Bonds

The metropolitan regions of Los Angeles and San Francisco are vastly different, but face some similar challenges as they emerge from the post-pandemic social framework. Those challenges include lost ridership on both cities transit systems, vacancies in commercial real estate and balancing budgets as COVID-19 recovery money peels off. The challenges faced by the regions

Municipals were slightly firmer Thursday amid another busy day in the primary market, which saw a $1.1 billion deal from the North Texas Tollway Authority price and $850 million of general obligation bonds from Massachusetts sold in the competitive market. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at

One third of bridges in the U.S. need to be repaired or replaced. But federal infrastructure dollars are helping states chip away at that number, according to the American Road & Transportation Builders Association’s latest annual bridge report. “‘Slow and steady’ describes ongoing state efforts to reduce the number of bridges in poor condition (“structurally

Chicago released a budget forecast last week projecting that its corporate fund deficit will grow in upcoming years, jumping to $982.4 million in 2025 from $222.9 million at the end of 2024.  The budget from Mayor Brandon Johnson’s administration offered downside and upside out-year scenarios: the negative scenario would be a $1.578 billion gap between

The leaders of the United States Virgin Islands are arguing about whether they should borrow an additional $50 million for what the governor describes as “imperative needs.” Gov. Albert Bryan Jr. asked the legislature to approve an additional $50 million line of credit, but Senate Majority Leader Kenneth Gittens said he had “serious concerns” about

Kenneth Lind, whose 45-year career has seen him working on some of this country’s largest projects and developments, has both the kind of storied reputation and local impact that any public servant could only dream of. But outside of his many headline achievements, whether that be the development of Hudson Yards, the extension of the

Louisiana has encountered a problem with its first public-private partnership, with the tolling and full opening of a new Belle Chasse bridge delayed for at least seven months. The bridge was to be fully opened in mid-April, but plans are delayed by subsidence of the newly constructed north and south approaches to the new bridge.

South Dakota voters will determine the fate of Initiated Measure 28, which would eliminate the state sales tax on groceries. Illinois, Oklahoma, Kansas, Arkansas, Utah, Tennessee, Alabama and Virginia have eliminated or reduced this tax, according to the Urban Institute Tax Policy Center.  “Grocery taxes are regarded as a regressive form of taxes, and cutting

House Republicans are setting up a bitter partisan fight for their return to the Capitol next week over what exactly will be included as part of a continuing resolution that would keep the government open past Sept. 30, when current spending is set to expire. Work on that has already begun. Speaker of the House

Municipals were slightly firmer as inflows into muni mutual funds topped $1 billion for the second consecutive week. U.S. Treasuries rallied and equities ended mixed. Muni yields were bumped one to three basis points, depending on the scale, while UST yields fell seven to 13 basis points, pushing two-, three-, five- and 10-year UST yields

Economic activity was flat or declining across most regions in the U.S. in recent weeks, the Federal Reserve said in its Beige Book survey of regional contacts. Employment levels were generally flat to up slightly, according to the report released Wednesday. While reports of layoffs were rare, some firms noted cutting shifts and hours, leaving

Federal Reserve Bank of Philadelphia president Patrick HarkerBloomberg News Patrick Harker, president of the Federal Reserve Bank of Philadelphia, will step down from his post next June, the bank announced Wednesday. A search committee of six board members for the regional Fed bank has been formed to search for Harker’s replacement. The bank has also

Texas general fund revenue growth slowed further in fiscal 2024, inching up just 1.1% to $83.78 billion, the state comptroller reported on Tuesday.  Sales taxes, the biggest state-generated revenue source for the Texas budget, brought in $47.16 billion in the fiscal year that ended Saturday, a 1.2% increase from fiscal 2023. All-funds revenue fell 3.6%

New Hampshire faces questions familiar to many states: whether it’s funding schools enough and whether its method of funding is acceptable.  But the state’s hostility toward creating statewide income or sales taxes and legal precedents add some wrinkles. Challenges to the state’s education funding worked their way through the courts until a Superior Court judge

Vice-President Kamala Harris’s recent comments on housing policy remind us that the Affordable Housing Credit Improvement Act (AHCIA), first introduced in 2016 by the 114th Congress, has yet to make it to a President’s desk.  Eight years on, it may be worth considering other legislative options to stimulate affordable housing production. The ACHIA would reduce

Hurricane Agnes of 1972 still ranks among the most destructive storms to hit the United States. It also marked a turning point in Joan Stern’s life and career, helping put her on a path that led to The Bond Buyer Muni Hall of Fame. At the time, she was a paralegal in the securities law

Illinois will sell up to $1.1 billion of general obligation refunding bonds and $600 million of taxable and tax-exempt new money GO bonds by Sept. 30.  The refunding bonds will price next week in a negotiated transaction, according to an investor presentation. Those tax-exempt bonds will refund currently callable bonds, with maturities and size to

Municipals were little changed to firmer in spots Tuesday as U.S. Treasury yields fell while equities sold off to start September. “With August now behind us, munis continued the summer rally with [the month] returning 0.79%, pushing year-to-date gains to 1.30%,” said Jason Wong, vice president of municipals at AmeriVet Securities. This marked the first

Just past the two-year anniversary of the Inflation Reduction Act, states have captured an average of 7% of the Biden administration’s signature climate legislation potential funding opportunities. That’s according to an Aug. 13 report from clean energy think tank RMI, which adds that the small number “makes sense” since use of the tax credits that

Denver Public Schools (DPS), which is seeking voter approval for a record-$975 million of bonds this fall, received one-notch downgrades from Fitch Ratings based on local government rating criteria changes.  The district’s AA-plus underlying general obligation rating was lowered last week to AA and its AA certificate of participation rating was cut to AA-minus, both

Rep. Steven Horsford D – Nev., is expected to fill the important committee seat vacated when Rep. Bill Pascrell D- N.J. died last month at the age of 87 while being treated for a respiratory illness.  “We were all saddened by the loss of Rep. Pascrell who had long championed public finance issues in Congress,”