On Jan. 1, New Jersey, New York and Maryland joined a handful of states with a minimum wage of at least $15 an hour. The increase to $15.13 an hour in New Jersey is expected to affect about 350,000 of the state’s 1.9 million hourly workers. Many non-hourly employees will also see an indirect benefit from the statewide
Bonds
When the full Indianapolis City-County Council on Dec. 4 approved a plan to finance Eleven Park, a $1.5 billion mixed-use development anchored by a minor-league soccer stadium, the vote was nearly unanimous. The plan, authorized by Indiana’s General Assembly, carves out a new tax area downtown: the Additional Professional Sports Development Area. It will enable
The Municipal Securities Rulemaking Board is gearing up to change how broker-dealers operate in 2024, as the controversial move to a one-minute trade reporting window will come into effect, a change to a T+1 settlement cycle, in addition to a new proposal aimed at soliciting market feedback on pre-trade data. The board’s last few years
Municipals were quietly traded and little changed in the last session of 2023 while U.S. Treasuries were mixed and equities were in the red near the close. The two-year muni-to-Treasury ratio Friday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv
Medford, Oregon-based hospital nonprofit Asante Health had its A-plus rating, with negative outlook, affirmed by Fitch Ratings at year-end as it works toward completion of a new building at its flagship hospital. Fitch said in a report Tuesday that it maintained the negative outlook, first assigned in January, because “Asante continues to record weakened operational
Total 2023 municipal bond volume fell slightly from 2022 as market volatility, higher interest rates, pandemic aid and slower economic growth kept issuers on the sidelines. However, a robust fourth quarter buoyed issuance for the year, so volume only ticked down 2.8%, much better than previous quarters where issuance was down double digits. The year
Illinois saw an uptick in its fiscal fortunes in the past fiscal year, one of the few times the state’s net position has improved since that figure swung from black to red in to red in 2002. The net position includes tax collections and government services and measures the state’s assets relative to its total
With 2023 municipal bond issuance of $59 billion, Texas wrested the title of top volume state from long-time debt behemoths New York and California. The debt, which was sold by Texas state agencies, cities, counties, schools, and others, and accounted for 15.5% of nationwide issuance, lifted the Lone Star State to the number one ranking
The muni industry is looking forward to key tax legislation moving forward while also eyeing the possible sunset of key provisions of the Tax Cut and Jobs Act, though the number one priority of muni lobbyists remains the restoration of tax-exempt advance refunding. “We continue to work this issue tirelessly,” said Brett Bolton, VP, federal
Municipals were steady to firmer Thursday as outflows returned. U.S. Treasury yields rose and equities ended up. The two-year muni-to-Treasury ratio Thursday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services
Hawaii Gov. Josh Green unveiled last week a proposed $19.2 billion supplemental budget and the results of an oversubscribed $750 million general obligation bond sale. In his proposed budget, Green shifted some capital improvement spending from the general fund to bond funding, pointing to ongoing costs from the Aug. 8 Maui wildfire. Revenue expectations also
The muni market saw a large uptick in taxable bond tenders as issuers saw an opportunity to restructure their debt portfolios to unload taxables that have been trading at deep discounts. Taxable bonds that could be replaced with tax-exempt debt “has been the main target market segment for bond tenders as late (close to 60% of total),
The New York Metropolitan Transportation Authority will hold public hearings and accept comments on its plans to implement a new series of tolls for vehicles entering Manhattan’s Central Business District. The 76-day public review process on congestion pricing plan started Wednesday and will run through March 11. The MTA will accept input from the public
The Port Authority of New York and New Jersey’s airports saw their busiest November on record, the agency said Wednesday. Total passenger volume hit 11.5 million people in November, up 3% from the previous November and up 7% from the pre-COVID travel period in November 2019. Still, on a monthly basis, passenger volume was down
Without the money to expand a key artery, Indiana transportation officials are pursuing what they say is an innovative plan to increase the road’s capacity without widening it. The Indiana Department of Transportation’s FlexRoad project spans a 12-mile stretch of the combined Interstate 80 and 94 from I-65 in northwest Indiana across the border to
Municipals were steady to slightly firmer Wednesday as inflows returned to muni mutual funds. U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Wednesday was at 60%, the three-year at 60%, the five-year at 60%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv Municipal Market Data’s 3 p.m.
Puerto Rico’s General Fund has collected $212 million more than was projected in Q1 2024, and $207 million higher than was collected in the same period last year, the Financial Oversight and Management Board for Puerto Rico said. Fiscal year 2024 began on July 1 and despite the positive results, which were driven mostly by
The Riverside County Transportation Commission, California, won a Fitch Ratings upgrade for a $152.2 million Transportation Infrastructure Finance and Innovation Act senior loan. Fitch lifted the rating on the TIFIA debt to BBB-plus from BBB-minus. The rating outlook is stable. The funding supports a managed lane project on Interstate 15 in a 15-mile stretch through
A constitutional challenge to an Oklahoma law prohibiting state and local government contracts with companies that “boycott” the fossil fuel industry is moving forward after it was revised and refiled. Federal claims in the litigation, which was brought in Oklahoma County District Court in November, were dropped in the case refiled last week against state
The year 2024 is shaping up to be a landmark one for the Securities and Exchange Commission, not only through their own rigorous enforcement agenda but the regulator is in for continued industry backlash and a Supreme Court case that could test its enforcement powers and change how the SEC operates. Through its own enforcement
BB: What is considered the intermediate duration? CH: In broad terms, five to seven years on average offers an attractive balance of risk and reward in our view. BB: What makes it attractive in the current market environment? CH: We have seen the intermediate term bonds rise quite a lot recently. With the Bloomberg Muni
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