Bonds

The public agency that manages St. Louis public transit hits the market as soon as Tuesday with a refunding to ease near-term COVID-19-induced revenue strains. The Missouri-Illinois Metropolitan Bi-State Development Agency is selling $171 million of combined lien mass transit sales tax appropriation refunding bonds including $13 million of tax-exempts and $158 million of taxables.
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Among the observers concerned over the Puerto Rico Oversight, Management, and Economic Stability Act and the Oversight Board it created, a few advocate changing the law, and some even want it abolished. However, most participants noted that because of the current climate in Washington, in an election year, any alterations to PROMESA are highly unlikely
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Puerto Rico Oversight Board Chairman José Carrión and Board Member Carlos García gave notice of their resignations on Thursday. The Puerto Rico Oversight, Management, and Economic Stability Act specified they would have three-year terms. President Barack Obama named the members to the board in August 2016. Puerto Rico Oversight Board Chairman José Carrión, left, gave
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The first of three stories marking the anniversary of PROMESA Four years after passage of the Puerto Rico Oversight, Management, and Economic Stability Act, many observers say the Oversight Board it created has not accomplished its stated goals and doesn’t have enough power to fix the island’s woes as it continues to struggle. The local
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Municipals finished little changed in quiet trading Tuesday as the first half of 2020 and the second quarter of the year came to an end. The secondary was lethargic as investors chased the new deals in an active primary. Tuesday saw billion-plus deals out of Massachusetts and the County of Los Angeles. At the halfway
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Delaware Gov. John Carney has signed a $703 million capital bond bill for the 2021 fiscal year that was scaled back because of revenue losses from the COVID-19 pandemic. Carney endorsed the borrowing measure Tuesday afternoon during his COVID-19 media briefing one day after receiving the necessary legislative approval before the start of the new
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The Federal Reserve is reviewing credit standards of its municipal short-term lending program, particularly for territories that are currently locked out of the program. That’s what Fed Chair Jerome Powell said during a House Financial Services Committee hearing Tuesday. Currently, eligible issuers in its Municipal Liquidity Facility program must have an investment grade rating of
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Although minutes from the Federal Open Market Committee’s June meeting should yield no surprises, the market will focus on conversations about yield curve control, which Fed Chair Jerome Powell acknowledged did occur. And while the talks were reportedly prelimininary, and no one expects implementation before its September meeting, “The markets are increasingly pricing in a
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A bipartisan bill included in House Democrats’ larger infrastructure package would expand the use of tax-exempt private activity bonds to finance small to mid-sized manufacturing and agricultural sectors. The bill, introduced in December by Reps. Stephanie Murphy, D- Fla., and Darin LaHood, R-Ill., is included in a $1.5 trillion dollar infrastructure bill set for a
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