer by a basis point in spots

U.S. District Judge Laura Taylor Swain rejected a request by bond parties for her to certify interlocutory appeals of her decisions in the Puerto Rico Electric Power Authority bankruptcy. In a Wednesday hearing, Swain said she did not see a reason to reconsider her May decision rejecting certifying an appeal to her decision against a

New York is poised to become the first U.S. city to charge drivers to enter an urban center after the city won final federal approval Monday for its congestion pricing plan. The Metropolitan Transportation Authority will oversee the program. MTA Chair and CEO Janno Lieber said Wednesday that drivers could expect to see tolling by

Local officials in Greenville, South Carolina, are moving forward with plans to establish the city’s first economic development agency. The Greenville City Council voted unanimously this month to shutter existing development efforts managed by an arm of local government in favor of an independent agency being built from scratch by lawmakers hoping to expand private

The Treasury Department teamed up Tuesday with the Environmental Protection Agency, the Department of Energy and the U.S. Dept. of Agriculture to showcase several Inflation Reduction Act programs targeted at rural municipalities and non-profit entities, also highlighting clarifications on direct-pay rules that may incentivize some projects to use taxable municipal bonds for clean energy projects.