Bonds

As states and the federal government grapple with ways to replace or complement the diminishing gas tax, the idea of a per-mile user fee has gained public support over the last decade. That’s according to the latest annual survey from the Mineta Transportation Institute, based at San Jose State University, which for the last 15

Debt issued by the California Community Choice Finance Authority, a conduit for the state’s community choice aggregators, has climbed to nearly $10 billion in the three years since its inception. The first California CCA agency was created in 2010 to offer communities alternatives to purchasing power from private utilities and to encourage growth in more

The U.S. Virgin Islands Water and Power Authority’s financial situation is the worst in more than 30 years, one board director said Thursday. Board Director Hubert Turnbull made the remark at the board’s monthly meeting as a prelude to asking CEO Andrew Smith to explain the authority’s financial situation. WAPA had to turn to the

Municipals sold off Thursday with more cuts across the curve as a correction has ensued for the asset class just ahead of the summer reinvestment season. U.S. Treasuries saw losses and equities were also in the red. Municipal bond mutual funds saw the second week of outflows as investors pulled $217.6 million from the funds

The South has been the driving force for United States population growth in recent years – in 2023 for example, the region accounted for 87% of the nation’s population growth, according to the U.S. Census Bureau. That population growth has helped spur economic growth in that region. But the changing climate may turn that equation

The Municipal Securities Rulemaking Board has retired nine separate pieces of interpretive guidance related to Rule G-12(c) on inter-dealer confirmations following the board’s request for comment on the rule. The move follows recent comments submitted by the Securities Industry and Financial Markets Association that urged the board to knock out the provision altogether, and the

As weather events become more frequent and intense, engineers say building resilient infrastructure may cost more up front, but will mitigate climate risks and save money over the long term. Cities, despite being on the frontlines of vulnerability to climate risks, say funding remains a barrier. In a survey on municipal infrastructure resilience and its

A suit filed against the Palm Beach County, Florida, comptroller for his county’s investments in Israel bonds puts a state law targeting socially focused investments in the spotlight from a different direction. The lawsuit filed last week against Palm Beach County Clerk and Comptroller Joseph Abruzzo cites a law Florida’s Republican government passed last year

Munis were weaker Wednesday as the primary market saw a slew of new deals price, adding pressure to secondary market trading. U.S. Treasury yields rose throughout most of the curve and equities ended down. Triple-A yields rose as much as 11 basis points while USTs were weaker by five basis points. As munis have seen

Indiana officials celebrated the completion of the first of three major commuter railway projects in the northwest part of the state. The Double Track Northwest Indiana project, a $650 million endeavor, involved the creation of a double track on the South Shore Line from Michigan City to Gary. It is now completed and producing revenue,

The New York Metropolitan Transportation Authority Board granted the agency approval to refund its outstanding Build America Bonds Wednesday, setting the stage for the MTA to redeem as much as $3.73 billion of its outstanding taxable paper.  The unanimous vote held at the board’s monthly meeting Wednesday did not specify whether some or all of

When it comes to the dangers triggered by climate change, the city of Miami isn’t so much in the eye of the storm as at its bullseye. Rising temperatures routinely broil Miami during the summer. Last year, the local heat index was over 100 degrees for a record-shattering 46 straight days. Sea levels have jumped

While many have traditionally viewed the municipal bond market as lagging technological innovations in other markets, Artificial Intelligence appears poised to change the game. “I do think that artificial intelligence is going to completely transform this market in every way, shape or form, everything from credit to trading,” said Barnet Sherman, professor, multinational finance &

Morgan Stanley continues to beef up its muni team with two more key hires. Dan Tomson, Citi’s former co-head of Municipal Banking and Public Finance, and David Stephan, a former J.P. Morgan executive director, have joined the firm. These hires come a few months after Morgan Stanley hired four former Citi public finance employees, three

The New York City Employees’ Retirement System will invest up to $60 million in affordable housing units, part of a public-private partnership taking over loans on nearly 35,000 units left behind after Signature Bank collapsed last year, Comptroller Brad Lander announced Tuesday.  “This investment will — in addition to preserving those 35,000 units, over 80%

Mayor Brandon Johnson’s administration feels Chicago is being unfairly rated solely on its pension liability, despite its sizable population and what it calls the most diversified economy of any major U.S. city.  Those are some of the takeaways from the 2024 Chicago Investors Conference, held on Friday at the Chicago Cultural Center in the Loop.

Municipals weakened further Tuesday in secondary trading as a large new-issue slate took focus in the primary market. U.S. Treasury yields fell and equities were in the black. Muni yields were cut up to seven basis points, depending on the scale, while UST yields fell two to three basis points, pushing muni to UST ratios

A California Senate committee received few details from the department charged with building a public broadband program on its plans to expand into underserved neighborhoods. The program faced criticism last year for prioritizing upscale cities, like Beverly Hills, over impoverished and middle-class areas, such as Los Angeles’ South Central region and Oakland, communities lacking in

A development agreement for a professional sports arena in Oklahoma City, costing at least $900 million, won approval Tuesday in a 7-2 city council vote.  The deal with the owners of the National Basketball Association’s Oklahoma City Thunder allocates the lion’s share of the project’s funding to the city, with the team contributing $50 million. 

San Antonio’s CPS Energy will head to the municipal bond market next month with a big debt sale involving a tender offer and improved outlooks for two of its credit ratings. Fitch Ratings and S&P Global Ratings, which both rated the upcoming $1.05 billion electric and gas systems revenue bond deal AA-minus, revised their outlooks

Illinois needs to address questions surrounding its Tier 2 pension benefits, and while directly fixing Tier 2’s alleged failure to meet the IRS’s minimum safe harbor standard would be credit neutral, enhancing Tier 2 benefits more broadly or erasing the distinction between Tier 1 and Tier 2 could result in a downgrade, Fitch Ratings said