Bonds

Municipals improved Wednesday, as U.S. Treasury yields fell five years and out and equities saw gains after Fed Chair Jerome Powell indicated rate cuts are still set for this year. “The Fed wants to see continued evidence that inflation is moving closer to target,” said Jeff Lipton, managing director of credit research at Oppenheimer., who

The headwinds facing the University of Idaho’s plan to acquire the University of Phoenix got a lot stronger this week; as did obstacles toward issuing bonds to fund the $685 million purchase through U of I’s affiliated nonprofit, Four Three Education. On Tuesday, the state’s House of Representatives passed House Concurrent Resolution 26 in a

The Federal Reserve’s dormant emergency lending program for state and local governments set up during the COVID-19 pandemic had a surprise return to the spotlight last Friday when Sen. Rand Paul, R-Ky., introduced a measure banning the central bank from reviving the program or buying municipal bonds in the future. “It was never intended that

Harvard University saw strong market reception to $750 million of taxable corporate CUSIPs Tuesday, becoming the latest prestigious university to tap the muni market due to pent-up capital needs amid a steadier rate environment. Goldman Sachs priced for the Presidents and Fellows of Harvard College (Aaa/AAA//) $750 million of taxable corporate CUSIPs, Series 2024A, Tuesday.

The New York Metropolitan Transportation Authority and the Triborough Bridge and Tunnel Authority are planning several note and bond sales this month, the MTA said. During the week of March 11, the MTA plans to sell two competitive payroll mobility tax bond anticipation note issues. One transaction will consist of about $500 million of MTA

When North Dakota in February issued two new series of multi-million-dollar housing finance bonds, its second such issuance in the last four months, it was both catering to a need for housing assistance and capitalizing on favorable market conditions. Ansel Caine, municipal advisor at Caine Mitter, a New York City-based firm that works with state

The Puerto Rico Electric Power Authority bond trustee said the Oversight Board’s proposed plan of adjustment breaches the bonds’ trust agreement. “There is a fundamental clash between the duties of bondholders to each other in the trust agreement and the three bondholder [plan support agreements (PSAs)] in the plan,” said bond trustee U.S. Bank N.A.

The primary market was the focus Tuesday, as several large deals priced to strong reception, led by an upsized pricing of $1.4 billion from the New York City Municipal Water Finance Authority. Municipals were little changed in secondary trading, underperforming U.S. Treasuries, while equities were down near the close, as all markets await Federal Reserve

Capital Markets Advisors and its two principals Richard Ganci and Richard Tortora, municipal advisors to the City of Rochester, New York have been denied their motion for dismissal in the ongoing Securities and Exchange Commission lawsuit against them. The charges were leveled as part of a group of actions against the City of Rochester, its

Financial woes at the University of Arizona led Moody’s Investors Service on Monday to revise the outlook on the school’s Aa2 system revenue bond rating to negative from stable. The rating agency pointed to a structural imbalance and uncertainty over the pace of operating performance improvements, along with continued integration risk related to the university’s

New York City finance officials appeared before the City Council Monday to discuss the mayor’s fiscal 2025 preliminary budget. Testimony centered around the $109.4 billion preliminary budget that Mayor Eric Adams proposed in January, which is balanced as required by law, and includes a near-record $8.2 billion in reserves, including $1.2 billion in general reserve, $4.8 billion in the Retiree Health Benefits

The city of Dolton, Illinois, in south Cook County, shares a boundary with Harvey. It also appears to share a level of financial turmoil that brings basic city operations under court scrutiny. It’s been two years since Dolton made public an audited annual financial report. But an annual treasurer’s report for 2023 shared with The

The Municipal Securities Rulemaking Board is gearing the industry up for two meetings aimed at addressing the now discarded 2024 rate card fee model. The board recently announced these meetings, the first of which will gather four trade associations and focus on the comments received, market projections and fee volatility as part of the board’s

Nearly seven years after the Puerto Rico Electric Power Authority went into bankruptcy, the restructuring entered its potential final stage with arguments over the proposed plan of adjustment’s legality and assumptions. In a separate PREPA development, the Puerto Rico Oversight Board approved a municipal bond restructuring for PREPA’s private power supplier AES Puerto Rico, which

Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Mike Scarchilli (00:00):Hi everyone and welcome to the Bond Buyer Podcast. I’m Mike Scarchilli, Editor-In-Chief of

Professional sports-hungry Utah is hoping to entice baseball and hockey to come to Salt Lake City with bills state lawmakers passed last week that authorize bond issuance for stadiums. House Bill 562 allows up to $900 million in financing to cover half the cost of a Major League Baseball stadium within a Fairpark Area Investment

The municipal primary kicked into swing Monday with New York City Municipal waters pricing for retail investors while the secondary was quiet in light trading leading to a steady tone, even as U.S. Treasuries were weaker and equities were mixed near the close. In the primary market Monday, Siebert Williams Shank held a one-day retail

The bankers on a $167.9 million refunding say San Diego Community College District became the first community college in California to tender general obligation bonds in a deal that converted taxable debt into tax-exempt for savings. RBC managing directors Karma Pemba and Katherine Jacobson priced the debt for the community college on Feb. 8, achieving

Fiscal 2024 transportation funding would remain essentially flat to the previous year under a bipartisan spending bill unveiled Sunday, with a few cuts to grant programs that President Joe Biden had hoped to fund. The full six-bill “minibus” totals $465 billion, and if passed by Friday would fund the federal agencies through the remainder of

New York City on Monday announced its selection of financial advisors for upcoming bond issuances in 2024. The Mayor’s Office of Management and Budget, the Office of the New York City Comptroller, the New York City Transitional Finance Authority, the New York City Municipal Water Finance Authority, the Hudson Yards Infrastructure Corp. and TSASC Inc.

J.P. Morgan plans to beef up its muni team, hiring three former Citi employees with plans to bring on three more in the coming weeks. The bank has also hired some analysts for its infrastructure group over the past several weeks. The latest hires from Citi are Andrew Hildreth as executive director in the infrastructure