Bonds

An Oklahoma legislator has once again filed a bill prohibiting government contracts with companies, including banks that underwrite municipal bonds, if they “discriminate” against the firearm industry. Republican State Sen. Casey Murdock authored a similar bill that fell short of passage in the 2022 legislative session. “The bill actually had wide margins of support in

The U.S. House of Representatives has passed a bill that would give Puerto Rico voters a chance to vote for statehood or other options, but it is unlikely to make it through the Senate and become law this session. The U.S. House voted 233 to 191 in favor Thursday, with all Democrats and 16 Republicans

The clock is ticking on Congress waiving PAYGO for Build America Bonds, a budget bear trap that could delay promised subsidy payments totaling $14 billion to issuers. The dilemma has been a constant irritant to the muni market issuers who have based their budgets on promises of getting reimbursed by the federal government for bonds

States have never spent more money, as general fund spending for all states topped $1.08 trillion for fiscal year 2022, an 18.3% increase over FY 2021 levels and the highest annual growth ever recorded by the National Association of State Budget Officers’ Fiscal Survey since its inception in 1979. That’s due to a number of

Municipals ended the week little changed ahead of a paltry new-issue calendar as the market winds down for the year. U.S. Treasuries were mixed and equities ended the week in the red. Muni-UST ratios were little changed Friday. The three-year muni-UST ratio was at 62%, the five-year at 67%, the 10-year at 71% and the

Cities, towns, counties and states will be required to standardize their financial information in machine-readable format by 2027 under a provision included in the defense authorization bill that President Joe Biden is expected to sign into law. The Senate Thursday overwhelmingly approved the $848 billion National Defense Authorization Act of 2023, which includes the Financial

In an attempt to further sever the state’s financial ties with businesses that have divested from the fossil fuel industry, Kentucky lawmakers are mulling new anti-ESG investment regulations. Attorney General David Cameron affirmed his support for expanding disclosure rules for environmental, social, and governance-related investments by major banks and businesses, and giving the state wider

Short-end municipals saw continued pressure Wednesday, further inverting the muni curve, while Fed Chairman Jerome Powell’s hawkish comments sent traders digesting the Fed’s next moves after the Federal Open Market Committee hiked rates 50 basis points. U.S. Treasuries ended the session slightly better after see-sawing post-FOMC and equities closed with losses. In his post-FOMC meeting

The Securities and Exchange Commission has proposed a new Regulation Best Execution that would establish a best execution standard, mandating that dealers in any transaction with a customer or a customer of another broker-dealer use reasonable diligence to determine the best market for the security and buy or sell so that the price is as

The California Housing Finance Agency had its rating upgraded to AA from AA-minus by S&P Global Ratings. S&P assigned a stable outlook. The rating is the highest general obligation rating in CalHFA’s 47-year history, according to the agency. “The rating action reflects our view of CalHFA’s significant improvement in financial ratios over the past two

Municipals continued to see large cuts on the short end Tuesday as selling pressure there remained elevated but the rest of the curve improved following a better-than-expected consumer price index report that led to a rally in U.S. Treasuries. Equities ended the session in the black. The one-year triple-A muni ended the session with up

Correction Karen Bass was a U.S. representative in Congress before winning election as Los Angeles mayor. Her previous elected position was incorrect in the original version of this story. December 13, 2022 9:56 AM EST Correction Karen Bass was a U.S. representative in Congress before winning election as Los Angeles mayor. Her previous elected position

Although some advisors today may foresee themselves never recommending crypto investments, the last thing they should want is to look like “a deer in headlights” should a client ask about digital assets. So said Don Friedman, president of the professional group Digital Assets Council of Financial Professionals, on the first day of Financial Planning’s INVEST:

Pennsylvania is coming to market Tuesday with what’s considered the largest private activity bonds surface transportation allocation to date as part of a high-profile public private program to rebuild bridges across the commonwealth. The $1.88 billion of tax-exempt PABs will finance the first, and largest, phase of the Major Bridges P3 Initiative. The state is

Martin Arrick, a longtime healthcare analyst, has been hired by Build America Mutual to head a program to increase coverage and analytical capability for insuring nonprofit hospital systems. Arrick was formerly a managing director and healthcare group leader for S&P Global Ratings. He retired in early 2020, one month before the pandemic, after having been

A central valley California not-for-profit hospital had $218 million of revenue bonds downgraded to junk by Moody’s Investors Service after a really bad third quarter. Kaweah Delta Health Care District had its revenue bond rating downgraded to Ba1 from A3; and the district’s overall rating has been placed under review for downgrade, Moody’s said. The

Municipals were weaker on the short end Friday ahead of a smaller new-issue calendar made up largely of a Pennsylvania public-private partnership deal. U.S. Treasuries saw losses along the curve and equities ended the week in the red as markets digested more mixed economic data ahead of the Federal Open Market Committee meeting next week

New York state is expected to issue three downstate casino licenses in the first half of 2023, with the facilities operating two years after, bringing a financial boon to the state and the winners. Already, the state has seen more than $500 million of revenue through early November from online gambling, which made its debut

Two influential members of the Senate Banking Committee introduced legislation Friday that would subject the Federal Reserve System to greater transparency requirements. The bill from Sens. Pat Toomey, R-Pa., and Elizabeth Warren, D-Mass., would classify the Fed’s 12 regional reserve banks as federal agencies under the Freedom of Information Act and the Federal Records Act. 

Broker-dealers concerned about increasingly complex compliance issues may benefit from a new strategic alliance formed between the Bond Dealers of America and the Regional Fixed Income Best Practices Group, which was formerly known as the Regional Municipal Operations Association.  “The RFIBPG is now a division of the BDA, similar to the BDA’s Bond Pricing Institute,”

Municipals were little changed in secondary trading while the return of mutual fund inflows led by high-yield and a $770 million notes deal from the Triborough Bridge and Tunnel Authority took focus. U.S. Treasuries were weaker and equities ended in the black. The three-year muni-UST ratio was at 60%, the five-year at 67%, the 10-year

What are the obstacles and opportunities surrounding ESG? How will inflation and labor shortages impact the IIJA? What does new tech, crypto and AI mean for electronic trading? The municipal finance community has a lot of questions going into 2023. Don’t miss the chance to get them answered at NATIONAL OUTLOOK on February 2, 2023.

What are the obstacles and opportunities surrounding ESG? How will inflation and labor shortages impact the IIJA? What does new tech, crypto and AI mean for electronic trading? The municipal finance community has a lot of questions going into 2023. Don’t miss the chance to get them answered at NATIONAL OUTLOOK on February 2, 2023.

The public-private partnership between Red River Valley Alliance and the Metro Flood Diversion Authority won The Bond Buyer’s 21st annual Deal of the Year award for its bonds issued through the Public Finance Authority to reduce local flooding risk.  The issuance, which was the Deal of the Year in the P3 category, was one component

Municipals were little changed to a basis point or two firmer in spots Tuesday, while U.S. Treasuries made gains and equities were rattled by comments from large bank CEOs warning of tough economic times ahead. Munis were again better in the belly of the curve while UST made larger gains out long. The three-year muni-UST

Municipals were firmer in spots Monday, outperforming U.S. Treasuries, which sold off following higher-than-expected service sector data sparking more Fed rate hike fears. Equities also ended in the red. Triple-A yields were bumped two to four basis points in the belly of the curve while UST saw yields rise by up to 15 on the

For the second time this year, the trustee of bonds issued for the American Dream Mall in New Jersey drew down a reserve account to make a debt payment on $800 million of tax-exempt municipal bonds. Trustee U.S. Bank said in a notice to bondholders posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure

The Oklahoma Turnpike Authority willfully violated the state’s Open Meeting Act when it failed to disclose a $5 billion, bond-financed extension plan on meeting agendas earlier this year, according to the first major ruling in litigation seeking to derail the project. Cleveland County District Court Judge Timothy Olsen ruled Thursday that OTA agendas for January

As the federal government’s emergency COVID-19 aid dwindles, the New York Metropolitan Transportation Authority is looking at ways to restore its fiscal health in the face of a variety of challenges both new and old. The MTA’s proposed $19.2 billion budget for 2023 and its four-year financial plan both note that the $15 billion in

Puerto Rico Electric Power Authority fuel line lenders reached a deal with the Oversight Board that would give them priority over bondholders’ treatment in the authority’s debt restructuring. The fuel line lenders’ $700 million claim would receive new PREPA bonds, the board said Thursday night in announcing the deal. “The principal to be paid on