Bonds

Municipals were a touch weaker in spots ahead of another robust new-issue calendar. U.S. Treasury yields rose and equities were up. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 62%, the five-year at 60%, the 10-year at 60% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s 3 p.m. EST

The Virginia General Assembly is set to pass a new budget next week after a saga that saw the state’s Republican governor and the Democratically controlled legislature clash over environmental issues, school funding, and pay-fors.     Although the budget deal still needs to be officially approved during the special session that begins Monday, Gov. Glenn

The Senate Thursday overwhelmingly passed a five-year Federal Aviation Administration authorization that features a 20% boost for major airport capital improvement projects. The bipartisan measure, which had been stalled by negotiations over an ultimately successful move to add additional flights to Ronald Reagan Washington National Airport, heads now to the House, which is expected to

Chicago’s iconic lakefront is also its portal to water supplies from Lake Michigan, serving not only the city but 120 of its suburbs. But Chicago’s top suburban customer and Illinois’ largest water wholesaler, the DuPage Water Commission, now says it plans to strike out on its own. The commission revealed this week that it has

The long-planned Kentucky-Ohio Brent Spence Bridge won environmental approval from the Biden administration Friday, a “major milestone” for the bistate project that’s been in planning for more than 10 years. “This is an important step forward in bringing efficiency to our nation’s supply chain,” said said Republican Ohio Gov. Mike DeWine. “The project will address one

Current strategies to deploy public and private capital toward a green energy transition are experiencing mixed success, amid conflicting trends as both global oil demand and clean energy deployment rates rise together, according to panelists at the Milken Institute’s Global conference this week in Beverly Hills. “As many folks know, we aren’t doing that well

Municipal Market Analytics said municipal bond impairments from January through April were the highest since they began tracking in 2009, with the charter school sector totaling most impairments. MMA recorded 63 impairments this calendar year, with 59 of them coming in January to April, according to Wednesday’s issue of Default Trends. The four-month total was

Municipals were little changed Thursday as muni mutual funds saw inflows top $1 billion. U.S. Treasuries were firmer, and equities ended up. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60% and the 30-year at 82%, according to Refinitiv Municipal Market Data’s 3 p.m.

The New York Metropolitan Transportation Authority has said for years that its congestion pricing plan is crucial to its budget. In a new debt profile report, the New York State comptroller backed the MTA up.  Comptroller Thomas DiNapoli’s report questioned the MTA’s delayed capital plans, expensive borrowing habits and climbing debt service costs — and

While federal efforts to forgive student loans generate headlines and lawsuits, some states and municipalities are tying bond-financed mortgage programs to student loan forgiveness to boost home ownership.   “The Maryland SmartBuy program is designed to help first-time home buyers who have student loan obligations qualify for acquisition financing under the Maryland Mortgage Program,” said Sergei

Florida would expand its already broad public-private partnership powers under a pair of bills, one that GOP Gov. Ron DeSantis has already signed and another that would allow for revenue-risk projects of up to 75 years. All of Florida’s P3s are currently based on the availability-payment model. The General Assembly has passed the revenue-risk bill,

Texas municipal bond issuers are making plans to sell debt approved by voters in last week’s bond elections, with Dallas poised to begin tapping its $1.25 billion of authorization in fiscal 2025. The city’s 10-part general obligation bond package, the largest in the May 4 state-wide election, won in lopsided votes. It included $521.2 million

As the college football industry is remade, municipal bonds are part of Florida State University’s plans to generate more revenue from its program. The Florida State University Athletics Association plans to sell $327 million in football-related bonds as soon as next week in a deal managed through the state’s Division of Bond Finance. The Series

Municipal triple-A yield curves were little changed Wednesday as the primary market demanded investor attention and were well received. U.S. Treasuries were weaker, and equities ended mixed. Several large new-issues priced led by $1.018 billion of the University of Chicago revenue bonds from the Illinois Finance Authority (Aa2/AA-/AA+/), with yields bumped seven to 15 basis

The California Supreme Court heard arguments Wednesday in a case brought by the state’s Democratic leaders that would block a sweeping anti-tax measure from November’s ballot. The initiative, called the Taxpayer Protection and Government Accountability Act (TPA), would amend the California constitutional rules governing how the state and local governments can impose taxes, fees and

A House Budget Committee hearing on Wednesday drew out two sides of thinking during a debate on the economic effects of immigration as the Republican majority hammered away on the costs. “The Federation for American Immigration Reform has done a great job,” said Committee Chairman, Jodey Arrington R- Texas. ”Studies suggest this cost is upwards of $400

An Oklahoma judge issued a temporary injunction preventing enforcement of a state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes. Tuesday’s ruling came in a lawsuit filed last year against Oklahoma Treasurer Todd Russ by a state pension recipient who

Municipal market advocates are urging the U.S. Treasury Department to fill a long-vacant position for an in-house municipal market expert as Washington heads into into a key tax policy discussion next year. “If we’re about to have another round” of tax talks “and there’s no one in Treasury who can be a resource of information

United Airlines Holdings Inc. and American Airlines Group Inc. have reached an agreement to press ahead with an $8.5 billion revamp of Chicago’s O’Hare International Airport, the world’s fourth busiest airport. The deal comes after months of disagreements over ballooning costs for the project, which was first announced in 2018. In separate statements, the dual

Lawmakers in the Illinois General Assembly have proposed legislation to abolish the multiple service boards operating public transit in the Chicago area and consolidate them under a new Metropolitan Mobility Authority. At present, the Regional Transportation Authority oversees finances, funding and planning for the Chicago Transit Authority, which provides local rail and bus service in

Municipals were firmer in secondary trading as the primary market took focus, led by the accelerated pricing of $1.8 billion general obligation bonds from Illinois. U.S. Treasury yields fell out long and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60%