Bonds

A slew of mega deals helped push issuance in the first quarter of 2024 to over $100 billion, buoyed by favorable market conditions and a resurgence in refunding outstanding Build America Bonds, leading some firms to reconsider total issuance expectations for the year. Sixteen deals topped $1 billion in the first quarter of 2024, double

Despite a rating upgrade ahead of the deal, Louisiana paid a wider spread to a 10-year benchmark when it sold general obligation bonds Tuesday than it did a year ago. In Tuesday’s pricing, the state paid a 15 basis point spread to the Triple-A benchmark evaluated by BVAL for the 2034 maturity, with 5% coupons.

Riley Moore, right, West Virginia’s treasurer, is running for a U.S. House seat. Moore has helped create a blacklist in his home state for banks that refuse to work with businesses in certain industries. INWOOD, W.Va. — It’s important, Riley Moore says, for people to know that his father was a banker.  Tall, sharp-eyed and

S&P Global Ratings on Wednesday upgraded its long-term rating on Detroit’s unlimited-tax general obligation debt to investment grade, raising it to BBB from BB-plus. The outlook is stable. The rating agency said the change reflected a stronger financial position and its “increased confidence in the city’s ability to sustain balance within the construct of its

Municipals were weaker, but outperformed a large U.S. Treasury selloff that hit the short end the hardest and pushed the 10-year well over 4.5% after a hot inflation report showed Fed rate cuts would be pushed further out. Equities sold off as well. “The news is sparking an equity market selloff while sending bond yields

Norfolk, Virginia, has canceled its plans to call some of its outstanding Build America Bonds, according to a financial filing issued Monday. In March, the city said in a conditional notice that it was considering a redemption of $56 million of its direct-pay taxable 2010B capital improvement BABs under an extraordinary optional redemption before the

Federal Reserve policymakers “generally favored” slowing the pace at which they’re shrinking the central bank’s asset portfolio by roughly half, minutes from their latest gathering showed. The record of the March 19-20 Federal Open Market Committee meeting also showed “almost all” officials judged it would be appropriate to begin lowering borrowing costs “at some point”

Two San Francisco public finance attorneys, who worked on one of healthcare’s largest public finance deals at their previous firm, have been hired by Chapman and Cutler LLP. Mary Kimura joined the law firm on March 28 as a partner, while Michele Dulik, started Monday as senior counsel. Both will work in the firm’s San

Virginia Gov. Glenn Youngkin on Monday presented more than 240 amendments to Virginia’s biennium budget, proposing what he called a common ground budget plan. “Today, I am proud to release my amendments for a common ground budget,” he said. “It demonstrates our commitment not as Republicans or Democrats, not as senators, delegates or a governor

The Dormitory Authority of the State of New York Board of Directors on Wednesday named Robert J. Rodriguez its acting president and chief executive officer. Rodriguez is currently New York’s Secretary of State and will start his new role on May 8. He will be acting president and CEO until confirmed by the state Senate.

The Municipal Securities Rulemaking Board has filed amendments to its Rule G-47 on time of trade disclosure with the Securities and Exchange Commission, which would add three new disclosure scenarios, update its definition of materiality in relation to the rule, and provide a few clarifying details as supplementary material. The MSRB approved the amendments during

The state of Utah has joined a Native American tribe and labor and energy groups in an effort in the U.S. Supreme Court to keep a proposed bond-financed crude oil-transporting railway project from being derailed. In so-called friend of the court brief last week, the parties backed Seven County Infrastructure Coalition’s March petition asking the

Goddard College in Vermont became the latest small liberal arts school to close, joining a wave of institutions that have made such announcements in recent months. The college, which is outside Montpelier and has just 220 students, cited a “significant and persistent decline in enrollment since the 1970s” in a press release Tuesday announcing the

As the chance to tap federal dollars through the Bipartisan Infrastructure Law inches into the final two years of the program, a growing group of policy influencers and lawmakers are moving towards a reauthorization.  “We’re having hearings right now on reauthorization,” said Rep. Rick Larsen D- Wash. “When we’re doing these hearings, we’re talking about

The Dormitory Authority of the State of New York headlined the top 10 issuers in the first quarter of 2024 with a near $3 billion deal in March. DASNY, Washington (Build America Bond refunding), (January general obligation deal), Jefferson County, Alabama, (massive $2.3 billion sewer refunding) and the New Jersey Education Facilities Authority (largely Princeton

When a ransomware attack struck the city of Huber Heights, Ohio, Nov. 12, it first showed up in a 911 dispatch center computer. A Russian hacker group known as Black Suit, said City Manager Richard Dzik, went on to encrypt multiple city servers and machines, and ultimately gained access to the data of about 5,000

Munis were a touch firmer in spots Tuesday as the primary market ramped up and investors awaited Wednesday’s inflation report to give further guidance on Fed rate cuts. U.S. Treasuries were firmer and equities were mixed at the close. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 64%, the five-year at 61%,

Florida’s Brightline passenger train, long a prominent name in the high-yield municipal market, is gearing up for its investment grade market debut with a $2 billion deal that marks a first step toward an overhaul of its debt load. Another $1 billion of subordinate high-yield bonds that will be a mix of taxable and tax-exempt

Bond parties who oppose the proposed Puerto Rico Electric Power Authority plan of adjustment are trying to bar a key document from Puerto Rico’s Fiscal Agency and Financial Advisory Authority, which could greatly undermine FAFAA’s influence in the bankruptcy’s final phase. Non-consenting bondholders said FAFAA didn’t file a pre-plan of adjustment hearing findings of fact

States and municipalities across the United States are continuing to invest in Israel bonds as the war between the state of Israel and Hamas spills over into its seventh month. Since war broke out after the U.S-designated terrorist organization Hamas attacked Israel on Oct. 7, over $1.639 billion of Israel bonds have been sold to

We are at the initial stages of a major paradigm shift that has significant implications for the municipal market over the next five to 10 years. A number of societal mega-trends will present material challenges for the municipal market. These include climate change, growing federal debt, shrinkage of the workforce, the impact of remote work,