Bonds

A $1 billion expansion project for an Austin, Texas, wastewater facility, which moved forward in the city council last week, will be funded in part with revenue bonds. The financing plan calls for a combination of water and wastewater system revenue bonds, cash financing, and potential low-interest loans from the Texas Water Development Board and/or

A Connecticut firm’s recent bankruptcy highlights the challenge of investing in the senior living sector, known throughout the muni market as one of the riskier areas, particularly in a post-COVID world. However, some market participants are still bullish, fueled by spread pickup, macro dynamics and demand-driven expansion.  The senior living sector has always been challenged,

A 2017 constitutional challenge to Arizona’s system for funding public school facilities that spotlights districts’ unequal access to local property taxes and bond issuance finally went to trial last week.  The case, filed in Maricopa County Superior Court by school districts and others against state School Facilities Board officials, contends the funding system violates the

The American Public Transportation Association sent a letter to lawmakers calling for a full appropriation of $42.5 billion in rail funding promised by the Bipartisan Infrastructure Legislation.   Per the letter, “These historic investments in public transportation will help communities of all sizes flourish, connecting workers to jobs, students to school, and people to healthcare,” said

The backers of a tax measure to shore up funding for ailing San Francisco regional transit providers, notably the Bay Area Rapid Transit District, pulled it amid opposition on several fronts. Sen. Scott Wiener, D-San Francisco, and Sen. Aisha Wahab, D-Hayward, who authored Senate Bill 1031, had promised further amendments as it moved to the

Municipals were firmer Monday ahead of an increase in supply, as U.S. Treasury yields fell and equities ended mixed. With another week of increased supply, pressure in the near-term will continue, “but with higher yields and muni-to-Treasury ratios cheapening, munis are at attractive levels as yields are at year-to-date highs,” said Jason Wong, vice president

Amid increasing signs of financial and operational distress, the U.S. Virgin Islands Water and Power Authority board Monday announced CEO Andrew Smith will resign, effective June 30. The WAPA board held an emergency meeting Friday afternoon to deal with several topics. Nearly the entire meeting was held outside of public view but at least two

Energy Secretary Jennifer Granholm said Friday the U.S. needs to triple its nuclear capacity to meet President Joe Biden’s goal of net-zero emission by 2050. Granholm made the comments in Waynesboro, Georgia, where she joined a host of public officials celebrating the commercial start of the Unit 4 nuclear reactor at Plant Vogtle. The reactor

Connecticut is gearing up to issue $450 million of general obligation bonds aimed first to retail Monday, in a deal with many features that are popular in the current market, particularly more than half offered to taxable muni investors.  The bonds will also be buoyed by Connecticut’s brand — the state has developed a reputation

Municipal supply is set to top $14 billion next week, a high not seen in almost seven years, just as yields have hit year-to-date highs and relative value has improved. While participants expect some pressure ahead in the near-term, they also say the current yield and ratio set offers investors opportunity. The hefty primary next

Oregon economists in their June forecast predicted a 50-50 chance the state’s residents will receive a kicker tax credit in 2026 as revenues are coming in at a slow and steady pace. The state has a trigger mechanism that returns money to taxpayers every two years through a so-called kicker rebate if personal income taxes

On Tuesday, Moody’s changed its outlook on Maryland’s credit rating to negative from stable due to a depletion of the state’s general fund surplus, while affirming the state’s issuer and general obligation bond ratings at Aaa. The Maryland State Treasurer’s office isn’t showing a lot of concern.  “After hosting a successful briefing with all three

Houston Independent School District officials unveiled a massive $4.4 billion bond proposal for the November ballot that would address aging facilities, update technology, and improve security without increasing taxes. The plan, presented to the district’s Community Advisory Committee on Thursday, will be heading soon to the school board for a final vote on holding a

Issuance surged in May as Fed policy uncertainty, pent-up capital needs and mega deals helped volume top $40 billion for the month, the first time since 2016. May’s volume stood at $43.957 billion in 866 issues, up 46.9% from $29.919 billion in 802 issues in 2023. This is above the 10-year average of $35.896 billion.

The major sticking points between what California lawmakers want and cuts proposed in Gov. Gavin Newsom’s May budget revisions are starting to arise with just over two weeks to go before lawmakers’ June 15 deadline to submit a budget to the governor. Assembly Speaker Robert Rivas, D-Hollister, and Senate President pro Tempore Mike McGuire, D-Sonoma

Cabrera Capital Markets has hired ex-Citi banker Tom Rasmussen as a managing director to head municipal sales, trading and underwriting as it climbs up the rankings. Rasmussen, who worked at Citi for more than 33 years running and forming teams, said he couldn’t say no to the opportunity to run Cabrera’s municipal trading and sales

The Guam Power Authority plans to sell about $64 million of revenue refunding bonds in mid-July. The board of the Guam Consolidated Commission on Utilities on Tuesday approved the deal unanimously. The Guam legislature and Gov. Lourdes Leon Guerrero have already approved it. The Guam Public Utilities Commission was expected to approve it Thursday, said

Municipals were little changed to a touch softer Thursday and mutual funds saw small outflows, setting the month to end with losses. U.S. Treasury yields fell and equities were down near the end of the trading session. Following Wednesday’s muni selloff, where yields were cut up to 13 basis points, depending on the scale, “AAA

The Washington D.C. City Council is proposing eliminating the tax exemption on interest on out-of-state municipal bonds, a revenue raising measure that the District’s mayor opposes. Mayor Muriel Bowser remains opposed to further tax hikes and laid out her position on the bond tax exemption earlier this month.  “I do not support raising additional taxes

The average time municipal issuers take to submit their audited financials to the Municipal Securities Rulemaking Board has been steadily rising since 2018 and for 2023 has reached its highest ever recorded by the board at 209 days. “The 2024 study reveals that the average length of time audited financial statements were submitted to the

Tennessee Gov. Bill Lee Tuesday signed a bill allowing local governments to issue bonds via industrial development corporations to work alongside the private sector to bolster affordable housing. The law will allow IDCs affiliated with cities and towns to sell bonds to raise the money needed to assure multi-family housing remains affordable. All municipal governments