Bonds

In a rebuke to company policies deemed pro-environmental, social and governance or “woke,” several states have introduced or passed so-called “anti-boycott” laws.  These laws are intended to ban companies, such as commercial banks and investment banks, from doing business in the state if they are perceived as boycotting or otherwise discriminating against: (i) certain industries,

The Salt Lake City Council late Tuesday approved the issuance of up to $600 million of bonds for an ongoing $5.1 billion project to substantially replace landside and terminal complex facilities at the city’s airport. The council’s resolution also sets a June 6 public hearing on the bonds, which will be priced the week of

Fresh legislation in Tennessee, major projects in Georgia and a long-awaited bridge replacement in Louisiana are pushing the Southeast region to the forefront of national public-private partnership activity in the toll road sector. “The Southeast is where the action is when it comes to P3s,” said Baruch Feigenbaum, senior managing director of transportation policy at

Medaille University, a nearly 150-year old private university in Buffalo, New York, is closing its doors after failing to sell itself to a nearby college.  Universities across the country are facing more financial pressure as fewer students enroll and expenses rise. Medaille’s enrollment fell to about 1,537 full-time students in 2021 from about 2,340 a decade earlier,

Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the

Chicago can’t afford the estimated $3.2 billion price tag of a proposed state pension funding mandate for firefighters hired after 2010 without jeopardizing the city’s ratings upswing and forcing a property tax hike or public safety cuts, Chicago’s chief financial officer warned state lawmakers in one of her last acts in office. Jennie Huang Bennett,

A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to

The Puerto Rico Oversight Board approved an amended general fund budget for the current 2023 fiscal year that is 12% larger than the budget approved in June and contains funds for the Puerto Rico Electric Power Authority. The $13.9 billion budget “reflects updated revenue and expense projections,” the board said when it announced the revised

Alabama’s Senate is considering a new bill to boycott companies employing environmental, social, and governance rating criteria in their investment decisions. The Alabama Senate Committee on Fiscal Responsibility and Economic Development approved Senate Bill 261 10-3 late last week, sending to the floor for general debate legislation aimed at curbing the use of ESG decisions

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board’s proposed amendments to Rule G-40 on advertising by municipal advisors and Rule G-8 on books and records of municipal advisors. The amendments to Rule G-40 allow municipal advisors to use testimonials in advertisements beginning July 3 and are being welcomed by MA representatives.

Jackson County, Missouri, hits the market with a $260 million special obligation issue that will wrap up financing for a new jail complex long in the works that was chosen as the best option to deal with overcrowding and other public safety and mental health treatment goals. The bonds are expected to price as soon

Municipals were steady to weaker in spots to start the week, while U.S. Treasury yields rose and equities ended up. The two-year muni-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data

Ohio-based ProMedica Health System slid deeper into speculative grade territory amid bruising balance sheet losses tied mostly to its senior care business. Fitch Ratings cut the system’s rating two notches to BB-minus from BB-plus on $1.8 billion of outstanding bonds sold in 2015 and 2018 and warned of the potential for a further hit by

California Attorney General Rob Bonta, and 15 other attorneys general, filed an amicus brief in federal appeals court supporting Oakland and San Francisco’s climate change lawsuit against five fossil fuel companies. In their consolidated case, city of Oakland v. BP et al, the California cities claim the fossil fuel companies mislead the public about the

The Oakland Athletics agreed to locate their new baseball stadium on land just behind the Tropicana resort on the Las Vegas Strip, according to a statement Monday from Bally’s Corp., which controls the property. The agreement “is subject to the passing of legislation for public financing and related agreements,” the company said. It is also

Texas school districts, flush with new bond authorizations over the last year, are breathing a sigh of relief now that a cost-saving state guarantee program for their debt is fully back in business after the Internal Revenue Service increased its capacity for the first time since 2009.  In a notice of intent last week, the

Two Federal Reserve officials signaled they favored pausing interest rate increases, while a third policymaker said the central bank’s task in subduing inflation was not complete. “We at the Federal Reserve probably have more work to do on our end to try to bring inflation back down,” Minneapolis Fed President Neel Kashkari said Monday during

The Municipal Securities Rulemaking Board is seeking a municipal advisor representative on its board of directors to fill the seat left by Jill Jaworski, who is leaving the board to become the chief financial officer for the City of Chicago. Applications will be open through the Board of Directors Application Portal on the MSRB.org site

California Gov. Gavin Newsom said “no” to revenue anticipation notes and a tax increase, but “yes” to climate and mental health bond proposals in the May budget revisions he presented Friday. Newsom stressed emphatically that the state has no plans to issue revenue anticipation notes despite expectations that $49 billion in anticipated revenues won’t come

Municipals were weaker in spots to end the week, while U.S. Treasuries and equities saw losses on continued concerns over the debt limit impasse and questions over the Federal Reserve’s next policy moves. Municipals mostly stayed in their own lane throughout the week but UST weakness Friday seeped into the secondary Friday, moving yields higher

Illinois trimmed its revenue estimates for the current fiscal year and must absorb higher social services expenses next year, leaving less room to maneuver as lawmakers finalize a supplemental spending package and new budget. They’re entering the homestretch of their spring session that’s slated to end May 19 with passage of a fiscal 2024 budget