After a pandemic-driven hiatus, the Paris Air Show is underway outside the French capital for the first time since 2019. Among the industry giants, airlines and national representatives at the show are delegates from 15 U.S. states, including several in the Southeast, where a boom in aerospace development is fueling competition overseas to pursue relationships
Bonds
The Economic Development Administration’s reauthorization should include a greater focus on matching grants, workforce development and projects that weren’t originally included in the authorization that is now close to twenty years old, according to state and local officials testifying before Congress. That was the message public officials delivered the Senate Committee on Environment and Public
San Diego County-based Palomar Health, California’s largest healthcare district, had the outlook on its general obligation unlimited tax bond rating revised to negative by Moody’s Investors Service on concerns about cash on hand. The outlook revision affects $672.5 million in general obligation unlimited tax bond debt. Moody’s also affirmed in its June 16 report Palomar’s
Chicago deputy Chief Financial Officer Jack Brofman will join the University of Chicago’s finance team next month. Brofman will start at the university July 17 as executive director of global treasury operations reporting to Jee He Kim, associate vice president for finance. “He will play a critical role in all treasury-related decisions of the university,”
The construction manager for the beleaguered American Dream mall and entertainment complex in New Jersey’s Meadowlands is suing JPMorgan Chase & Co. to recover more than $30 million of unpaid work and accrued interest for the project. Denver-based PCL Construction Services alleges JPMorgan, which arranged a construction loan and serves as administrative agent for American
Federal Reserve Chair Jerome Powell said policymakers expect interest rates will need to move higher to reduce U.S. growth to below its long-term trend and contain price pressures, with the timing of additional increases based on incoming data. “My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed
Municipals showed some strength Tuesday, U.S. Treasury yields fell and equities ended down. Triple-A scales bumped up to five basis points, depending on the scale, while UST yields fell three to five basis points. The two-year muni-to-Treasury ratio Tuesday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year at 68% and
State budget surpluses are boosting transportation investment, with state lawmakers approving nearly $13.5 billion in new transportation funding in the first six months of the year. One-time funding measures, many of which will use bonds, account for half of all the bills that have been introduced this session, according to the American Road & Transportation
Puerto Rico Electric Power Authority bondholders complained the Oversight Board is again trying to reduce the amount of money available to pay creditors. The Ad Hoc Group of PREPA Bondholders filed its complaint as an urgent motion in the PREPA bankruptcy Sunday after the board filed a motion Saturday explaining to U.S. District Judge Laura
Holders of restructured bonds of the Clare Oaks senior living community in Illinois are giving the facility some breathing room and funds to support capital needs under a forbearance agreement that staves off any punitive actions allowed after a payment default on $50 million of municipal bond debt. Clare Oaks’ previous fiscal struggles resulted in
Arizona Gov. Katie Hobbs vetoed a bill that would have prevented public entities in the state from requiring a company to implement an environmental, social, and governance policy as a condition for obtaining or renewing a government contract for goods or services. The measure passed the Republican-controlled legislature in tight votes of 16-12 in the
Several market participants have revised their initial 2023 supply projections downward as rising interest rates have sent taxable and refunding issuance plummeting, and continued market volatility has kept some issuers on the sidelines. All the firms The Bond Buyer spoke to agree issuance will not hit the highs seen in 2020 and 2021, but they
The Equitable Facilities Fund, a nonprofit that provides low-interest loans to public charter schools, announced Thursday that it has surpassed $1 billion in loans since its launch in 2017. On Tuesday, at the National Charter Schools Conference, founder Anand Kesavan will announce EFF’s “round two,” in which the fund aims to offer $3 billion in
Lawmakers in South Carolina have passed a fiscal 2024 budget that mirrors closely the plan pitched by Gov. Henry McMaster earlier this year. The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.
Municipals were steady to end the week, continuing their outperformance of U.S. Treasuries. Equities were down near the close. Triple-A scales were little changed, while UST yields rose eight to nine basis points on the short end. The two-year muni-Treasury ratio Friday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year
A pair of recent state court decisions have ruled that EMMA is not the news media for the purposes of the public disclosure bar to whistleblower lawsuits, a question that has been a key part of the defense argument of Wall Street banks accused in a series of lawsuits of conspiring to set variable-rate bond
The Oklahoma Turnpike Authority contends it can alter routes of statutorily authorized toll road projects as the state Supreme Court weighs the validity of bonds to begin funding a $5 billion, 15-year extension project. The state agency sought the court’s approval in August for $500 million of revenue bonds for the ACCESS (Advancing and Connecting
While abundant snow and rain have eased drought conditions in the Southwest, states in the region are continuing to crack down on water use and invest in future water sources to accommodate a growing population. In Arizona, which allocated $1 billion last year to protect and expand its water supply, Gov. Katie Hobbs had a
Florida Gov. Ron DeSantis signed the $116.5 billion budget for fiscal 2023–24, which includes a $2.7 billion tax relief package and a debt reduction package. The general revenue portion of the budget is $46.1 billion, while the state’s reserves come in at $15.3 billion, 13.2% of the total budget for the fiscal year. The “Framework
Federal Reserve Gov. Christopher Waller said the central bank should not reverse course on monetary policy simply because it is having an acute impact on certain banks. During a speech delivered Friday at the Norwegian central bank, Waller pushed back against the idea that rate hikes were to blame for the failures of Silicon Valley
Wisconsin lawmakers signed off on legislation that raises local government aid and empowers Milwaukee and Milwaukee County to enact a sales tax hike after months of negotiations and dire warnings over the city’s looming insolvency. Lawmakers gave final approval to the legislation late Wednesday and Gov. Tony Evers is expected to sign it. As part