Jefferson County, Alabama, plans to return to the municipal bond market next month with a $2.5 billion sale of tax-exempt revenue warrants for its sewer system after a late change of lead managers. Citigroup is no longer book-running manager on the deal, according to a resolution drafted by the county Tuesday, less than a week
Bonds
San Francisco is seeing a trickle of people return to the city after losing tens of thousands of residents since 2020, according to a new estimate released by the state of California. The city’s population grew by 4,925 people to 848,019 residents during the 12 months ended on June 30, according to a report released
Municipals were steady to slightly firmer in spots while Connecticut priced for institutions with yields lowered from Monday’s retail offering. U.S. Treasury yields fell and equities made more gains. The two-year muni-to-Treasury ratio Tuesday was at 58%, the three-year at 58%, the five-year at 59%, the 10-year at 59% and the 30-year at 87%, according
If bondholders are not allowed a lien on Puerto Rico Electric Power Authority revenues, it could “threaten the continued viability of the primary revenue stream for vast swaths of municipal public works projects,” 14 attorneys general and the Securities Industry and Financial Markets Association said in friend of the court filings with the First Circuit
Charting how different states used $350 billion worth of State and Local Fiscal Recovery Funds reveals Florida rehabbing National Guard structures, and New Hampshire investing in weatherproof wireless internet connectivity devices, while Illinois used $1.5 billion to support the operation of state agencies. As money from the American Rescue Plan Act is in the process
A bill that would regulate public-private partnerships in the U.S. Virgin Islands passed a key committee Monday with support from legislators and the heads of almost a dozen territorial government agencies. Projects ranging from a planned stadium to highways, tunnels, schools, bridges and hospitals were raised as potential P3 candidates during a hearing before the
When casino developers were clamoring to run Chicago’s first casino, then-Mayor Lori Lightfoot’s administration all but promised a windfall. City leaders predicted a “material improvement to revenues” from the Chicago casino, the result of 2019 legislation that grew Illinois gambling by nearly 50%. And when Rhode Island-based Bally’s Corporation won the coveted casino license, Bally’s
The rebound in the cruise industry, which has now more than recovered all the ground it lost during the pandemic, has benefited at least one municipal bond issuer. The Canaveral Port Authority, which serves the important central Florida tourism market near Orlando, recently saw its revenue bond rating raised to A from A-minus by Fitch
The Puerto Rico Oversight Board called Friday for dismissal of a Puerto Electric Power Authority bond party suit against Puerto Rico’s central government that had the backing of the PREPA Ad Hoc Group, a separate group of bond parties. GoldenTree Asset Management and bond insurer Syncora Guarantee filed the suit in U.S. District Court for
Municipals were little changed Monday as U.S. Treasuries were weaker and equities ended up. Volume this week is relatively light with the new-issue calendar estimated at $1.6 billion. There are only two deals over $100 million. The Bond Buyer 30-day visible supply sits at $4.03 billion. In the primary market Monday, Jefferies held a one-day
The U.S. Government Accountability Office is taking the U.S. Treasury Department to task over how $350 billion in pandemic relief funds were managed and dispensed to states and localities. The two big bones of contention over how State and Local Fiscal Recovery Funds were administered include a lack of assistance from the Treasury and questions
The Municipal Securities Rulemaking Board’s proposal on Rule G-12(c), the subsection of its uniform practices dealing with inter-dealer confirmations, which would simplify some existing guidance, retire some others and merge much of it into Rule G-15, should go further and eliminate the subsection altogether, dealers say. MSRB Rule G-12 on uniform practice establishes the industry
Oregon received $600 million in federal money to help support the long-planned reconstruction of the Interstate 5 bridge that connects Portland to Vancouver, Washington. The project received the full funding amount requested from the U.S. Department of Transportation grant program, Oregon Gov. Tina Kotek said in a statement. “This is a big moment for the
Houston will welcome a new mayor and controller next month amid financial challenges that include an ongoing contract impasse with firefighters and a major airport terminal project launched by the city and United Airlines last month. With Mayor Sylvester Turner and Controller Chris Brown term-limited from running again after eight years in office, 18 candidates
Brace for an unpredictable year in community finance, where a confluence of global turmoil, mandatory tech advancements, legislative implementation, and potential political upheaval all collide with an already fragile insurance market. While the presidential election may be a noisy stalemate, this chaos presents a hidden opportunity for agents of change to make real progress. Think private
The John A. Blatnik Bridge links Superior, Wisconsin to Duluth, Minnesota, curving across the Saint Louis River between the two cities. But over its 62 years, rust and structural decay have taken a toll on the 7,975-feet-long steel span. So the Minnesota and Wisconsin departments of transportation, which co-own and operate the bridge, are planning
Municipals closed out the week firmer, boosted by Fed policy decisions and yearend positioning ahead of a fading new-issue calendar, while U.S. Treasuries traded in a narrow range all session and equities ended mixed. Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but
S&P Global Ratings revised California’s rating outlook to stable from positive Friday, citing the state’s projected $68 billion multi-year deficit, revenue uncertainties and economic conditions. The state holds ratings of AA-minus from S&P, AA from Fitch Ratings and Aa2 from Moody’s Investors Service. The state also has a stable outlook from Fitch. Moody’s revised the
A tough year for Wall Street municipal underwriting firms culminated Thursday with Citigroup’s announcement it would exit the business, a stunning move that market participants warned would raise state and city financing costs and that Citi would come to regret as headwinds calm and business rebounds. “It’s a major disappointment,” said Matt Fabian, a partner
A proposed deal for a massive mixed-used arena project in Alexandria, Virginia, would be mostly financed through $1.05 billion in project revenue bonds issued by the newly named Virginia Stadium Authority. Details and hardening local opposition are emerging regarding the development of a 12-acre site in Potomac Yard, a former rail hub that straddles Arlington
Connecticut is set to price $840 million of general obligation bonds next week, the state’s last issuance of a year with landmark fiscal policy decisions. The state, which renewed fiscal responsibility measures, lowered income taxes and maintained strong economic metrics, kept its solid ratings from all four agencies for the upcoming deal. “Management in Connecticut,
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