Bonds

The complex relationship between municipal bond issuance and natural disasters is inspiring political debate and conflicting viewpoints with some experts predicting a tidal surge of issuance.  “With or without Congressional intervention, state and local governments are likely to expand medium and long-term borrowing programs to address climate change mitigation and adaptation,” said Tom Doe, president,

Jeff Landry was sworn in as the state’s 57th governor on Monday, while John Fleming was sworn in as state treasurer and Elizabeth Baker Murrill took over as state attorney general. In an October election, Landry, a conservative Republican, replaced Democrat John Bel Edwards, who was term-limited out of office. He had been the state attorney

The Oklahoma Turnpike Authority, which is undertaking a $5 billion, bond-financed expansion project, will challenge the constitutionality of a 2023 state law that altered its governance structure.  The OTA board voted Tuesday to seek judicial review of the law, which stripped the governor of his sole ability to appoint the six-member board, giving two appointments

The Federal Reserve, financial markets, the upcoming election and artificial intelligence took center stage on Tuesday as roughly 1,300 members of Chicago’s business community crowded into a packed ballroom for the Executives’ Club of Chicago’s Annual Economic Outlook panel.  Quoting Warren Buffett, Charlie Munger and Voltaire, the panelists made their predictions for 2024 and shared

Idaho Gov. Brad Little announced plans to invest $2 billion in school repairs over the next decade with the dual aim of repairing aging schools and providing property tax relief. His plans, part of his proposed budget outlined in his State of the State speech, would also increase funding for drinking water and bridge repairs.

“The state of our state is strong. Let’s keep doing what works. Let’s continue to make Florida the envy of the nation,” Florida Gov. Ron DeSantis said in his state of the state address before the state Legislature on Tuesday. “My message is simple: Stay the course.” DeSantis blasted the Biden administration for a host of

Michigan’s Lansing Board of Water and Light plans to sell $350 million of tax-exempt bonds this month in a deal that would fund a tender offer for $232.6 million of outstanding debt. The tender offer covers a portion of BWL’s taxable Series 2019B bonds. The utility is also pursuing a current refunding of $4.3 million

The Massachusetts Municipal Wholesale Electric Company has closed on its first issue of green bonds under its own name to complete the long-term financing of a solar energy project on its Ludlow, Massachusetts, campus. So-called green bonds are earmarked to be used exclusively for climate and environmental projects. The $15 million negotiated deal was underwritten by

The U.S. District Court’s interpretation gave more to Puerto Rico Electric Power Authority bondholders than legally allowed, the Puerto Rico Oversight Board told the First Circuit Court of Appeals. Not only are the bondholders wrong in claiming a lien on all revenues coming to PREPA but District Judge Laura Taylor Swain was wrong in awarding

Municipals saw a short-end correction Tuesday, with the one-year being hit the hardest, amid two large deals in the primary market. U.S. Treasuries were little changed and equities ended down. Triple-A yields rose six to 11 basis points on the short end, as more investors put pressure there amid what many consider to be too

The simmering debate over the definition of “obligation” that’s key for cities and states managing $350 billion of pandemic funds has boiled over again after Treasury released a revised definition that Republicans slam as “mind-bending” and “confounding,” and that even has issuer groups concerned about confusion and the need to backtrack to re-do previous reporting.

The municipal bond market is taking a wait and see approach about the departure of Mitch Landrieu, who has been operating under the unofficial title of “infrastructure czar,” as he prepares for a new role on President Biden’s campaign staff.   According to the Biden administration Landrieu oversaw, “over 40,000 infrastructure projects spread across 4,500 communities

The outlook on Phoenix-based Grand Canyon University’s junk bond rating was revised on Monday to negative from stable by Moody’s Investors Service amid the school’s ongoing clash with federal regulators.  Moody’s said while its Ba1 rating incorporates GCU’s “substantial scale, enrollment growth trend, and adequate operating performance,” several factors led to the outlook change. The

The Governmental Accounting Standards Board has issued new guidance requiring governments to disclose information related to their own vulnerability, asking governments to disclose certain heightened risks related to concentrations and constraints in government revenue sources and defines those terms to help them do that. “It was in 2020 that we started this project and we

As KBRA enters its 14th year in the business, the rating agency is targeting increased market share, an expansion into new sectors and the expectation for continued growth in 2024.  A robust track record, a team approach, and relying on cross-team verticals to provide a qualitative overlay and outside-the-box analysis led the fourth major rating

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. Keeley Webster (00:03): Hi, I am Keeley Webster. Welcome to another bond buyer podcast. Today our focus is on ESG hot topics in the muni world. Today I have with

The onset of the COVID-19 pandemic and shutdowns in 2020 to combat the virus’ spread emptied offices nationwide and Southwest cities are not immune to the lingering effects, which could impact their property tax collections.  The return to offices around the U.S. has been gradual as many employees embraced a lifestyle free from commuting. Full

Munis were weaker Monday ahead of a $9 billion new-issue slate and the first full week of 2024 while U.S. Treasury yields fell and equities ended up. Munis “continue to be expensive when compared to Treasuries, falling well below the average of 85% for 10-year munis,” said Jason Wong, vice president of municipals at AmeriVet

A deal on overall fiscal 2024 federal spending hammered out by Congressional leaders would claw back another $6.1 billion of pandemic funds, most of which appear to be from the Department of Health and Human Services. With a partial government shutdown looming, House Speaker Mike Johnson, R-La., and Senate Majority Leader Chuck Schumer, D-N.Y., agreed

Fitch Ratings assigned A, BBB-plus and BBB ratings and a stable outlook to three tranches of bonds totaling up to $3 billion the Alameda Corridor Transportation Authority plans to price as part of a tender offer and debt restructuring plan. The authority operates a 20-mile freight rail corridor primarily along Alameda Street that transports goods

The state of Illinois is preparing to issue $600 million in new Build Illinois junior sales tax revenue bonds — 2024 Series A, B and C — in a competitive auction next week.  “Illinois enters the market as cash needs for projects arise,” said Olivia Kuncio, senior deputy press secretary to Gov. JB Pritzker. Rebuild