Bonds

Legislation that would pave the way for a Colorado bond authority to issue debt for its purchase of a hotel that inspired Stephen King’s The Shining cleared a state Senate committee this week ahead of the May 8 end of the legislative session.  The Colorado Educational and Cultural Facilities Authority (CECFA) is pursuing buying the

The Financial Data Transparency Act’s data standards, expected as proposed rules this Summer, may seem like they will be a big step in moderninzing municipal market disclosure, but more work will be needed in order to accommodate the complexities of the muni market. That’s according to panelists at this year’s National Federation of Municipal Analysts

After a down year, healthcare issuance has rebounded as systems reenter the bond market to deal with pent-up needs. Despite this recovery, challenges still persist. Healthcare issuance is up 122.2% year-over-year through April, rising to $9.062 billion through the first four months of 2024 from $4.078 billion over the same time period in 2023, LSEG

First-quarter bond sales by hospitals and health systems nearly tripled from their 2023 pace, totaling more than $7.2 billion. But investors shouldn’t misinterpret the surge as an “all clear” signal for healthcare credits: Financial performance and bond ratings are likely to remain volatile and inconsistent as the sector emerges from a range of post-pandemic issues. 

Strong sales tax performance means the Metropolitan Atlanta Rapid Transit Authority retains its triple-A ratings ahead of a green bond sale next week despite long-term problems with ridership. Ridership is down about 50% from late 2019 pre-COVID figures and 60% from its peak in 2008. Yet the bonds are backed by local sales taxes with

The first piece of a general obligation bond authorization for a new Des Moines, Iowa, airport terminal is coming to market. The county is issuing $113 million of general obligation capital loan notes, Series 2024A, on behalf of the Des Moines Airport Authority. The debt will finance the design, construction and equipment of a new

Alaska’s efforts to build reserves and manage cyclical financial swings caused by its oil dependence were rewarded Tuesday by two rating agencies, garnering an upgrade from one and a positive outlook from another. S&P Global Ratings raised its long-term rating to AA from AA-minus and assigned a stable outlook ahead of the state’s plans to

Municipals were little changed Wednesday as U.S. Treasury yields fell and equities rallied after the Federal Reserve held rates steady. “There was a collective sigh of relief in the financial markets after the Fed refrained from increasing its hawkishness at the May FOMC meeting,” said Jack McIntyre, portfolio manager at Brandywine Global. “In fact, nothing really

President Biden’s newly revised environmental permitting rules to implement his climate and environmental-justice agenda faced swift pushback from construction groups and Republicans who say it will delay critical infrastructure and drive up costs. The administration Tuesday released a final rule to revise the National Environmental Policy Act, or NEPA, the rule that governs how it

April saw an increase in volume for the fourth straight month as pent-up demand, dwindling federal pandemic aid and the May Federal Open Market Committee meeting led issuers to tap the capital markets. April’s volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023. This is above

While there are thousands of municipal bonds sold in the marketplace each year, some require more care and attention than others to turn into successful offerings. Some require constant refinement and retuning right up to the point of sale before it can become a successful offering for issuer, underwriter and buyer. Such was the case

The National Football League’s Chicago Bears last week unveiled sweeping plans for a new domed lakefront stadium in the city that they say would cost about $4.7 billion total and involve $900 million in new bond financing through the Illinois Sports Facilities Authority.  The plan has vocal backing from Chicago Mayor Brandon Johnson, but got

Bondholders opposed to the proposed Puerto Rico Electric Power Authority plan of adjustment asked the bankruptcy judge to hear new evidence the authority will have a greater than anticipated ability to pay off its debt. The bondholders submitted their “urgent motion” to U.S. District Court Judge Laura Taylor Swain Monday evening. They are calling for

Municipals were little changed in secondary trading Tuesday as the primary market took focus with a slew of deals, led by a $1.9 billion Novant healthcare revenue bond deal in the negotiated market and a general obligation sale from gilt-edged Delaware. U.S. Treasuries were weaker, and equities sold off. Municipals were cut up to two

Transportation Secretary Pete Buttigieg outlined for House lawmakers Tuesday the administration’s priorities heading into the new fiscal year, ranging from shoring up infrastructure to prevent collapses like the Francis Scott Key Bridge to supporting “massive and forward-thinking” projects like high-speed rail and a bulging pipeline of large transit projects. Buttigieg appeared before the House Appropriations

The Financial Industry Regulatory Authority has fined RBC Capital Markets $15,000 for violating Municipal Securities Rulemaking Board Rules G-15 on confirmation, G-8 on books and records and G-27 on supervision for their role in sending incorrect confirmations on municipal securities transactions. Municipal securities violations represent only a portion of the transactions FINRA highlighted in its

The new bipartisan bill that would provide the Federal Aviation Administration with reauthorization and $105 billion in appropriations through 2028 would also provide $19.35 billion in airport infrastructure improvement grants to fund the nation’s 3,300 airports. The 1,069 page bill is the culmination of eight hearings over the last year or more and also authorizes

Kansas Gov. Laura Kelly’s veto of expansive tax cut legislation barely fended off an override, which fell short by one vote in the Senate after easily passing the House.  House Bill 2036, which cleared the Republican-controlled legislature in April with hefty majority votes, included changes to income, sales, and property taxes that would result in

Lance Tyson has joined Greenberg Traurig, LLP’s Chicago public finance and infrastructure practice as counsel, bringing a broad range of experience representing and working for local governments. Having worked as chief of staff to the Cook County Board president and legislative counsel to then-Chicago Mayor Richard M. Daley, run for office as the Democratic Party’s

In the next several months, state and local governments, along with other tax-exempt organizations, are going to start to receive payments from the Federal government to help offset the cost of investments they have made electric vehicles or solar panels or charging stations. When they do, it will mark not just a milestone in the

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