Bonds

U.S. public-private partnership activity weakened last year but the longer-term trend of a rising number of P3s held strong while the future boasts a healthy project pipeline and infrastructure funds looking to invest. The southeast region remained the frontrunner in the space, with big-ticket projects queued up in Georgia, Louisiana and Tennessee. Availability-payment P3s remained

Texas lawmakers held a marathon hearing last week to grill public university leaders on their compliance with a 2023 state law banning diversity, equity, and inclusion (DEI) offices at their schools or face financial consequences.  Ahead of the hearing, Republican State Sen. Brandon Creighton, who chairs the chamber’s Subcommittee on Higher Education, warned higher education

Municipal bonds tied to Destiny USA, the biggest shopping mall in New York state, will probably default, just not imminently, according to Fitch Ratings.  Fitch raised its rating Monday on about $260 million of municipal bonds, backed by payments-in-lieu-of-taxes, from C — the lowest category before default — to CC. The debt, issued to expand

Greensboro, North Carolina, is expected to price $175 million of bonds next week, $25 million of which are taxable bonds, with the proceeds being used to redeem outstanding bond anticipation notes. The North Carolina Local Government Commission approved the Greensboro bonds earlier this month as well as $212 million of bonds from Raleigh, with an

Municipals were weaker to start the week, as U.S. Treasury yields rose slightly and equities were mixed near the close. Muni yields rose up to nine basis points, depending on the scale, while UST yields rose up to three basis points. “While we acknowledge that the market tone is weaker [Monday], we are generally constructive

Should the Municipal Securities Rulemaking Board’s one minute reporting proposal go forward in any form resembling the one filed with the Securities and Exchange Commission in January, the proposal should also include a broad exception for manual trades, an in-depth examination of the rules’ affect on liquidity, transparency and market concentration, and additional relief for

The extended saga of budget approval in Virginia is over with some help from compromise and a stronger than expected tax collection season.   “This budget resolution was empowered by the strength of our labor market, with more Virginians working than ever before and investments by businesses large and small, that have fueled record revenues for

As the muni market relies on technology, there’s a school of thought that new systems and processes are favored over personal relationships, sacrificing personal touch for efficiency and automation. However, some market participants argue the contrary, believing technology only further enhances the interpersonal relationships of this highly relationship-based industry. “The industry is built on relationships,

The Municipal Forum of New York presented three awards to industry leaders and veterans at its annual awards and leadership fellows fundraising dinner.  Recipients included Marjorie Henning, retired deputy comptroller for public finance for the New York City Comptroller’s office; Albert Simons, retired partner at Orrick, Herrington & Sutcliffe; and New York City Budget Director

The New Jersey Turnpike Authority returned to the market last week with a $684 million deal, with a structure that has also returned to the market: forward delivery bonds.  Forward delivery bonds may become attractive to issuers, some analysts say, as they try to maximize their savings in a market with uncertain interest rates.  A

Virginia Beach tapped the municipal bond market to help fund a surf park development backed by multi-Grammy award winning artist Pharrell Williams.  The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing the construction of a 3,500-person entertainment venue, parking facilities and land acquisitions, as

Municipals were steady to slightly weaker in spots ahead of a $12 billion-plus calendar, while U.S. Treasury yields rose and equities were mixed near the close There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week’s largest negotiated deal from Harris County, Texas, with $950 million of

A Senate Finance Committee hearing led by Sen. Ron Wyden, D-Oregon, contemplated ways to smooth funding for rural hospitals as the number in the red has spiked in recent years. Rural hospitals and clinics across the U.S., including in Oregon, have been particularly hard hit by the challenges facing healthcare over the past several years.

States are casting around for solutions to a drop in gas tax revenues which includes hiked registration fees and the expansion of toll roads, which remains politically sensitive.  “Various projections from state DOTs, think tanks, and economists show that gas tax revenue, which is the largest source of revenue for state transportation trust funds, is

The median audit time for all municipal bond sectors rose nearly 10.5% from 2011 to 2022, according to a new report from the University of Illinois-Chicago and Merritt Research Services.  The report also found a direct correlation between audit timeliness and credit rating for all governmental bond sectors and a majority of revenue bond sectors.

The Federal Reserve’s delay of interest-rate cuts in a bid to temper inflation runs the risk of falling behind the curve, according to Mohamed El-Erian. “The Fed pivoted on the basis of data. It was the opposite of the pivot that they did in December — now they have to do a U-turn,” El-Erian, the

California Gov. Gavin Newsom is seeking to halt the trend of property insurers exiting the state, citing losses, by expediting how quickly they can increase rates. Newsom announced plans to draft a trailer bill to speed up work done by the state’s Insurance Commissioner Ricardo Lara during Friday’s briefing on May revisions to his proposed

Municipal bonds saw a touch of weakness in spots as the last large issues of the week priced while municipal bond mutual fund flows show retail engaged and high-yield continuing to outperform the broader investment-grade market. U.S. Treasuries faced some pressure on a slew of economic data and Fed speak that gave participants pause on

Exchange-traded funds have seen inflows over the past several weeks as demand grows, showing improved retail investor sentiment and a better market environment overall. LSEG Lipper reported muni ETFs saw $91 million of inflows for the week ending Wednesday after $922 million of inflows the week ending May 8, while the Investment Company Institute reported

Texas Capital is starting a public finance business in Texas, hiring a former UBS Financial Services investment banker, the company announced Wednesday. The move by the Dallas-based financial services firm comes as the ranks of underwriters in Texas have thinned under state laws that prohibit contracts with companies that “boycott” or “discriminate” against the fossil

The judge in the Puerto Rico Electric Power Authority bankruptcy rejected a bond party request that she consider new evidence of the authority’s ability to pay back debt. U.S. District Judge Laura Taylor Swain released her three-paragraph ruling Wednesday afternoon. Swain said the bondholders who asked her to consider new LUMA Energy projections of electricity