Bonds

The Internal Revenue Service has finalized the rules monetizing clean energy tax credits, which frees up non-profit power companies to issue more debt that can be used to finance electrical infrastructure projects.   “Elective payment” was created by the Inflation Reduction Act and allows non-profit power companies to use tax credits created through green energy projects

Utah Gov. Spencer Cox said Thursday he will sign by the end of the day a bill that has been flagged by the Intermountain Power Agency (IPA) as posing risks to its bond-financed transition from coal to cleaner fuels.  The legislation aims to keep the state’s largest coal-fired power plant located near Delta, Utah, in

House Speaker Mike Johnson has unveiled a new $1.2 trillion spending package to keep the federal government funded throughout the remainder of FY 2024 in a bipartisan compromise bill that cuts $20 billion from the Internal Revenue Service, and provides massive funds for defense and homeland security, among many others. The introduction of the bill

Investors turned up the heat Wednesday on the Regents of the University of California’s $1.1 billion Build America Bonds refunding, bringing on high-profile law firm Kramer Levin and telling the university it must either pay bondholders more for the make-whole premium, cancel the deal or face a lawsuit for breach of contract. It’s the latest

Initial funding for a $2.55 billion bond-financed terminal project at Houston’s George Bush Intercontinental Airport is moving forward after months of delays. The city council on Wednesday appropriated $150 million, which marks the first portion of the city’s share of the project that will be financed with up to $624 million of general airport revenue

With the high-yield municipal bond market riding a tide of inflows and new deals in 2024, investors say Citigroup’s December exit from the space appears manageable so far, but that the true test will come when flows reverse and the market has to fare without its longtime, go-to liquidity provider. For a thinly traded market

The Kentucky State Property and Buildings Commission has $649 million of bonds on the calendar next month in a deal that will refund all of its outstanding Build America bonds, provide new money for capital projects and include a tender offer. Separately, the Kentucky Housing Corp. and the Kentucky Infrastructure Authority are seeking firms to provide

The whistleblower who brought a lawsuit charging Wall Street banks with rigging the state of Illinois’ variable-rate bonds will receive a $14.4 million payout under a final settlement that ends the decade-long case. The payout is part of a $70 million agreement that the group of eight banks agreed to pay last year to end

State tax revenue collections are softening and some are even negative compared to a year earlier, analysts say. “Most states are now grappling with weakened tax revenues and growing uncertainties, particularly related to the presidential election, potential federal policy changes, and geopolitical crises,” said Urban Institute Principal Research Associate Lucy Dadayan. “Overall, growth in state

S&P Global Ratings on Wednesday upgraded Louisiana’s general obligation bonds to AA from AA-minus. S&P also raised the long-term rating on the state’s appropriation-backed debt to AA-minus from A-plus. “The upgrades reflect our view of Louisiana’s demonstrated commitment to improving and maintaining reserves above levels that we consider very strong and the state’s ongoing effort

Municipals were weaker Wednesday with the largest losses on the front end, leading to muni to UST ratios rising slightly there as a result of a firmer U.S. Treasury curve10 years and in, while equities rallied after the Federal Open Market Committee kept rates unchanged. Treasury bonds rallied after the announcement as the market interpreted

The state of California has published its fiscal year 2022 annual comprehensive financial report, marking the fifth year in a row the state’s ACFR has been significantly delayed. The audited financial statements were dated Friday and announced Monday by State Controller Malia Cohen, almost a full year later than the state’s internal goal of releasing

A proposed settlement with firefighters would cost Houston about $72 million a year to cover debt service payments on $650 million of judgment bonds and to fund pay hikes under a five-year contract, the city council learned Wednesday. The deal announced by Mayor John Whitmore last week got its first public airing at the council

The Securities and Exchange Commission to is under fire from lawmakers and the financial industry regarding the volume and scope of regulations raining down from the regulator under the leadership of Chairman Gary Gensler. “Chair Gensler’s frenetic partisan rulemaking agenda at the SEC has threatened the health of U.S. capital markets and highlights the need

An effort by Utah lawmakers to keep a coal-fired power plant in operation poses risks to the Intermountain Power Agency (IPA), which issued bonds to finance its transition to cleaner fuels and has asked the governor to veto the legislation.   Senate Bill 161, which was passed by the legislature in late February would require IPA

On Friday, the Chicago City Council’s Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds that Mayor Brandon Johnson has urged the City Council to approve. But no vote will take place on the bonds as of yet. The Johnson administration is reportedly aiming to pass the bond measure

On Thursday, southeast North Dakota residents voted down a $14.84 million bond referendum for the Oakes Public School District. The district is about 114 miles from Fargo, near the border with South Dakota. The general obligation bonds were to go toward HVAC and window replacements, Americans with Disabilities Act-compliant restrooms, underground sewer pipes replacements and

The municipal primary market was active Tuesday while triple-A scales were little moved despite U.S. Treasury gains ahead of the Federal Open Market Committee meeting conclusion Wednesday. Various large new-issues were well-received and cleared the market Tuesday, with several repricing to lower yields. Despite several larger deals entering the primary, the large amounts of cash

Three months after Florida’s private intercity passenger train system, Brightline, disclosed a 21% decline in projected ridership for 2024, it’s cutting its forecast again.  The Fortress Investment Group-backed Brightline now anticipates carrying a combined 4.9 million passengers this year on its new long-distance service between Miami and the Orlando airport and the five-year-old South Florida

The Puerto Rico Oversight Board’s proposed Puerto Rico Electric Power Authority plan of adjustment is in the hands of U.S. District Court Judge Laura Taylor Swain, while some observers expect an appeals court to overturn rulings underlying the plan, which would force a revision. After final oral arguments were made Monday, Swain said she would

The Securities and Exchange Commission’s new climate rule will hack away at the SEC’s already well-established materiality standard and will mandate disclosure rules that work for Wall Street banks but have little relevance to many public companies across the country. That’s according to local leaders from Tennessee testifying during the House Financial Services Subcommittee on