Bonds

The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019. The industry par amount was achieved in 1,595 deals, up from the 1,227 the same time in the year before. The insurance
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Massachusetts Gov. Charlie Baker’s adjusted $45.5 billion fiscal 2021 budget would draw $1.35 billion from the commonwealth’s rainy-day fund to cover a COVID-19-induced revenue gap. “This updated plan reflects the new realities,” Baker told reporters Wednesday in Boston. Baker’s budget office projected a $3.6 billion drop in state revenue from original projections. The proposal sets
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Harvey, Illinois, hired Meristem Advisors LLC to devise a debt restructuring that’s the cornerstone of a consent agreement with a group of its 2007 bondholders who had sued to intercept city revenue in order to resolve defaults. “They will help evaluate the city’s financial resources and projections and develop a financial strategy to accommodate a
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Budget season is always interesting as organizations look to their crystal balls to set goals for the coming year which inevitably includes the arduous task of resource management. With 2021 planning underway, most are bracing for the uncertainty of 2020 to continue [COVID-19, the election (hopefully this will be resolved by the end of 2020!),
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The Louisiana State Bond Commission will move forward with a variable-rate refinancing that was delayed earlier this year due to market disruption caused by the onslaught of the coronavirus pandemic. The bond commission decided Thursday that $424 million of variable-rate bonds will be refinanced with short-term debt. Using short-term paper provides the state with flexibility
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Initial jobless claims climbed, despite projections of a continued slow decline, while the Empire State Manufacturing report also signalled a slowing economy, but the Federal Reserve Bank of Philadelphia’s manufacturing index rose. “The headline indexes in key regional manufacturing sentiment surveys were mixed in October, but the improvement in the surveys’ underlying details on current
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Matthew Stitt, the Philadelphia City Council’s Chief Financial Officer, will be joining the public finance firm PFM as director and national lead for equitable recovery and strategic financial initiatives, the firm said on Thursday. In his new role at PFM, Stitt will advise public sector leaders on changes and budget reforms to address the financial
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Detroit will sell its second, post-Chapter 9 stand-alone general obligation issue Thursday with plans to return in the coming months should voters approve $250 million of bonding authority for blight removal next month. “The proceeds will finance recreation and museums, public safety and transportation projects in accordance with the prior voter authorizations,” John Naglick, Detroit’s
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FHN Financial is expanding its public finance footprint with the addition of two transportation sector experts, a year after targeting municipal industry growth following a rebranding and bank merger. Memphis, Tenn.-based FHN, a division of First Horizon Bank, said Wednesday it hired two municipal bond veterans to its New York City team, focusing on infrastructure,
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Municipal bond buyers got a taste of this week’s healthy new-issue slate from diverse issuers on Wednesday. Municipals remained steady, with yields little changed across the AAA scales. ICI reported muni bond funds and exchange-traded funds saw combined inflows of $2.5 billion, the 23rd straight week of positive results. CUSIP Global Services said requests for
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The next appointed Securities and Exchange Commission is likely to be more polarizing, and the SEC’s approach to enforcement will differ depending on who wins the presidential election. Current SEC Chair Jay Clayton, widely considered a centrist and who is reportedly not interested in continuing in the role, will likely not be reappointed as both
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Privatized student housing projects will remain under pressure at least into the spring, as reduced occupancy levels won’t improve, according to analysts. Moody’s Investors Service analyst Florence Zeman said a number of public-private partnership residence hall developments have been negatively impacted by colleges offering virtual learning in response to the COVID-19 pandemic, which has prompted
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Municipal bond buyers are eagerly awaiting this week’s hefty new-issue calendar, which features large transportation and hospital deals. “The recent uptick in airport issuance and healthcare credits continues this week,” said John Hallacy, founder of John Hallacy Consulting LLC. “Denver Airport and Kansas Airport offer a range of credits including taxable series, a subordinate series,
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The effects of COVID-19, an uncertain economy and steep debt all pose major problems for New York’s Metropolitan Transportation Authority, according to a report by state Comptroller Thomas DiNapoli. “The [MTA] is facing the greatest challenge in its history,” DiNapoli said Tuesday. Citing MTA documents, DiNapoli projected overall debt service rising to $50.4 billion by
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