Bonds

President Donald Trump promised the federal government will award $3.7 billion to Puerto Rico for water and sewer infrastructure repairs to recover from Hurricane Maria. Hurricane Maria, which hit Puerto Rico in September 2017, was the most damaging hurricane for the island since the 1930s. Puerto Rico Aqueduct and Sewer Authority’s Vieques treatment plant. The
0 Comments
Puerto Rico legislators in the party with a plurality of seats in both legislative bodies are seeking changes to labor laws, such as raising the minimum wage and increasing the number of vacation and sick days for workers, which some say may negatively affect the local economy. Popular Democratic Party lawmakers in the Puerto Rico
0 Comments
“For too long, much-needed help has been stalled or diluted by a Republican-led Senate and President Trump,” New York Sen. Chuck Schumer said Wednesday. “That will change with a Democratic Senate, Democratic House, and a Democratic president.”Brian Tumulty, The Bond Buyer A Senate vote on federal emergency aid to state and local governments could come
0 Comments
Federal Reserve officials unanimously backed holding the pace of asset purchases steady when they met last month. “All participants judged that it would be appropriate to continue those purchases at least at the current pace, and nearly all favored maintaining the current composition of purchases,” according to minutes of their Dec. 15-16 meeting published Wednesday.
0 Comments
Revenue Procedure 2021-10 will be published in the Internal Revenue Bulletin dated January 25.Bloomberg News The Internal Revenue Service unexpectedly issued guidance Monday on procedures for appealing adverse rulings on audits involving tax-advantaged bonds. Bond attorneys said the new rules fill in some holes because the IRS previously only had a process for tax-exempt bonds.
0 Comments
Rhode Island’s $12.8 billion budget bill, which Gov. Gina Raimondo signed on Monday, includes $400 million in bond measures in seven ballot questions that voters will decide in a March 2 special election. The pared-down, six-months-late spending plan for fiscal 2021 restores funding to cities and towns, uses federal COVID-19 relief funds from the CARES
0 Comments
The Securities and Exchange Commission does not expect to extend a temporary conditional exemption that allows municipal advisors to facilitate certain private placement deals. In a letter sent to Rep. French Hill, R-Ark., late last week, SEC Chair Jay Clayton told the lawmaker that the SEC would pull the plug on the TCE at its
0 Comments
Consumer confidence unexpectedly plunged in December, although the expectations index improved, while the rest of Tuesday’s economic data came in around expectations. The consumer confidence index fell in December to 88.6 from a downwardly revised 92.9 in November, first reported as 96.1, The Conference Board reported Tuesday. The present situation sank to 90.3 from an
0 Comments
There will be pressure on the incoming Biden administration to persuade Congress to quickly approve direct aid to state and local governments.Bloomberg News State and local governments will need to focus their efforts on getting additional federal aid from the Biden administration now that Congress has completed its budget work for the year. President Trump
0 Comments
Private-activity bonds backing the long-planned Purple line light rail system in Maryland received a credit boost following approval of a financial settlement that contains protections for bondholders of the beleaguered public-private partnership. Fitch Ratings upgraded Purple Line Transit Partners’ senior-lien revenue bonds issued through the Maryland Economic Development Corporation (MEDC) by one notch to BB-minus
0 Comments
President Donald Trump said Monday he planned to appoint Antonio Medina Comas to the Puerto Rico Oversight Board. Medina Comas served as Executive Director to the Puerto Rico Industrial Development Company from 2012 to 2016. He spent 20 years at pharmaceutical company Merck Sharp & Dohme, starting as an industrial engineer and advancing to be
0 Comments
As we contemplate the state of the municipal market today, issuance and the strong demand for many types of municipal bonds provide an “all is well” feeling. Many of us recall that scene from Animal House where Chip Diller (aka Kevin Bacon), dressed in his auxiliary police uniform, implored all to “remain calm, all is
0 Comments
“Undoubtedly, depending on the course of this pandemic, we may have to do more,” Sen. Susan Collins, R-Me., said Monday at a news conference held by a group of bipartisan lawmakers.Bloomberg News Emergency federal aid for coronavirus vaccine distribution, schools, transit, airports, small business and the unemployed are contained in a $748 billion bipartisan congressional
0 Comments
Municipals ended the week little changed ahead of an at least $9 billion new-issue calendar led by a Puerto Rico Aqueduct and Sewer Authority $1.4 billion refunding deal and a Massachusetts $1.2 billion of taxable general obligation revenue anticipation notes, among an eclectic mix of credits. Triple-A benchmarks held steady with some curves showing minor
0 Comments
Joe Biden’s election as president has raised the specter of a federal public works program designed to boost climate resilience. Nonprofit think tank Center for an Urban Future wants New York City to get a running start. A report by the center lists recommendations for project ideas by leaders in coastal resilience and renewable energy.
0 Comments