Bonds

Investment advisory firm 16th Amendment Advisors LLC has formed an asset management arm and tapped BlackRock’s former head muni portfolio manager to serve as its chief investment officer. James Pruskowski, a nearly 30-year veteran of BlackRock, will be CIO and head of business development for16Rock Asset Management LLC. Pruskowski partnered with 16th Amendment’s Chief Executive

As Florida lawmakers prepare to banish the letters ESG from their municipal bond lexicon, the once simmering feud between Gov. Ron DeSantis and the Walt Disney Co. boiled over into a public fight once again. DeSantis responded Monday to Disney’s latest moves to circumvent the state’s takeover of the Reedy Creek Improvement District — having

Three parties filed arguments urging Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain to not certify a bondholder appeal of her ruling that the bondholders do not have perfected liens on PREPA’s revenues. The Puerto Rico Oversight Board, the Fiscal Agency and Financial Advisory Authority, and fuel line lenders filed separate objections Monday

Municipals sold off Tuesday with secondary trading showing weaker prints across the curve leading to up to 20 basis point cuts to scales with the largest losses up front. Municipal outperformance to U.S. Treasuries ended Tuesday as the market began to digest a larger new-issue calendar on tax-filing deadline day. Muni yields were cut 12

Muni leaders are concerned that a flurry of regulations enacted by the Securities and Exchange Commission, some spurred by attempts to reign in the cryptocurrency market, is spilling over into other markets. The issues were brought to a head by two letters addressed to SEC Chair Gary and a subsequent grilling during a hearing by

Dedicated funding offers one solution for transit agencies facing a much-hyped looming fiscal crisis amid weak ridership and dwindling federal subsidies. That’s the view of transit expert Joshua Schank, a managing principal at InfraStrategies and formerly chief innovation officer of the Los Angeles County Metropolitan Transportation Authority. “We can’t continue down the same path and

The median time the municipal sector took to produce audited comprehensive financial statements worsened by 13%, jumping to 166 days in 2021, compared to 147 days in 2010, a 19-day increase. That is according to a draft report produced by Richard Ciccarone, president Emeritus of Merritt Research Services, an Investortools Company, who teamed up with

Ahead of a May 16 special election on a $2.1 billion entertainment district that includes an arena for the National Hockey League’s Arizona Coyotes, Tempe voters are being hit with dueling views on the project’s economic impact. The nonpartisan Grand Canyon Institute, which cited the arena and a music venue as the mixed-use development’s primary

Gov. J.B. Pritzker promoted Illinois’ fiscal progress and ratings upswing in a direct pitch to investors as the state tees up its first general obligation bonds to carry single-A-level ratings since 2016. The state plans to enter the market as soon as Wednesday with the $2.45 billion issue but with supply heavy this week and

The Municipal Securities Rulemaking Board’s proposed amendments on Rule G-47 on time of trade disclosures, as well as amendments to Rule D-15 on sophisticated municipal market professionals, are being welcomed by dealer groups despite the changes being rather small. Many of the amendments in the proposal are consolidations and reorganizations of existing policy documents, according

Federal Reserve Bank of St. Louis President James Bullard said he favored continued interest-rate hikes to counter persistent inflation, while recession fears are overblown. “Wall Street’s very engaged in the idea there’s going to be a recession in six months or something, but that isn’t really the way you would read an expansion like this,”

Transcription: Chip Barnett (00:03):Hi and welcome to another edition of the Bond Buyer Podcast. I’m Chip Barnett and my guest today is Neal Pandozzi. He’s a partner at Bowditch & Dewey. He’s based in Boston and licensed in Massachusetts and Rhode Island. He’s served as bond counsel, disclosure counsel, borrowers counsel, underwriters counsel, lenders counsel

Massachusetts’ House of Representatives overwhelmingly passed a $659 million tax cut package, handing off to the Senate one of the largest tax cut proposals in state history. In a 150–3 vote, the Democratic-majority House approved a $659 million proposal introduced by Rep. Ronald Mariano last week, a package in line with, but notably smaller, than

Municipals were weaker to start the week as triple-A benchmark yields rose in sympathy with U.S. Treasuries. Equities ended up. Muni yields were cut four to eight basis points, depending on the scale, while UST yields rose seven to nine basis points. The two-year muni-Treasury ratio was at 54%, the three-year at 56%, the five-year

Richmond Federal Reserve Bank President Thomas Barkin said he wants to see more evidence that U.S. inflation is easing back to the central bank’s goal of 2%. “I want to see more evidence that inflation is settling back to our target,” Barkin said in an audience discussion at the Richmond Association for Business Economics Monday.

A Puerto Rico municipal bond paid by a private company will default on June 1, two rating agencies expect. Moody’s Investors Service and Fitch Ratings have both predicted in reports issued in the past month that AES Puerto Rico L.P. will default on its cogeneration facility revenue 2000 Series A bonds payment due June 1.

House Speaker Kevin McCarthy, R-Calif., Monday told Wall Street that the House would advance a plan to avoid a debt default that’s conditioned on spending cuts and includes a larger budget proposal that claws back unspent pandemic funds. “The longer President Biden waits to be sensible, to find agreement, the more likely it becomes that

A barrage of bills introduced in the Texas Legislature this session that would constrain debt issuance could impede the ability of issuers to address an increasing need to fund infrastructure for the state’s growing population, according to speakers at last week’s Bond Buyer Texas Public Finance Conference. Numerous bond-related measures are among a record 8,153

S&P Global Ratings on Friday raised Massachusetts’s general obligation long-term credit rating to AA-plus from AA, and upgraded bonds backed by annual appropriations from the state. “The upgrade reflects our view that the commonwealth’s commitment to strengthen its budget management practices supported by the state’s improved reserves and a strong economy will be sustained through

Municipals were weaker ahead of a heavier new-issue calendar, while U.S. Treasury yields rose and equities ended down. Investors will be greeted Monday with a new-issue calendar estimated at $11.488 billion, one of the largest year to date. Triple-A benchmark yields were cut two to six basis points, depending on the scale, while U.S. Treasury

Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected. “Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is