Market data platform SOLVE has launched a new platform that provides information for market professionals through the aggregation, curation and delivery of available historical and real-time fixed-income data. Some of the resources available include color from SOLVE’s AI-powered technology, regulatory compliance solutions, coverage of illiquid securities and a suite of tools for new-issue and secondary
Bonds
As New York City officials grapple with finding ways to balance their budget for the next fiscal year, one area of growing concern revolves around the very ground that the city is built on — commercial real estate. Comptroller Brad Lander’s office last week took a deep dive into how hybrid work is affecting the
The California Housing Finance Agency had its rating upgraded to Aa2 by Moody’s Investors Service, which cited the state treasurer conduit’s improved financial strength. It is the highest rating in agency history, according to CalHFA, and is among the top ratings that Moody’s assigns to housing finance agencies nationwide. “This rating has CalHFA well-positioned to
After a late-night legislative session on Wednesday, members of the Nashville Metropolitan Council voted 38-0 to approve a fiscal year 2024 budget that matches the $3.2 billion size and most substance of Mayor John Cooper’s May budget plan, preserving his signature proposal for a pay increase for public employees, while shifting some funds to do
Municipals had another constructive session by holding steady Thursday as inflows returned to municipal bond mutual funds for only the second time since early February. U.S. Treasuries were weaker, and equities ended mixed. The two-year muni-to-Treasury ratio Thursday was at 61%, the three-year at 63%, the five-year at 65%, the 10-year at 67% and the
A “working group” made up of city, state, and labor officials tasked by Chicago Mayor Brandon Johnson with finding long-term funding and structural fixes to pension funding strains held its first meeting this week with a fall legislative veto session the target for initial action. The group has taken shape in recent weeks after being
Boosted by two rating upgrades, the Orange County Transportation Authority saw heady demand when it refunded $48.68 million in toll revenue refunding bonds. “It was strong investor demand from the get-go,” said Andy Oftelie, OCTA’s chief financial officer. “There were flurries of interest right from the jump, and we slowly continued to get good activity.”
U.S. District Court Judge Laura Taylor Swain suspended the Puerto Rico Electric Power Authority bankruptcy schedule. This means the plan of adjustment hearing scheduled for July 17-28, the final hearing of the federal bankruptcy process that is part of Title III of the Puerto Rico Oversight, Management, and Economic Stability Act, will be postponed. Acting
A second group of Texas-based public finance attorneys at Orrick Herrington & Sutcliffe has jumped to a different firm in the state. Jackson Walker announced this week the launch of its first public finance practice group with four Orrick attorneys — Rick Witte, Todd Brewer, Tanya Fischer, and Hoang Vu — along with Russell Miller,
Cook County expects to end the current fiscal year with a surplus providing some cushion as it looks to erase an $85.6 million gap looming in the next budget as rising salary and pension expenses, healthcare, and a state change on personal property replacement tax distributions weigh on the county’s fiscal landscape. The gap next
The Puerto Rico Oversight Board said challenges to its Puerto Rico Electric Power Authority projections are “irrelevant.” The board filed its argument Tuesday evening in response to a PREPA bondholders filing a week earlier defending their right to have U.S. District Court Judge Laura Taylor Swain consider their attacks on the assumptions of the fiscal
Municipals were steady Wednesday, U.S. Treasuries were little changed, no more than a basis point or two, and equities ended down. A firm tone and hearty demand were noticeable in the municipal market as new issues were highly oversubscribed — especially on the long end — amid the summer doldrums, municipal players said. Some of
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
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