Bonds

Puerto Rico bankruptcy Judge Laura Taylor Swain set a Feb. 10 deadline for parties to arrive at the terms of a Puerto Rico central government debt deal. In a separate action, she rejected a motion for a court-appointed investigation of mediation participants engaging in insider trading of Puerto Rico bonds. Puerto Rico bankruptcy Judge Laura
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The COVID-19 pandemic led to a shutdown of all non-essential businesses and forced many people to stay at home. Although conditions have eased, the pandemic is not over and restrictions remain in place. Given the uncertainty of the path forward and the unpredictable next steps, not to mention other factors, including an election, that make
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South Carolina-owned utility Santee Cooper reported that its revenue and refunding bond deal was oversubscribed by more than five times. The $638.2 million of bonds priced Wednesday, drawing $3.5 billion in orders from investors. South Carolina-owned Santee Cooper saved $134 million on Wednesday’s refunding, in a deal that is part of the utility’s strategy to
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Fitch Ratings cut the outlook to negative from stable Wednesday on Chicago’s BBB-minus general obligation bond rating. The action increases the risk that the city will be saddled with a second speculative-grade bond rating. Moody’s Investors Service cut the city to junk five years ago. Fitch Ratings assigned a negative outlook to Chicago bonds Wednesday.Bloomberg
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Michigan released Detroit’s public school system from active fiscal oversight, a reward for fiscal gains that followed the state’s 2016 bailout that brightensits future case for joining the ranks of municipal borrowers. The Detroit Financial Review Commission in a vote this week granted a waiver to Detroit Public Schools and Detroit Public Schools Community District,
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The worst-case revenue scenario California prepared for amid the COVID-19 pandemic has not arrived, at least not yet, according to the state’s legislative analyst. Revenue receipts for the first quarter of the fiscal year came in $8.6 billion higher than anticipated when the state’s revised May budget was released, Gabriel Petek said Tuesday in an
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President hopeful Joe Biden plans to invest $20 billion in rural broadband infrastructure. Bloomberg News The coronavirus pandemic could serve as a catalyst for broadband infrastructure as many people work from home to stop the spread of the illness. During The Bond Buyer’s California Public Finance Conference Wednesday afternoon, infrastructure experts said the effects of
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Gilt-edged North Carolina continues its financing spree this month, bringing its third and largest infrastructure deal to investors looking for safety in high-grade bonds. The state will price $700 million of tax-exempt, limited obligation bonds by negotiation with BofA Securities as the book-runner on Thursday. The $73.5 million, 5.8-mile extension of the C.F. Harvey Parkway
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Long Island’s Suffolk County received authorization to tap a little-used Federal Reserve program for two upcoming note deals, but expects only one will offer better rates than competitive bidding, the county comptroller said. Suffolk Comptroller John M. Kennedy said the county, which is eligible to use the Fed’s Municipal Liquidity Facility, is filing an application
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After entering 2020 with a $6 billion surplus, and working its way through several harrowing months, California is now in the hopeful phase, said Scott Wu, executive director of the California Infrastructure and Development Bank. “In some ways, the California story of 2020 resembles that of the rest of the country,” said Wu, a speaker
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Tuesday’s economic data again suggested strength in some areas and weakness in others, as a read of consumer confidence slipped, while durable goods orders gained more than expected, manufacturing rose, the services sector also improved, and home prices climbed. The consumer confidence index dipped in October to 100.9 from 101.3 in September, ending a two-month
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The Puerto Rico Oversight Board ordered the local government to stop implementing new laws that improve pension payments. Board Executive Director Natalie Jaresko sent the letter to Omar Marrero, executive director of the Puerto Rico Fiscal Agency and Financial Advisory Authority, on Oct. 21. The board released the letter and press statement Monday. Puerto Rico
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Record-breaking new issuance, a 31% surge in taxable volume and the ability of the municipal industry to rapidly adapt to a work-from-home environment shows the resiliency of the municipal bond market amid the COVID-19 pandemic. The future of public finance is strong, three heads of public finance said at The Bond Buyer’s California Public Finance
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How effectively mass transit systems nationwide can serve riders coming out of the COVID-19 pandemic remains a huge variable. One example of the fluid landscape is the multiple scenarios the Massachusetts Bay Transportation Authority and its parent, the state Department of Transportation, posed for 2021 through 2023. The primary drivers are the evolution of the
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Sarah Wilson, senior director of responsible investing at Nuveen, called for increased transparency from issuers on climate change risks Monday during The Bond Buyer’s California Public Finance Conference. Investors and rating agencies are calling for increased transparency from state and local governments on how climate change will affect them now and in the future. During
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The financial and legal obstacles besetting a long-planned Maryland light rail system could hinder other large-scale transportation public-private partnership projects, analysts said. The Maryland Department of Transportation assumed many contracts from Purple Line Transit Partners this month after the private partner shut down construction of the 16-mile, 21-station light rail line. PLTP is involved in
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Suffering less financial damage from the COVID-19 pandemic than some tollway operators, the Central Texas Regional Mobility Authority goes to market Tuesday with about $333 million of tax-exempt revenue bonds and notes to expand its system. “COVID-19 negatively impacted 2020 transactions and revenue beginning in March, but a recovery commenced in May that has continued
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The economic news was mixed again Monday, with home sales unexpectedly dipping, while two reads of manufacturing showed expansion continued, but one suggested a slower rate of growth. New single-family home sales fell 3.5% to a seasonally adjusted 959,000 annual rate from a downwardly revised 994,000, first reported as 1.011 million, the Commerce Department reported
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