Bonds

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

The average annual Wall Street bonus slipped 2% to $176,500 in 2023 from the $180,000 average reported in the prior year, according to New York State Comptroller Thomas DiNapoli’s annual estimate released Tuesday. While profits at Wall Street firms increased 1.8% last year, DiNapoli said securities companies have taken a more cautious approach to compensation.

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Texas laws that bar investment banks from underwriting state and local government debt if their policies are deemed harmful to the fossil fuel or firearms industries will have negative consequences for taxpayers and the business climate, according to a study released last week by a state business group. The study, conducted for the Texas Association

The political headaches that have long plagued Build America Bonds in the form of annual subsidy cuts may dampen interest in President Joe Biden’s new direct-pay tax credits while highlighting the value of the traditional tax exemption and even sparking new infrastructure finance proposals, market experts said. “The exposure to the vacillations of the federal

The number of Federal Reserve rate cuts expected this year has dwindled and the first one isn’t likely before June, analyst said, as inflation numbers continue to come in hotter-than-expected. While the market was initially expecting six or seven 25 basis point cuts this year, Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement

Municipals were slightly weaker by a few basis points Monday as the New York Metropolitan Transportation Authority offered $1.3 billion of revenue refunding green bonds to retail investors. U.S. Treasury yields rose ahead of the Federal Open Market Committee meeting and equities ended the session up. In the primary market Monday, Jefferies held a one-day

The California Senate introduced a plan that would shrink the state’s deficit, but still leave a sizable gap. Calling it an early stab at the shortfall, Sen. Leader Mike McGuire, D-North Coast, and Senate Budget & Fiscal Review Committee Chair Scott Wiener, D-San Francisco unveiled a plan last week that cuts $17 billion through program

Assured Guaranty has promoted two of its employees and brought on a former Citi employee to grow its new-issue and secondary market business. Marc Livolsi will now act as the firm’s U.S. Public Finance New Issue Marketing and Business Development, and Evan Boulukos will lead Assured’s Secondary Markets desk, both of whom will report to

Municipal bond buyers hungry for high-yield paper will get to feast on a deal coming to market this week from a New York issuer. The Suffolk Regional Off-Track Betting Corp. in New York will issue $349.02 million of Series 2024 tax-exempt revenue bonds. KeyBanc Capital Markets is expected to price the deal on Tuesday. Munistat

Private borrowers that issue tax-exempt bonds through Pennsylvania conduit issuers don’t need to follow the state’s prevailing wage requirements for public projects. That’s the final word from the Pennsylvania Supreme Court, which in February decided a case that was filed in 2018 over bonds issued in 2016. Ursinus College issued bonds through a public authority

Rich valuations 10-years and in, municipal outperformance to U.S. Treasuries and an overall drumbeat that supply is not meeting demand — yet cash sits sidelined — was the theme for the week. All else being equal, expectations for more of the same will greet the market next week, along with several New York credits and

Houston will end its eight-year-long impasse with its firefighters union under a $650 million settlement financed through the issuance of judgment bonds, Mayor John Whitmire announced Thursday. The agreement provides lump sum payments to current and retired firefighters to cover back wages owed while they worked without a contract since the last one expired in

The Municipal Securities Rulemaking Board held the first of its two stakeholder meetings on Thursday, gathering trade groups representing the professionals from which the board derives its fees to discuss its now abandoned rate card model, the volatility of its fees and how many of its fees and expenses are allocated. According to both members

Property insurers’ growing reluctance to insure homes exposed to severe weather should raise a red flag for the municipal bond market, which so far has shrugged off risks but will soon have to grapple with major climate-driven shifts in credit quality and bond prices. That’s according to panelists who spoke Thursday during a webinar titled

Hawaii Department of Transportation airport division revenue bond ratings and bonds issued by the state backed by car rental fees were upgraded by Fitch Ratings, which cited full recovery on enplanements. Fitch upgraded the airport’s $1.7 billion in revenue bonds to AA-minus from A-plus and $111.6 million in certificates of participation to A-plus from A

Dealers are stepping up lobbying efforts and bringing the Municipal Bonds for America Coalition, a group headed by Bond Dealers of America, back into view as the tax debate begins again. The coalition, comprising investors, underwriters, municipal advisors, insurers and bond counsel has pounced on the idea of tax reform after President Biden made tax

Philadelphia Mayor Cherelle Parker delivered her $6.29 billion fiscal 2025 budget, five-year financial and strategic plan and six-year capital program to the City Council on Thursday, with plans to hit the bond market. The fiscal 2025 proposed capital budget requests about $295.67 million in new city-backed general obligation bond borrowing and $583.38 million of prior

To toll, or not to toll, that is the question for Oregon lawmakers as they continue work on a comprehensive plan to create a sustainable revenue stream that will support the state’s transportation infrastructure. Oregon Gov. Tina Kotek sowed confusion on Monday when she halted plans to toll Portland-area freeways, citing uncertainty about freeway project

Municipals were weaker Thursday, but outperformed U.S. Treasury market losses, as the final large deals of the week priced, including several housing issues. Equities ended down. Municipal bond mutual fund inflows continued for the third consecutive week as LSEG Lipper reported investors put $295.5 million into the funds for the week ending Wednesday with high-yield

IDEA Public Schools in Texas will operate under state oversight as part of a settlement agreement with the charter school network, which was the target of a probe since 2021 into alleged financial and operational improprieties. The Texas Education Agency (TEA) appointed two conservators to oversee and direct IDEA’s actions, facilitate a needs assessment, conduct