Bonds

The U.S. Department of Transportation has amended its well-known Transportation Infrastructure Finance and Innovation Act program to clarify interest rates on its longest-term loans and to broaden eligibility for projects. The new rules cover provisions that were included, but not yet implemented, in the 2021 Infrastructure Investment and Jobs Act. The IIJA, among other things,

Following significant outflows and political scrutiny, which raised uncertainty about the future of ESG, gender-lens investing funds improved in the first quarter of 2024. Gender-lens investing funds, ETFs made up of companies committed to advancing gender equality within their workforces, products and services, saw 9.5% growth in assets under management compared to the previous quarter.

The Municipal Securities Rulemaking Board has issued a request for comment on Rule A-12 and Form A-12 on registration, seeking input from the market on draft amendments that would gather more information on the associated persons of bank dealers. The board is hoping to gather this information from bank dealers and eventually display such information

The Center for Municipal Finance at the University of Chicago’s Harris School of Public Policy has appointed six new members to its board of advisors.  “We’ve intended to expand the board for a while now, mostly because we wanted to be sure that we were representing the full range of perspectives from across the industry,”

Kentucky officials are still struggling with how to handle a troubled internet network project nine years after bonds to fund it were sold. Analysts say the KentuckyWired project has lessons on how public-private partnerships should be structured. The political wrangling in-state stands in contrast to rating agencies, who since September have issued the bonds an

Municipals were firmer Wednesday amid another heavy new-issue calendar, led by several large deals that saw yields lowered upon repricing. U.S. Treasuries yields fell further and equities ended up. Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists, led by Peter DeGroot. The negotiated calendar was led by $830 million from

The nation’s public transit providers scored a revised Moody’s Ratings’ sector outlook to stable from negative Tuesday as operators adjust to post-pandemic norms and scramble to line up new funding sources. By March 2024, public transit ridership in the U.S. had rebounded to 79% of pre-pandemic levels, surpassing office occupancy rates and suggesting transit agencies

The Federal Highway Administration is under immense pressure to respond to the backlog of requests it has on its emergency relief fund in addition to its specific action on rebuilding the Francis Scott Key Bridge and implementing the goal of 500,000 electric vehicle charging stations across the country by the end of the decade. That

Kansas legislative leaders, who are seeking to coax the Kansas City Chiefs to leave neighboring Missouri, formally invited the National Football League team to join their effort to build a stadium with the help of bonds. In a letter to Chiefs Chairman and CEO Clark Hunt that the Republican lawmakers released publicly Tuesday, they invited

New York Gov. Kathy Hochul is considering delaying the congestion pricing plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The tolling plan, set to begin

With the municipal market’s prized tax exemption possibly in play next year as Congress tackles tax policy, the National Football League is getting into the game by lobbying to protect the financing tool for the controversial and niche stadium market. The use of tax-exempt bonds to build sports stadiums, which have been subject to several

St. John’s Lutheran Church sits three blocks from the Capitol in Madison, Wisconsin, in the heart of the up-and-coming East Washington corridor, where development is booming. Many of the developments cater to a well-heeled clientele, such as the Moxy Madison, a boutique Marriott hotel where weekend rates start at $341 a night. Or Archipelago Village,

A surprise primary result means Puerto Rico will have a new governor next year. Puerto Rico Resident Commissioner Jenniffer González Colón upset Gov. Pedro Pierluisi in the race for the New Progressive Party nomination for governor. The New Progressive Party supports statehood for Puerto Rico. As resident commissioner González Colón represents, without being able to

Municipals were firmer Tuesday amid a busy primary market with several large deals, as U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 71%, the 10-year at 70% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m.

The Internal Revenue Service has settled with the Port of Port Arthur Navigation District of Jefferson County, Texas regarding the tax-exempt status of a 2017 $55 million bond issuance.   The issuer disclosed the recent settlement on EMMA Monday, concluding the matter after it was first disclosed months ago. “As a result, there is no change

A $1 billion expansion project for an Austin, Texas, wastewater facility, which moved forward in the city council last week, will be funded in part with revenue bonds. The financing plan calls for a combination of water and wastewater system revenue bonds, cash financing, and potential low-interest loans from the Texas Water Development Board and/or

A Connecticut firm’s recent bankruptcy highlights the challenge of investing in the senior living sector, known throughout the muni market as one of the riskier areas, particularly in a post-COVID world. However, some market participants are still bullish, fueled by spread pickup, macro dynamics and demand-driven expansion.  The senior living sector has always been challenged,

A 2017 constitutional challenge to Arizona’s system for funding public school facilities that spotlights districts’ unequal access to local property taxes and bond issuance finally went to trial last week.  The case, filed in Maricopa County Superior Court by school districts and others against state School Facilities Board officials, contends the funding system violates the

The American Public Transportation Association sent a letter to lawmakers calling for a full appropriation of $42.5 billion in rail funding promised by the Bipartisan Infrastructure Legislation.   Per the letter, “These historic investments in public transportation will help communities of all sizes flourish, connecting workers to jobs, students to school, and people to healthcare,” said

The backers of a tax measure to shore up funding for ailing San Francisco regional transit providers, notably the Bay Area Rapid Transit District, pulled it amid opposition on several fronts. Sen. Scott Wiener, D-San Francisco, and Sen. Aisha Wahab, D-Hayward, who authored Senate Bill 1031, had promised further amendments as it moved to the

Municipals were firmer Monday ahead of an increase in supply, as U.S. Treasury yields fell and equities ended mixed. With another week of increased supply, pressure in the near-term will continue, “but with higher yields and muni-to-Treasury ratios cheapening, munis are at attractive levels as yields are at year-to-date highs,” said Jason Wong, vice president