Bonds

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. Kyle Glazier (00:04):Welcome to another Bond buyer podcast. I’m Kyle Glazier, executive editor of the Bond

An appeals court ruling against Puerto Rico Electric Power Authority bondholders may hold positives for them, analysts say. The United States Court of Appeals for the First Circuit panel of three judges on Monday rejected GoldenTree Asset Management and Syncora Guarantee’s motion to lift the bankruptcy’s stay, which would have allowed the bondholders to appoint

Louisiana’s largest and most complex public-private partnership that will replace an aging bridge over Interstate 10 appears back on track after the state’s new administration hammered out a revised agreement with the concessionaire to assuage political opposition. The modified agreement lowers tolls and includes a 15% equity contribution for local infrastructure, new Gov. Jeff Landry

Capital Markets Advisors and its two co-principals Richard Ganci and Richard Tortora, former municipal advisors for the City of Rochester, New York, are in a legal back and forth with the Securities and Exchange Commission over whether the municipal advisor’s conduct constitutes a conflict of interest as defined in MSRB Rule G-42. That’s the latest

The Securities and Exchange Commission is starting to fill in some details to the rollout of the law that will transform the format of issuer disclosures submitted to EMMA. “The level of complication on the municipal side is definitely much more,” said Dave Sanchez, director of the SEC’s Office of Municipal Securities. “We’re very conscious

Arizona should be able to tackle a growing shortfall given the state’s improved reserves, low debt burden, and budget flexibility, Moody’s Investors Service said this week.  The state’s general fund faces projected shortfalls of $835 million in fiscal 2024 and nearly $879 million in fiscal 2025, according to the Joint Legislative Budget Committee’s latest projections,

Close on the heels of a $3 billion federal grant, the U.S. Department of Transportation Tuesday allocated $2.5 billion in private activity bonds authority for the Brightline West High-Speed Intercity rail project between Las Vegas and southern California. The DOT in 2020 allocated $1 billion in private activity bonds to Brightline, which issued the debt

Puerto Rico Electric Power Authority bondholder parties defended their liens on the authority’s revenues in recent court filings, arguing the original trust agreement lays out their claims and a statement from PREPA’s own chief financial officer confirms them. Assured Guaranty, PREPA Ad Hoc Group, bond trustee U.S. Bank NA, and Syncora Guarantee and GoldenTree Asset

Denver Health, Colorado’s sole safety net healthcare provider, is nearing a breaking point as an influx of migrants adds to escalating uncompensated care costs.  The health system has received no reimbursement for treating 8,000 migrants in 20,000 visits, Donna Lynne, its CEO, told the Denver City Council’s Finance & Governance Committee this month.  “While I

Municipals were mixed Monday ahead of a heavy new-issue slate while U.S. Treasuries were better and equities saw smaller gains after last week’s record-breaking moves. Munis continue to struggle in 2024, with the asset class seeing negative returns of 1.01% so far this year. This is a turnaround “from the last quarter of 2023 in

A California plan to build a tunnel for freshwater to bypass the Sacramento–San Joaquin River Delta has run into a legal obstacle. A Sacramento County Superior Court judge has denied the California Department of Water Resources request to validate $16 billion in bonds to finance the Delta Conveyance Project. The Delta tunnel project would divert

The Municipal Securities Rulemaking Board is currently wrestling with adding AI to its EMMA system in preparation for a machine readable future for financial disclosure.    “Last year, we received almost 12,000 primary market submissions from you, mostly in the form of official statements,” MSRB CEO Mark Kim told the Government Finance Officers Association’s Debt Committee.

Allan Katz has been named chief financial officer at Siebert Williams Shank, the firm announced on Monday. Katz comes to Siebert from Guggenheim Securities, where he was also CFO. Katz is well known for guiding operational improvement and expense control in the financial services sector, the firm said.  Guggenheim Securities is a FINRA-regulated broker-dealer. Katz was there

The Financial Industry Regulatory Authority has fined Brad Brooks, former chief compliance officer for Titan Securities for misrepresentations and omissions in connection with two municipal securities related private placements, as well as Rockefeller Financial for its failure to disclose certain mark-ups and mark-downs in municipal securities transactions. FINRA handed down the penalties in two separate

The top bond counsel in 2023 handled a combined $361.721 billion across 7,164 bond issues versus $359.189 billion in 7,882 transactions in 2022.  The top 10 bond counsel, which welcomed three newcomers, accounted for $168.232 billion across 2,118 issues in 2023. The additions, Stradling Yocca Carlson & Ruth, Bracewell and Gilmore & Bell, knocked Chapman

Moody’s Investors Service upgraded New York University Langone Hospitals’ $3.2 billion of outstanding revenue bonds to A1 from A2 and revised the outlook to stable from positive. “The upgrade reflects an expected continuation of very strong and consistent operating performance and revenue growth relative to peers, driven by NYULH’s very strong market position and highly

The budget proposed last week by New York Gov. Kathy Hochul shows fiscal discipline, analysts said, noting that the spending plan takes advantage of New York’s strong economic position to prepare for the future while still leaving some long-term questions unanswered. Her fiscal 2025 budget plan asks the state Legislature for $233 billion of all-funds

Municipal bonds were slightly weaker Friday ahead of an $8.4 billion new-issue calendar and the last full week of January. U.S. Treasuries were mixed on the day while equities saw another session of gains as markets continue to digest the unlikelihood of any Federal Reserve rate cuts in the first quarter. Triple-A yields rose two

A trial over Missouri’s first-of-their-kind ESG investment rules will go ahead after a federal judge this month rejected the state’s motion to dismiss. The Securities Industry and Financial Markets Association sued the Show Me State last August over a pair of four-month-old anti-environmental, social and governance securities rules. The measures require advisors and broker-dealers to

Santa Clara Valley Transportation Authority staff came under fire from their own auditor general for misleading communications and a “breach of transparency” regarding cost overruns and delays on the $12.2 billion San Jose extension of the Bay Area Rapid Transit District. The project would extend BART, a commuter railway, through downtown San Jose into Santa

The Illinois Supreme Court Friday upheld pension consolidation legislation championed by Gov. JB Pritzker that was challenged in court by more than a dozen suburban and downstate police and firefighter pension funds.  The case, Arlington Heights Police Pension Fund et al. v. JB Pritzker et al., had pitted the governor and General Assembly against a