Bonds

Municipals were steady to weaker in spots Thursday ahead of a smaller new-issue calendar while municipal bond mutual funds saw more inflows. U.S. Treasury yields rose 10 years and in and equities ended mixed. LSEG Lipper reported fund inflows of $447 million for the week ending Wednesday following $63.8 million of inflows the prior week.

A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. On Wednesday,

Hawaii Gov. Josh Green claims the state is making headway toward reducing recovery costs by getting people displaced by fires out of hotels and into permanent housing. Green has faced criticism from lawmakers for not having a cogent housing plan or coherent budget for the costs associated with the August 8 Lahaina wildfires. Lawmakers are

A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property.  The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

With tax season in full swing, the muni market is underperforming and facing selling pressure as investors move out of short-term paper to pay tax blls. However, these dynamics have not made the asset class an undesirable option for investors and most expect demand to remain strong. Munis are returning negative 0.06% month-to-date, while USTs

New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a

The Public Finance Authority’s $246.7 million tax-exempt revenue bond deal for Miami Worldcenter will help finance one of the largest urban development projects underway in the United States and provide high-yield investors with attractive yields. The deal, priced by senior manager D.A. Davidson & Co. and co-managing underwriter Truist Securities Tuesday, came with two term

Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields

Investors and credit rating agencies are weighing how much effect the collapse of the Francis Scott Key bridge in Baltimore’s inner harbor will have on the local economy and logistics on the East Coast, though early indications suggest no drastic credit impact. Early Tuesday morning the Singapore-flagged container vessel Dali lost power and crashed into a

A Washington state hospital district’s ratings fell further into junk territory and were placed on review for further downgrade, reflecting what Moody’s Ratings called “severe and immediate liquidity challenges.” Moody’s downgraded to B1 from Ba3 Whidbey Island Public Hospital District’s Series 2013 unlimited tax general obligation (GOULT) bonds affecting $43.9 million in debt. Moody’s also

Lack of operating Puerto Rico Electric Power Authority generating capacity has raised concerns about PREPA’s ability to provide adequate service and about bondholders’ ability to gain a better recovery if they win an appeal. Last week, Genera PR, the private operator of PREPA’s generation system, released a status summary of PREPA’s generation facilities as of

Enjoy complimentary access to top ideas and insights — selected by our editors. As Women’s History Month comes to a close, The Bond Buyer highlighted the trailblazing women of the public finance industry. From bankers to bond counsel and city CFOs to state treasurers, the private and public sectors include leaders in the municipal market

Following a long period of poor financial management, during which two mayors pleaded guilty to corruption charges, Paterson, New Jersey, has rejoined the ranks of investment-grade municipal credits, following Moody’s Ratings’ recent upgrade of the city’s general obligation bond rating to Baa3 from Ba1. “The upgrade to Baa3 recognizes the city’s progress toward maintaining an

When it comes to women’s advancement in public finance, Samantha Costanzo is clear-eyed yet optimistic. The former Citi banker earlier this month was tapped by Huntington National Bank to become the firm’s head of public finance, the fourth woman to ascend to the role in the municipal industry. She describes the question of equal representation

There’s a lot more than $10,000 at stake in the University of Chicago Harris School of Public Policy’s 2024 Policy Innovation Challenge, but that’s what the winning team of students will take home, along with a chance to influence decision-making on the Gordian knot of Chicago policy questions: public pensions.  The city currently has $31.8

Houston would be able to accommodate the cost of a proposed settlement with its firefighters in the near term, but will need a revenue boost to prevent a structural budget gap from growing, City Controller Chris Hollins said Tuesday. Hollins, who took office in January, said he will have to certify if funds are available

A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and

The Regents of the University of California plan to officially close its deal that redeems outstanding Build America Bonds via an extraordinary redemption provision despite the threat of an investor lawsuit. The Regents said in a supplement to its official offering statement they plan to proceed with the issuance of 2024 Series BV bonds, which

New Jersey’s Transportation Trust Fund has been fully funded for another five years under legislation signed by Gov. Phil Murphy on Tuesday. The move provides billions of dollars to modernize and maintain the state’s transportation infrastructure. The law also provides additional capital funding to NJ TRANSIT to support local and county projects. “New Jersey sits

During a 35-year career climbing from a trading desk to Oppenheimer & Co. Inc’s head of public finance, Elizabeth Coolidge has seen, and helped foster, an improved atmosphere for women across the public finance industry. Starting out in 1988 at a trading desk, “you had to have a really thick skin,” Coolidge said. “The things