Bonds

Rockefeller Asset Management added three new portfolio managers to bolster its municipal investment strategies within in its fixed income division, the firm announced Monday. Scott Cottier, Mark DeMitry and Michael Camarella will join Rockefeller from Invesco, where they managed the California Value Municipal Income Trust and the Trust for Investment Grade New York Municipals. They

Miami International Airport got a rating uplift from S&P Global Ratings, which Monday raised the long-term and underlying ratings on airport revenue bonds Miami-Dade County, Florida, issued for the facility to A-plus from A. The outlook is stable at the upgraded rating; it was positive before the upgrade. “The rating action reflects our view of

Local government officials in Texas are increasingly feeling the sting of 2021 state laws that banned big banks from underwriting municipal bonds for “boycotting” or “discriminating” against the fossil fuel or firearm industries. Several aired their grievances at The Bond Buyer’s Texas Public Finance conference in Austin last week, noting the impact of the laws,

Transportation Secretary Pete Buttigieg joined a bevy of state, federal and company officials in Las Vegas Monday to celebrate the long-awaited groundbreaking of Brightline West, a $12 billion privately owned passenger line that is vying to become the nation’s first high-speed train that advocates say will help launch similar projects across the country. “We are

Los Angeles Mayor Karen Bass has proposed $293 million of departmental cuts in her fiscal 2024-25 budget as well as the elimination of thousands of vacant city positions to close a budget gap after revenues failed to meet expectations. The mayor’s proposed $12.8 billion spending plan would close a $467 million deficit by eliminating 2,139

Fitch Ratings affirmed both Miami Jewish Health Systems and Subsidiaries long-term issuer default ratings and the the city of Miami Health Facilities Authority’s $41 million of Series 2017 revenue bonds issued by on behalf of MJHS at speculative-grade BB-plus. The rating outlook on both is negative, Fitch said. “The affirmation reflects good growth in the

Municipals were steady Monday ahead of one of the largest new-issue calendar so far this year while U.S. Treasuries were little changed and equities ended up. April continues to be a “tough month” for munis as the asset class has seen month-to-date losses of 1.02%, bringing year-to-date losses to 1.40%, said Jason Wong, vice president

The U.S. Virgin Islands Gov. Albert Bryan Jr. declared a local state of emergency Monday to stabilize the islands’ electrical system and pay Water and Power Authority debts after various government-dependent agencies had not been paying their bills. The state of emergency will let the governor use the central government’s rainy-day fund to provide money

Fitch Ratings upgraded the Kentucky Public Transportation Infrastructure Authority’s $336 million of first tier toll revenue bonds and $443 million Transportation Infrastructure Finance and Innovation Act loan to BBB-plus from BBB. “The upgrade is supported by strengthened debt service coverage ratios (DSCRs) due to better than expected recovery from the pandemic,” Fitch said Thursday. “The

Healthy reserves and plans to increase permanent funds to mitigate revenue fluctuations earned Wyoming a positive outlook from S&P Global Ratings. S&P affirmed the state’s AA issuer credit rating, which now has a one-in-three chance of being upgraded over the next two years, as a result of the the positive outlook being elevated from stable,

Enjoy complimentary access to top ideas and insights — selected by our editors. The top five bond financings in the ranking have an average dollar volume of more than $1.9 billion. The top 20 bond financings have a cumulative amount of more than $19 billion. Scroll through to see which bond financings are in the

The devil is in the details and, so far, the details are few and far between in the late once again New York State budget. Gov. Kathy Hochul last week announced a conceptual agreement with state lawmakers on the $237 billion fiscal 2025 budget. “Based on a preliminary assessment of the negotiated changes to the

A whopping $13 billion new-issue calendar awaits investors for the final full week of April in what has been a challenging month as macroeconomic data, Federal Reserve policy uncertainty and geopolitical turmoil have caused nearly daily mood swings in all markets. Triple-A yields were little changed Friday ahead of the larger calendar while U.S. Treasuries

Improved finances brought Los Angeles Unified School District upgrades from two ratings agencies as it heads to market April 24 with a $2.98 billion Build America Bonds redemption and general obligation bond refunding. The upgrades affect roughly $11 billion in outstanding GOULT bonds and $472 million in outstanding COPs. The school district is the third

A contentious rule proposal has a host of broker-dealer and investment firms calling for a rewrite as the effects on the municipal bond market portend calamity.  “Overall, we recommend that the rules in general be reconsidered and ideally rewritten,” said Susan Joyce, head of muni trading & FI market structure, AllianceBernstein. “We definitely see a

Florida’s Brightline passenger train has added a chunk of unrated tax-exempt paper to an extensive debt restructuring that may price in the coming days, according to investors. Price talk Friday for the paper hovered between 11% and 15%, said an investor who is watching the deal. The bonds are subject to the Alternative Minimum Tax.

The Municipal Securities Rulemaking Board has approved a request for comment for amendments to its Form A-12 under its registration rule A-12, which would collect information on associated persons from bank dealers for display on MSRB.org. That step was approved during the MSRB’s second quarter meeting that concluded Thursday. The meeting also discussed a bevy

The Inflation Reduction Act has paved the way for broader participation in affordable housing and a renewed focus by developers on sustainability, panelists at Baker Tilly’s 2024 DevelUP conference said this week. One panelist called the 2022 law “the largest opportunity to build foundational generational wealth that you will experience,” and others praised the tax

California’s Hollywood Burbank Airport has embarked on a $1.3 billion project to replace its dowdy and arguably obsolete passenger terminal with a safer, more comfortable and contemporary one. Paying for the project, which broke ground in January, will add substantial debt to the balance sheet of an airport that hadn’t issued bonds since 2015. The

Municipal bond mutual funds saw the first large outflows of 2024, marking tax-deadline selling pressure coinciding with higher rates and volatile U.S. Treasury market moves. LSEG Lipper reported $1.47 billion of outflows from municipal bond mutual funds for the week ending April 17, “as higher rates and tax liabilities drove outflows from both [exchange-traded funds]

On Tuesday, global law firm Nixon Peabody LLP released the names of newly minted partners and counsels who have arrived at the next level in their public finance career.  According to the firm, “Nearly 80% of the new partners are members of historically underrepresented groups at the partnership level in the legal profession, which aligns