Municipals improved Tuesday following a flight-to-quality rally in U.S. Treasuries while the new-issue calendar got underway led by a retail offering for New York City. Equities ended down following Moody’s Investors Service downgrades of several mid-sized U.S. banks. Triple-A yields fell by three to six basis points while USTs fell the same. The two-year muni-to-Treasury
Bonds
Cincinnati voters in November will decide whether to greenlight a plan pitched by city leaders to sell a 338-mile freight railway line and use the money to create a permanent investment fund to support infrastructure needs. If approved, the deal would mark one of the few instances of true asset recycling in the U.S. The
As families from across the nation move to the Sunshine State, Hollywood, Florida’s education system faces added pressures that a development company hopes to solve. To help ease crowding in the public school system and provide parents more choice, real estate development company Fortec is building a Montessori educational facility in the city’s downtown area.
Transcription: Thomas Nocera (00:03):Welcome to another episode of the Bond Buyer podcast. I’m Thomas Nocera, regional reporter for the Bond Buyer, and I’m joined by Bill Glasgall, senior Director of Public Finances at the Volcker Alliance. You recently led a special briefing with co-host Jeannie Birch from the University of Pennsylvania on the future of
Authorities in New Jersey have several new proposals to mull for the development of wind farms in coastal waters. After the close of its third round of submission, the New Jersey Public Utilities Bureau will now review proposals from hopefuls seeking an early stake in the development of offshore energy as the state presses plans
The headquarters of Texas State Bankshares, holding company for Texas Regional Bank. Acquiring Estrada Hinojosa would round out the fee-revenue-producing business lines that Harlingen-based Texas State has been building for more than a decade. Texas State Bankshares in Harlingen is taking a big plunge into public finance, announcing Monday a deal to acquire one of
Municipals were lightly traded and little changed for a typical summer Monday while U.S. Treasuries pared back some of Friday’s gains and were weaker out long. Equities were in the black to close the session. While triple-A yield curves were little changed the past two sessions, some damage was done last week, leaving market participants
A preliminary deal to restructure more than $186 million taxable Puerto Rico Industrial Development Company bonds at 100% of original par was reached last week, which some sources suggest is a signal of a larger deal with parties in the Puerto Rico Electric Power Authority negotiations. The Puerto Rico Fiscal Agency and Financial Advisory Authority
New data show that air travel, especially international flights departing from the U.S. are coming back strong, a key driver for the health of airport credits that should provide some relief to a sector carrying a heavy debt load. A report from the Airports Council International – North America released on Monday shows an increase
A bankrupt public hospital in California is near a deal with a private operator that officials hope can keep the facility open. Hazel Hawkins Memorial Hospital is the only acute-care hospital serving the 67,000 residents of San Benito County. Its managers are pinning their hopes on American Advanced Management, a small Modesto, California-based hospital chain.
An extension of a half-cent sales tax to fund transportation projects in Arizona’s fast-growing Maricopa County will be up to voters in November 2024 after the governor last week signed a compromise bill into law. The billions of dollars raised by the so-called Proposition 400 tax extension would flow to freeways, roads, and mass transit
Connecticut’s capital city has regained another investment grade rating. Moody’s Investors Service on Friday upgraded Hartford’s issuer rating to Baa3 from Ba2. The outlook was changed to stable from positive at the higher new rating. The upgrade reflects “the city’s continued financial improvement inclusive of cash and reserves that have materially increased over the last
Municipals were steady Friday, sitting out a U.S. Treasury rally after the jobs report showed the labor market continues to cool. Equities ended the session down. Triple-A yields were largely unchanged across all curves while UST yields fell up to 15 basis points. Muni to UST ratios rose as a result. The two-year muni-to-Treasury ratio
The Puerto Rico Oversight Board said settlements in the Puerto Rico Electric Power Authority bankruptcy are near after they sought and received another deadline extension for filing its debt adjustment plans. “While the Oversight Board cannot guaranty further settlement will be attained, it continues to believe the prospects of at least one major settlement is
Following Fitch Ratings downgrading the U.S. sovereign rating to AA-plus from AAA, the rating agency has downgraded certain municipal bonds tied directly to the creditworthiness of the country. Despite this, market participants say the muni market will see little impact. The bonds affected are “pre-refunded bonds whose repayments are wholly dependent on ‘AA+’-rated United States
State and local governments are starting to appropriate billions of dollars flowing in from the offer of settlement made by three major pharmaceutical companies due to the opioid addiction crisis. The often quoted $26 billion figure is tied to an offer to settle unveiled in February 2022 by three large pharmaceutical opioid distributors, McKesson, AmerisourceBergen, Cardinal Health
Nearly two years after Texas laws banning state and local contracts with companies that “boycott” the fossil fuel industry or “discriminate” against firearm businesses took effect, investment banks are still struggling with compliance concerns. Wells Fargo is the latest bank to be scrutinized under the firearm law just weeks after being selected for a state
Fitch Ratings’ dim view of the nation’s political and fiscal landscape dealt an ancillary blow to America’s largest public utility this week when the Tennessee Valley Authority’s nearly $20 billion of power bonds were dropped a notch by Fitch following its downgrade of the U.S. sovereign rating on Tuesday. The TVA, a corporate agency of
New York City is set to bring more than $1 billion of general obligation bonds starting Tuesday amid an influx of New York paper in the market and growing fiscal headwinds led by a wave of migrants into the city and declining commercial real estate values. The city plans to price $950 million of new-money
Municipals sold off Thursday, following U.S. Treasury losses after more economic data suggested the U.S. economy is strong enough to potentially warrant more rate hikes in the fall. Equities ended down. Ahead of Friday’s jobs report, Wall Street is “watching a global bond market selloff get uglier as U.S. stocks waver ahead of massive earnings
Louisiana has tapped a consortium led by Plenary Americas as the private sector partner to negotiate a 50-year public-private partnership to replace the aging Calcasieu River bridge on Interstate 10. Calcasieu Bridge Partners is a joint venture of Plenary Americas US Holdings, Inc., which holds a 40% equity stake, and Sacyr Infrastructure USA LLC, and