Bonds

As investors consider this week’s $12 billion new– issue calendar, nearly $2 billion of the debt available will come from New York City.  At $1.8 billion, the deal is the largest on the calendar this week and it’s the latest offering from the city since its $1.2 billion refunding issuance in July.  The first series,

Constructive secondary trading and a firmer tone were evident Monday as munis took cues from calmer markets overall. Triple-A yield curves saw small improvement, particularly on the short end, with bumps of one to two basis points, while Treasuries were better out longer. With two weeks of market swings in the rearview, and some further

Vice President Kamala Harris is pushing housing policy beyond Low Income Housing Credit reform in her bid for the White House.  “My administration will provide first time home buyers with $25,000 to help with the down payment on a new home,” she said during a stump speech in Raleigh, N.C., last week.   “We will take

Nine public and private Chicago-area firms Friday joined the Equity in Infrastructure Project to hire more historically underserved firms for capital projects. The firms include the Illinois Tollway, Regional Transportation Authority and Metra, whose infrastructure programs together total tens of billions. They joined leaders of private firms like Loop Capital Chairman and CEO Jim Reynolds;

California is planning to sell $2.5 billion of tax-exempt general obligation bonds later this month, the state’s second largest offering this year.  Proceeds from the sale will be used to finance voter-approved projects, pay down outstanding commercial paper and refund outstanding general obligation bonds, according to ratings documents provided by Fitch Ratings, which rates the

The sponsors of a $20 billion bond measure to fund affordable housing in the San Francisco Bay Area have removed it from the November ballot. A statement announcing the Bay Area Housing Finance Agency’s decision to withdraw the measure indicated doubt about its ability to garner the necessary two-thirds supermajority from voters in the nine-county

Despite swings in short-term rates, issuance of variable rate demand obligations and other floating-rate debt has steadily increased over the past several years, with variable rate (short put) issuance during the first half of 2024 rising to $7.077 billion, an 11.6% increase year-over-year, LSEG data shows. Issuance rose to $13.239 billion in total in 2023

Bond insurance continues to be used by issuers and sees strong demand from retail and institutional investors, as the amount of debt wrapped by bond insurance rose 19.5% in the first half of 2024 year-over-year. Municipal bond insurers wrapped $18.592 billion in the first half of 2024, an increase from the $15.561 billion insured in

Issuance surged in the first half of 2024, as drying up federal aid, a resurgence of Build America Bond refundings and front-loaded deals ahead of the election contributed to the rise in volume after two down years. Total volume for 1H 2024 was $242.162 billion in 4,208 deals, up 32.3% from $183.076 billion in 3,916

Municipal bond volume in the Northeast increased more than any other region in the first half of 2024. Issuers sold $61 billion of debt in 678 deals, a 55% increase over the same period last year. Each of the region’s 11 states outpaced its volume from last year, according to data from LSEG, with most

Municipals were slightly better on the short end Friday, reversing some of Thursday’s losses, while U.S. Treasuries made small gains across the curve and equities were up near the close. Triple-A yields closed out the week on better footing by one to three basis points, albeit in light secondary trading, ahead of a much larger

The letters are flying in the partisan debate over environmental, social and governance issues. A group of 20 state attorneys general led by Florida have slammed the U.S. Treasury Department’s recent warning against some state banking laws that the department said could undermine national security. In the Aug. 1 letter to Treasury Secretary Janet Yellen,

Colorado Gov. Jared Polis on Thursday called a special legislative session for Aug. 26 on further property tax cuts to circumvent proposed ballot initiatives that could negatively impact public financing and education and local government funding in the state. The Democratic governor said “the cost of inaction is too high” and pledged he won’t sign into

Insurance fraud charges against Austin Independent School District Chief Financial Officer Eduardo Ramos that were not related to his job were dropped by law enforcement in Texas, the school superintendent announced Thursday.  Ramos, who joined the district as CFO in August 2021, resigned eight days before his July 31 arrest after which he was placed

Missouri’s Kansas City Public Schools is looking to take its modernization plan to voters and seek approval for a $474 million general obligation bond measure next April.  The district plans to devote $424 million of the bond proceeds to facilities upgrades for KCPS schools and $50 million to participating charter schools, according to Shain Bergan,

Last month, California became the first state to win funds from the Department of Energy’s prominent program to create a series of regional hydrogen hubs to kickstart a new national energy economy. The California Hydrogen Hub received an initial $30 million to begin planning and design phase and will eventually receive up to $1.2 billion

The Louisiana State Bond Commission approved up to $1 billion of gas and fuel tax bonds, $175 million of sewer revenue bonds, and $100 million of New Orleans port bonds Thursday. The refunding of state gas and fuel tax bonds will feature a tender offer to holders of $750 million first-lien bonds and holders of

Municipals felt the pressure of a U.S. Treasury market selloff, but outperformed their taxable counterparts, after better economic data sent investors flocking to equities in a risk-on trade. Triple-A yields rose two to four basis points, depending on the yield curve, while UST saw losses of up to 15 basis points on the short end,

The Metropolitan Atlanta Rapid Transit Authority was upgraded to AA-plus from AA by Fitch Ratings Wednesday. The ratings affect MARTA’s sales tax revenue bonds rated by Fitch and its issuer default rating and carry a stable outlook. As of March 25, the authority had $2.02 billion in sales tax revenue bonds outstanding, according to Kroll

Utah voters will weigh big bond propositions Nov. 5 as two top-rated issuers seek authorization for $1.237 billion of general obligation debt.  The Salt Lake City School District Board of Education approved a plan last week to seek $730 million of bonds to rebuild two high schools, construct an athletic field house, and upgrade facilities.

The Biden Administration is taking unprecedented steps to address the rising heat in what many are already deeming the hottest year on record by releasing its National Heat Strategy, a 37-page strategy document outlining how the Administration will work with federal agencies and state and local governments to address the growing threat of extreme heat.