In an April 2 special election, voters in Missouri’s Jackson County, home of Kansas City, will decide whether to impose a countywide sales tax to direct more than $50 million per year for 40 years toward a new ballpark in the Crossroads district of midtown Kansas City. In addition to funding a new stadium for
Bonds
BofA Securities has hired three former Citi employees to help it grow and expand into aviation technology and housing securitization. The latest hires from Citi are Bob DeMichiel as a managing director and senior investment banker for the airline and transportation sector, and Raymond High and Mike Koessel as directors and senior investment bankers for housing and securitization. “These
Fitch Ratings affirmed the A rating on Miami-Dade County, Florida’s $1.8 billion of senior lien seaport revenue bonds issued for the county’s seaport department, PortMiami. The rating outlook is stable. The senior lien bonds are secured by a first-lien pledge of seaport net revenues. Fitch has also rated the $442.5 million of the county’s Series
In the Closing Remarks of a Compliance Conference on Dec. 7, the Director of the Office of Municipal Securities of the U.S. Securities and Exchange Commission noted the SEC recently finalized its cybersecurity rule for public companies. The Director then suggested that “everyone take a minute to review the Adopting Release for the rule because
As the Bipartisan Infrastructure Legislation hits the halfway implementation mark, federal officials are urging municipalities to lobby for a reauthorization. The BIL, also known as the Infrastructure Investment and Jobs Act, promised over a trillion dollars of infrastructure funding to states, municipalities, and Native American tribes when it was launched in 2021. The money comes with
The Florida state legislative session ended Friday with lawmakers approving a $117.46 billion budget for fiscal 2024-2025, up 0.8% from the $116.5 billion fiscal 2023-2024 budget. This year’s budget provides another $500 million toward accelerating the debt pay-down. The general fund budget totals roughly $49.4 billion, a 7.2% increase from the current fiscal year’s budget
Municipals were little changed Wednesday as two billion-dollar-plus deals from the Dormitory Authority of the State of New York and CommonSpirit Health took focus. U.S. Treasuries were weaker and equities were mixed. The two-year muni-to-Treasury ratio Wednesday was at 59%, the three-year at 59%, the five-year at 57%, the 10-year at 57% and the 30-year
Expansionary fiscal policy, Biden’s industrial policy and strong consumer spending are expected to outweigh higher interest rates and restrained growth, decreasing the likelihood of a recession in 2024, according to the UCLA Anderson Forecast. January’s drop in retail sales and housing starts was due more to the weather in the eastern U.S. than a pullback
The Kansas Department of Transportation expects to head to the municipal market this summer with its first bond issue to help finance a $10 billion, statewide transportation improvement program. The $200 million of bonds backed by state highway fund revenue will be sold in a negotiated deal for the 10-year Eisenhower Legacy Transportation Program, which
High-speed rail would win $205 billion of federal support over five years under a bill introduced last week that’s gained 30 co-sponsors, all Democrats, and support from high-speed rail and labor groups. Rep. Seth Moulton, D-Mass., and Rep. Suzan DelBene, D-Wash., introduced the American High-Speed Rail Act, H.R. 7600, to invest in the development of
Stifel has hired Joseph Narens, who spent a decade at Citi, to oversee the firm’s institutional high-yield trading across the firm’s municipal securities business line. Narens joined Stifel Wednesday as managing director and head of High Yield Municipal Trading. Prior to joining Stifel, Narens spent 10 years at Citi, most recently as the head of
Chicago plans to issue $80.865 million of senior lien airport revenue refunding bonds for Midway International Airport in a deal that would replace variable-rate debt and associated swaps with fixed-rate bonds. The pricing date is flexible, said city of Chicago Chief Financial Officer Jill Jaworski. “The Midway deal is day to day,” Jaworski said, adding
Parties to the Puerto Rico Electric Power Authority bankruptcy are arguing the fairness of four deals and whether the participants’ votes for them should be disqualified. On Monday afternoon the Puerto Rico Oversight Board asked U.S. District Court Judge Laura Taylor Swain to reject Syncora Guarantee’s and GoldenTree Asset Management’s request for the classes’ votes
To address concerns about a healthcare shortage in western Wisconsin, Wisconsin Gov. Tony Evers on Feb. 28 signed a bill that made available $15 million in healthcare grants to hospitals to help them provide services. The $15 million — which Evers, a Democrat, urged the state legislature’s Republican-controlled Joint Finance Committee to release immediately —
Keeping state coffers stocked and liquid requires a delicate mix of analysis, hedging and listening, with an emphasis on remaining nimble over the coming months. “Over the last eighteen months, the Fed’s told you what the answer is, and the market has continually bet against them,” said Thomas Waters, chief investment officer, Pennsylvania Treasury. ”They’ve
Enjoy complimentary access to top ideas and insights — selected by our editors. The top five bond financings in the ranking have an average dollar volume of more than $957 million. The top 20 bond financings have a cumulative amount of more than $11 billion. Scroll through to see which bond financings are in the
Munis were steady as the primary market took focus with the $2.8 billion retail pricing from the Dormitory Authority of the State of New York. U.S. Treasuries were weaker and equities rallied after the Consumer Price Index showed inflation ticked up in February. Bond yields didn’t move much upon the CPI release, but Treasuries grew
President Joe Biden Monday proposed a fiscal 2025 budget that features a new capital program for airports, broadens the uses of capital transit dollars and chips away at a growing problem for states over the timing of the flow of highway funds. The Internal Revenue Service would see a funding infusion for enforcement, an issue
Municipal issuers who’ve yet to make a habit of disclosing material climate-related risks may be at risk of violating the Securities and Exchange Commission’s antifraud provisions, following the rollout of its newly updated climate rule last week. The SEC’s new climate rules, reviled by many on both sides of the aisle for either doing too
Private entities pitching Florida local governments on unsolicited public-private partnerships would face less competition and a smoother approval process under a bill that the Legislature passed and sent to Gov. Ron DeSantis last week. Senate Bill 781 would allow a local government to enter into an unsolicited proposal for a P3 without engaging in a
A yearend rally led to ownership growth by most sectors in the fourth quarter fueled by a surge in retail, separately managed account buying and an uptick in institutional holdings, while year-over-year data shows the continued trend of dwindling bank holdings and dramatic drops in overall ownership by life and property and casualty insurance companies
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