Bonds

The Puerto Rico Oversight Board will not be forced to turn over documents that may have provided a clearer picture of finances pertinent to the Puerto Rico Electric Power Authority bankruptcy. The U.S. Supreme Court reversed an appeals court decision, rejecting journalist group Centro de Periodismo Investigativo’s (CPI) request for Puerto Rico Oversight Board papers.

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor

UBS will pay $850,000 to a Texas public school district in a settlement over the bank’s inability to underwrite bonds under a state law prohibiting government contracts with companies that “boycott” the fossil fuel industry, the state attorney general announced Friday. The settlement involves a $18.6 million Normangee Independent School District competitive bond sale the

Turmoil in the bank sector may accelerate concentration of the municipal bond buyer base, as banks shed muni holdings and pull back from buying more. Instability among smaller banks began in March with the collapse of SVB and New York’s Signature Bank following aggressive rate-hiking by the Federal Reserve that has led to a mismatch

New York City has recovered 99.4% of private-sector jobs it lost in the pandemic, but unevenly across key industries, according to a study released Friday by state comptroller Thomas DiNapoli. “We are seeing strength in the securities, transportation and warehousing and office sectors,” DiNapoli said “but retail, restaurants, construction and tourism continue to lag the

President Joe Biden has tapped Philip Jefferson for the number two position on the Federal Reserve Board of Governors.  If confirmed, Jefferson, who joined the board last year, will succeed former Gov. Lael Brainard as the Fed’s vice chair. Brainard vacated the position to lead the National Economic Council in February.  A former administrator at

A capacity crunch facing a popular school bond guarantee program in Texas has been resolved by an Internal Revenue Service proposed regulation that boosts the limit to about $218 billion.  In a notice of intent this week, the federal agency proposed changing a formula that has capped the amount of school district bonds guaranteed by

As Philadelphia gears up to sell $124 million of social bonds, it heads into the market sporting a ratings upgrade, and a positive outlook revision. Moody’s Investors Service upgraded Philadelphia’s issuer rating to A1 from A2 late last month and kept the credit outlook on the city at stable. Meanwhile, S&P Global Ratings revised its

A bill aimed at making changes to the Oklahoma Turnpike Authority’s governing board overwhelmingly passed the state legislature in the wake of controversy over the agency’s $5 billion, bond-financed extension project. The measure was approved in a veto-proof 82-2 vote Thursday in the House after passing the Senate last month in a 41-2 vote.  The legislation

Fitch Ratings upgraded Kentucky’s long-term issuer default rating to AA from AA-minus and assigned a stable outlook to the credit. Fitch said Thursday its upgrade of Kentucky’s IDR “reflects material improvements to Kentucky’s fiscal reserves since 2020 as a result of improved budgetary discipline and a post-pandemic surge in tax collections now in its third

Municipals remained little changed as fund outflows receded, the last of large deals of the week priced and Silicon Valley Bank muni holdings lists began circulating the Street for liquidation. U.S. Treasuries were firmer out long and equities ended mixed. Triple-A yields were little changed while UST yields fell on economic data. Lists of the

Banks and underwriters are beginning to respond to the Securities and Exchange Commission’s recent enforcement actions on limited offering disclosures by requiring investor letters and for some, forgoing the exemption even when they qualify. That’s according to panelists at the SEC’s Municipal Securities Disclosure Conference on Wednesday, where panelists took the time to discuss the

Veteran financial advisory professional Jill Jaworski will take the helm of Chicago finances as chief financial officer and Cook County budget director Annette Guzman will become city budget director in Mayor-elect Brandon Johnson’s administration. Johnson made the announcements Thursday, four days before he is sworn into office, along with appointments for several other top roles

Federal Reserve Board Gov. Christopher Waller said climate change poses risks to banks, but not at a scale warranting new regulatory or supervisory standards. Speaking at an event on Thursday at Spanish university in Madrid, Waller said any attempt to set policies around climate change would be outside the Fed’s statutory authorities and expose the

Recent California hospital bankruptcies and closures, and the threat of more on the way, motivated lawmakers to approve a $150 million low-interest loan fund for not-for-profit and government hospitals last week. One in five of California’s roughly 400 hospitals are at risk of closure, according to a Kaufman Hall report commissioned by the California Hospital

West Virginia’s general revenue collections came in $319 million above estimates for April, the single largest month surplus in state history. The state’s April personal income tax collections came in $192.8 million above estimates, also a record for a single month. Year-to-date income tax collections of more than $2.277 billion hit a record high coming

House Republicans and Democrats clashed Wednesday over the impact of environmental, social and governance-related investment rules on states and local governments, with House Republicans pledging to ramp up scrutiny on what’s become the latest flashpoint in the culture wars. “ESG is just window dressing for liberal activism and radical far-left ideology,” said House Oversight and

A major sticking point in the Puerto Rico Electric Power Authority bankruptcy is the discrepancy over the size of bondholders’ claim, with the Oversight Board and bond parties $6.5 billion apart. The board, in a filing Tuesday, placed the value at 24% of principal and pre-petition interest due at time of the bankruptcy petition in

Municipals were largely unchanged as the market digested another larger primary slate while U.S. Treasuries rallied after the release of economic data showed inflation has eased. Equities ended mixed. The Dormitory Authority of the State of New York priced and repriced its $1 billion-plus school revenue bond deal for institutions with yields falling on the

Municipalities looking to access federal funding for expanding broadband access face a maze of one hundred programs administered through fifteen federal agencies. The persistent challenges were revealed during testimony Wednesday during the House Energy and Commerce Committee hearing that explored what’s happening to $100 billion being spent on broadband access while 24 million Americans households don’t

The Securities and Exchange Commission will introduce two rule proposals designed to help address the huge complexities and major concerns around the Financial Data Transparency Act that the municipal finance community has expressed since its passage. That’s according to Mary Simpkins, senior special counsel at the SEC’s Office of Municipal Securities, speaking at the SEC’s