Bonds

Munis were steady as the primary market took focus with the $2.8 billion retail pricing from the Dormitory Authority of the State of New York. U.S. Treasuries were weaker and equities rallied after the Consumer Price Index showed inflation ticked up in February. Bond yields didn’t move much upon the CPI release, but Treasuries grew

President Joe Biden Monday proposed a fiscal 2025 budget that features a new capital program for airports, broadens the uses of capital transit dollars and chips away at a growing problem for states over the timing of the flow of highway funds. The Internal Revenue Service would see a funding infusion for enforcement, an issue

Municipal issuers who’ve yet to make a habit of disclosing material climate-related risks may be at risk of violating the Securities and Exchange Commission’s antifraud provisions, following the rollout of its newly updated climate rule last week. The SEC’s new climate rules, reviled by many on both sides of the aisle for either doing too

Private entities pitching Florida local governments on unsolicited public-private partnerships would face less competition and a smoother approval process under a bill that the Legislature passed and sent to Gov. Ron DeSantis last week. Senate Bill 781 would allow a local government to enter into an unsolicited proposal for a P3 without engaging in a

A yearend rally led to ownership growth by most sectors in the fourth quarter fueled by a surge in retail, separately managed account buying and an uptick in institutional holdings, while year-over-year data shows the continued trend of dwindling bank holdings and dramatic drops in overall ownership by life and property and casualty insurance companies

Taxable munis are outperforming tax-exempts, U.S. Treasuries and corporate bonds because of a dearth of taxable muni supply and a macroeconomic picture that is favorable for the sector. Taxable munis have returned 1.48% month to date and 0.29% year-to-date while investment-grade munis have seen 0.44% returns so far in March and 0.05% year-to-date. USTs are

Seventeen years after Branson Airport issued bonds to fund the construction of an airport that opened in May 2009, it is again asking for forbearance from bondholders as it seeks federal funds for upgrades. Bond trustee UMB Bank last month filed notice to bondholders that the airport’s leaders want to pursue federal grant funding for

New Mexico Gov. Michelle Lujan Grisham signed a fiscal 2025 budget last week as she wrapped up action on legislation that did not include a bill to begin financing her $500 million strategic water supply proposal for the drought-prone state. The $10.2 billion spending plan for the fiscal year that begins July 1, marks a

The National Football League’s Chicago Bears are pursuing plans to build a publicly owned domed stadium in Chicago, boosted by $2 billion of private funds.  The team has changed course after chasing a planned stadium development in Arlington Heights, a northwest suburb of Chicago, where talks were bogged down amid disagreements with three area school

Munis were steady Monday ahead of a large new-issue calendar, while U.S. Treasuries were weaker and equities ended mixed. Munis continue to see strong demand for bonds over the past several weeks, which has “pushed munis to be richer on a relative value basis versus Treasuries,” said Jason Wong, vice president of municipals at AmeriVet

Raymond James has scooped up 10 former Citi employees, including six senior bankers, in an expansion effort that establishes a public finance office in Seattle for the firm, creates a dedicated public power practice, grows its West Coast footprint and enhances the firm’s housing finance group. Decisions by UBS and Citi to exit public finance

The U.S. Department of Transportation Monday released a long-awaited funding opportunity for states and cities interested in public-private partnerships for transportation projects under a first-of-its-kind program that’s part of the Infrastructure Investment and Jobs Act. The $100 million Innovative Finance and Asset Concession Grant Program, created as part of the IIJA, is aimed at helping states

Issuers that have refunded outstanding Build America Bonds or have plans to do so using an extraordinary redemption provision may have legal backing, regardless of whether bondholders are “unhappy” with the deals, according to the largest bond counsel in the industry. Chas Cardall, a tax partner at Orrick, the bond counsel that worked on the

Pittsburgh-based Robert Morris University saw its rating downgraded to Ba1 by Moody’s Ratings last month, joining a wave of small colleges facing ratings pressure due to falling demand. The private university, which has about $92 million of outstanding debt, is part of a growing list of smaller higher education institutions, particularly in the Northeast, that

Municipals were steady ahead of a larger new-issue calendar, while U.S. Treasuries and equities were mixed after a better-than-expected jobs report. High-yield and taxable munis outperformed this week, Bond Buyer 30-day visible supply grows to $13.27 billion with $9 billion plus of it pricing next week and opportunistic cash continues to sit on the sidelines.

As the Infrastructure Investment and Jobs Act nears its midpoint, the massive uptick in discretionary grants for transportation infrastructure threatens to undermine the law’s effectiveness because of chronic delays and bureaucratic confusion. That’s what county and state representatives told lawmakers Thursday during a House Transportation & Infrastructure hearing on the rollout of the IIJA’s discretionary

A routine change of leadership on the House Committee on Transportation and Infrastructure is looking more like a power struggle in a legislative body that carries weight in public finance policy and rulings. On Wednesday Rep. Rick Crawford ,R-Ark., formally announced he was running for the Chairmanship of the T&I Committee while Rep. Sam Graves,

The Financial Industry Regulatory Authority has fined NewEdge Securities, the brokerage arm of NewEdge Capital Group $90,000, in addition to restitution of $44,927.83 for charging unfair prices on 62 corporate bond transactions and six municipal bond transactions. Along with the fine and restitution, the firm has been censured for violating FINRA Rules 2121 and 2010,

President Biden reignited the tax debate in his State of the Union address Wednesday, touting the progress he’s made so far in his three years in office and the amount of work still needed to be done on taxes, setting up a larger partisan battle for the coming year. “The way to make the tax

One tool aimed at helping to solve California’s notorious affordable housing crisis appears to be headed for a crisis of its own. Defaults are rising on highly leveraged unrated workforce housing bonds, primarily issued over the last few years in California to purchase apartment buildings, when interest rates were near zero. So far, six out

A group of investors have challenged the legality of the Regents of the University of California’s ability to trigger an extraordinary redemption provision to refund their outstanding Build America Bonds. This may not be the last challenge as several issuers have made clear they intend to use the ERP to refund billions of their outstanding