Bonds

Enjoy complimentary access to top ideas and insights — selected by our editors. Of the $85.439 billion of par issued, municipal financial advisors saw $84.927 billion of business in 1,184 transactions in the first quarter of 2024. This is up from the $64.644 billion in 1,004 deals in the first quarter of 2023, out of

Texas, where the use of public-private partnerships (P3s) by the state transportation department has been stymied, is now looking to end a 52-year agreement for a toll lane project that was partially financed with private-activity bonds.  The Texas Transportation Commission voted March 28 to terminate a 2016 comprehensive development agreement (CDA) with Blueridge Transportation Group,

Municipals were steady to slightly weaker in spots Monday ahead of a rebound in issuance that tops $8.5 billion. U.S. Treasuries were weaker and equities were up. Triple-A yield curves saw yields rise up to three basis points, depending on the scale, further softening ahead of a growing new-issue slate and the last week before

Voters in the Milwaukee Public Schools District passed a referendum Tuesday that would raise property taxes to fund $252 million of additional spending. The referendum passed by a narrow margin, with 51% in favor and 49% opposed. At least 21 of the roughly 90 school referendums that were up for a vote in Wisconsin on

Seattle Mayor Bruce Harrell proposed the city’s largest property tax historically: an eight-year, $1.35 billion levy to pay for bridge, street and sidewalk projects. The Transportation Levy Proposal would replace and extend the $930 million nine-year Move Seattle levy, approved by voters in 2015, which expires this year. The current levy provides roughly 30% of

Big spending in Washington D.C.’s downtown is crashing up against a need to hold the line on cutting the city’s budget reserve funds.   “We have to worry about liquidity,” said Glen Lee, the district’s Chief Financial Officer. “And unlike other jurisdictions, we have to deal with the Congress. We are a creature of the Congress

Enjoy complimentary access to top ideas and insights — selected by our editors. Municipal issuance surged 31.7% in the first quarter of 2024, rising to $98.245 billion from $74.625 billion in the first quarter of 2023. The increased par amount was achieved in 1,607 deals in Q1 2024, up from 1,397 in Q1 2023. BofA

New York State officials extended the state’s fiscal 2025 budget deadline a second time Thursday as legislators aim to resolve challenges, including education and affordable housing funding, with another new deadline — Monday, April 8. And another deadline extension seems likely, as many lawmakers will be traveling today to see the solar eclipse, including Gov.

Enjoy complimentary access to top ideas and insights — selected by our editors. Career moves are heating up as we move through 2024, many linked to Citi’s exit from the municipal bond market in December 2023, and UBS’s exit from the negotiated underwriting business in October. Many firms are now quickly scooping up former Citi

California lawmakers fine-tuned their March budget proposal, cutting spending by $17.3 billion ahead of formal discussions to get a head start on difficult decisions amid a record deficit. Gov. Gavin Newsom, Senate President Pro Tempore Mike McGuire and Assembly Speaker Robert Rivas announced they reached an agreement Thursday, providing specifics about how they plan to

Following another better-than-expected jobs report, U.S. Treasuries sold off and were volatile throughout the session leading municipals to see a weaker, but more muted tone than their taxable counterparts. Equities rallied. The March employment report sent “the bond market in panic mode over Fed cuts being delayed,” according to Bryce Doty, senior portfolio manager/vice president at

Miami-Dade County, Florida, Mayor Daniella Levine Cava has dropped plans for a proposed a $2.5 billion municipal bond referendum in November that would have funded infrastructure projects. Instead, the mayor said Thursday she will work to propose an even larger bonding plan that will include money for transit projects. Proceeds from the “305 Future Ready”

The Department of Transportation and Baltimore County have reached an agreement to divert a previously awarded DOT grant to help nearby ports accommodate more cargo following the collapse of the Francis Scott Key Bridge. That comes along with the announcement Thursday that DOT’s Federal Transit Administration will allocate $20.5 billion to state and local government

In a ceremony watched by thousands of issuers, the White House Thursday unveiled an overhaul of how it sends billions of federal funds to cities, states and nonprofits in an effort to cut red tape, expand the pool of grant recipients and simplify reporting and compliance. “The changes being finalized and announced today are historic

The first quarter of the year saw the highest number of new municipal bond impairments since the Great Recession, according to Municipal Market Analytics, Inc. There were 47 new impairments eclipsing the previous post-Great Recession peak of 44 in 2019, the firm said in its Default Trends report released Wednesday. The first quarter’s impairments “continue

Rising interest rates have already slowed growth in a workforce housing bond program in California, and now efforts by some county assessors to levy possessory interest taxes on the property administrators are having a chilling effect. So far, only Orange and San Diego counties have followed through, while others are contemplating doing so. The program

Chicago priced $229.265 million of second lien wastewater transmission revenue bonds Thursday in a refunding deal that saw spreads tighten from the last time the issuer was in the market. This is the second wastewater deal since the city saw an upgrade in April 2023 when S&P Global Ratings raised the second lien for both

Municipals were little changed Thursday as the primary market saw several large deals price to good demand as investors see current muni yields more enticing after the rise in triple-A curves Tuesday and Wednesday. U.S. Treasuries were slightly firmer and equities were down near the close. There has been some trepidation from buyers over the

Fitch Ratings’ new U.S. local government rating criteria is expected to lead to changes to about 550 ratings in the next six months. Fitch adopted the new criteria — which will affect cities, counties, school districts, and special districts — after working on the revision since the fall. The criteria will also be used to

The Environmental Protection Agency Thursday announced $20 billion of grants to spur clean energy projects primarily in underserved areas, marking the largest federal investment to date in climate-related projects. The money, divided among eight applicants, marks the official launch of the $27 billion Greenhouse Gas Reduction Fund created by President Joe Biden’s 2022 Inflation Reduction

Municipal issuers, dealer firms, and advisors are concerned about relentless efforts to eliminate the tax-exempt status of municipal bonds to pay for budget deficits.      A recent report published by the American Enterprise Institute makes a case for keeping the 2017 Tax Cuts and Jobs Act permanent while adding in some extra provisions in order to boost economic