How Rising Treasury Yields Affect Bonds: A Simple Guide for Investors
When Treasury yields rise, bond prices fall. This is the first rule every bond investor must know. It sounds simple. But it has a big effect on your money. If...
Secured vs Unsecured Bonds India: Key Differences Explained
Do you know the difference between secured and unsecured bonds? Many investors do not. They pick bonds without understanding this basic difference. Secured bonds have assets backing them. If the...
Can Bonds Be Sold Before Maturity in India? Complete Guide
Yes, you can sell bonds before maturity in India. Most listed bonds can be sold in the secondary market whenever you need cash or want to exit a position. This is...
Difference Between Bond Price and Bond Yield: Simple Guide
Do you know the difference between bond price and bond yield? This question confuses many investors. Some people think they are the same thing. They are not. Bond price is the...
Best Bonds to Invest in 2026: Complete Investment Guide
Are you searching for the best bonds to invest in 2026? You are not alone. Many investors want safe returns this year. Bonds give fixed interest and return your money on...
Bond Investing for Beginners: Best Platforms in India
Do you want to earn better returns than fixed deposits but do not want the risk of the stock market? Bond investing for beginners is the answer. Bonds give you fixed interest...
High Return Bonds in India: Best Investment Guide
Are you tired of getting low interest on your fixed deposits? Do you want better returns on your savings? Then you need to know about high return bonds in India. These bonds...
Best Bond Investment Strategy and Apps for Beginners in India
Bonds are becoming very popular among Indian investors. If you are new to this, you might be confused about where to start. This article gives you a direct bond investment strategy...
How to Build a Bond Portfolio Strategy in India (2026 Guide)
If you have been looking for safe investment options in India, bank fixed deposits might have been your first choice for years. They are simple. They feel secure. But here...
Top Treasury Bonds for 2026 Investors: Best Bond Picks
The year 2026 presents a strong case for fixed-income investing, and the search for the top treasury bonds for 2026 investors has become a major focus in India. With the Reserve Bank...
Best Bonds for Conservative Investors in India (2026 Guide)
If you are a conservative investor, you do not like risk. You want your money to grow slowly but safely. You do not want to lose even one rupee of...
Treasury Bonds for Retirement Income: Safe Guide India
When you stop working every day, your salary also stops. But your expenses do not stop. You still need to pay for food, medicines, electricity, house help, and sometimes help...
How to Invest in Inflation Indexed Bonds in India A Complete Guide
You work hard for your money. Every month you save some part of your salary. You put that money in bank fixed deposits. But after one year you see that...
Short Term vs Long Term Bonds India Which One is Better for You?
When you start saving money in India, you will hear two names again and again – short term bonds and long term bonds. But which one gives more return? Which...
How to Buy Bonds on Paytm Money India Full Guide for Beginners
If you want to invest your money safely and get regular interest, bonds are a good choice. Many people in India only know about fixed deposits. But bonds can also...
How to Buy Bonds on Upstox Online A Complete Guide for Indian Investors
Many people in India want to put money in safe places. Fixed deposits are one choice. But bonds are also a very good choice. Bonds give you fixed returns. They...
Difference Between Bonds and Debentures Simple Guide for Indian Investors
In case you are considering investing a significant amount of money in bonds and debentures in India, one of your initial questions is probably, “What exactly is the difference between bonds and...
RBI Bonds for Senior Citizens: How to Buy the Floating Rate Savings Bond
RBI bonds are a safe savings option issued by the Reserve Bank of India. Unlike company stocks, these bonds resemble government savings certificates that offer regular interest payments. For older adults,...
Municipal Bonds India: How to Buy and Interest Rate Guide
Municipal bonds India are bonds issued by city bodies to raise money for public work like roads, water supply, drainage, and waste management. For investors, they can offer a fixed...
How to Buy Government Tax Free NRI Bonds: Zero Tax, Step-by-Step 2026 Guide
Many NRIs living abroad want safe ways to invest money back home in India. Government tax-free NRI bonds give steady returns without tax worry. These bonds help you grow savings while keeping...
Corporate Bonds vs Government Bonds in India: Full Comparison Guide
Many people in India think about putting money in bonds to grow their savings safely. But when you compare corporate bonds and government bonds, you see clear differences in risk, returns,...
NBFC Bonds vs Bank FD Comparison: Which is Better in 2026?
People across India keep asking about safe ways to grow their savings these days, especially when looking at an NBFC bonds vs bank FD comparison. Bank fixed deposits have always been...
Trending Gold Bonds for Investment Today Sovereign Gold Bond Guide 2026
Gold has always been a big part of saving money in India. Right now, in May 2026, Sovereign Gold Bonds are getting a lot of attention from people who want...
Best App to Invest in Corporate Bonds: Top 5 Platforms in India 2026
Many salaried people in India search for the best app to invest in corporate bonds. These apps like GoldenPi, IndiaBonds, and WintWealth let you buy bonds from big companies right on...
Sovereign Gold Bond Redemption Price Today: Latest RBI Rates and Returns
Sovereign Gold Bond redemption price today comes from RBI taking the average gold price over three business days before your bond redeems, pulled straight from IBJA records. Take the 2020-21 Series...
Difference Between FDs and Bonds in India: Taxation and Calculator
People in India often pick fixed deposits or bonds to grow their hard earned money without much hassle. Fixed deposits from banks like SBI hold your cash for a fixed...
What Is a Bond and How Does It Work for Traders in India?
A bond is like a loan you give to a government or company in India, where they pay you back the amount after a set time with regular interest. Traders...
RBI Floating Rate Bonds Retail Investor Guide: Safe Way to Grow Your Money
RBI floating rate bonds give regular income with rates that go up when bank rates rise. These bonds suit people in India who want safe returns better than fixed deposits. This...
How to Calculate Bond Return: Simple Steps and Examples Guide
Picked up your first bond yet? I did years back, thinking it was just free money from interest. Then rates shifted, and I had no clue if I was winning...
Easy Guide to Corporate Bond Pricing Trends 2026
Corporate bond pricing is one of the essential subjects in back this year. Bonds are like propels you permit to a company. The company ensures to pay back the cash after...
American High Income Municipal Bond Fund: A Simple Guide for Everyone
The American High Income Municipal Bond Fund may sound like a enormous, difficult title, but it is straightforward to get it. This finance puts cash into numerous bonds from cities and states...
Bond Market Trends 2025 India: Insights And Forecasts
The Indian bond advertise has ended up a pivotal component of the country’s budgetary framework, advertising financial specialists a assortment of openings to gain steady returns. As 2025 approaches, understanding...
Corporate Bond Interest Rates in India: A Simple Guide for Smart Investors
Corporate bonds are quick becoming a favored venture road for Indians looking for higher returns than conventional bank stores. With rising intrigued rate variances and unstable stock markets, corporate bonds...
List Of Tax-free Bonds Available In India 2025
Tax-loose bonds in India are debt gadgets issued thru using government-backed entities. These bonds normally have extended tenures, ranging from 10 to 20 years, and are considered low-danger due to...
Which Bonds Give Better Returns Than Fixed Deposits FDs in India?
In India, Fixed Deposits (FDs) have long been the move-to investment for conservative buyers in search of strong returns. But with inflation ingesting into real returns and interest fees on...
Safe Investment Options In Bonds For Indian Investors Guide
In an unsure marketplace surroundings, bonds continue to be one of the most secure investment avenues for Indian buyers looking for capital safety and strong returns. Whether you are a...
How to Buy RBI Retail Direct Bonds: A Step-by-Step Guide (2025)
In a major move to democratize government bond investments, the Reserve Bank of India (RBI) launched the Retail Direct platform in 2021. As of 2025, it remains one of the...
Best Government Bonds to Invest (2025): Safe, Stable, and Smart
If you are searching out low-hazard investment options in 2025, government bonds stay one of the most relaxed options in India. Backed with the aid of the usage of the...
How Many Jobs Are Available In Real Estate Investment Trusts In India?
Introduction to REITs How Many Jobs Are Available In Real Estate Investment Trusts​ in india? Real Estate Investment Trusts (REITs) have emerge as a high pillar of the worldwide economic and...
Platforms For Investing In Social Impact Bonds
In current years, the idea of making an investment with a motive has received tremendous traction. Social Impact Bonds (SIBs), also called Pay-for-Success Bonds, have emerged as a powerful tool...
Why Are Investment Brokers Hesitant To Sell Bond Funds?
Why Are Investment Brokers Hesitant To Sell Bond Funds​? Venture dealers have for quite some time been the go-to experts for directing people and organizations through the mind boggling universe...
The Role Of Notary Bonds In Building Public Trust
A notary public bond is an essential precaution in the notary services industry that guarantees reliability and responsibility. A person assumes a position that requires accuracy and integrity when they...
Bogleheads High Yield Corporate Bonds: Balanced Portfolio
Bogleheads High Yield Corporate Bonds, or debt instruments, are referred to as high-yield bonds. They are riskier investments than bonds with investment-grade ratings, although they might provide a greater yield. How...
How To Invest Bonds In Real Estate For Beginners
The greater part of us are accustomed to getting cash in some limit, whether it's selling our homes or mooching a couple of ejects a companion. Additionally, organizations, districts, and...
Buying a Treasury Marketable Security
With the arrival of high rates we haven't seen since before the extraordinary downturn, nothing unexpected more individuals are putting resources into U.S. Depository protections. As a matter of fact,...
Florida official sued over record $700m investment in Israel bonds
Claim charges that Joseph Abruzzo, who has contributed 15% of Palm Ocean side District's finances in Israel securities, is being foolish with public cash to help Israel A gathering of Palestinian...
Advising Clients on Bonds: Everything to Know in 2024
Each new year brings new financial planning issues and valuable open doors. After down a long time in 2021 and 2022, we saw a bounce back in bond returns in...
How Do Savings Bonds Work? Everything You Need To Know
Reserve funds securities are a moderate cash saving tip with ensured revenue installments from the national government. Financial backers get them at a rebate from the public authority and get...
How Interest Rate Moves Drive Bond Returns?
Ongoing unpredictability in security markets according to financing cost assumptions has introduced one more trial of certainty for multi-resource financial backers, especially those clients put resources into lower-risk, high security...
Types Of Corporate Bonds : Which you need to know
There exist different various kinds of corporate securities, yet prior to understanding the sorts understanding about corporate bonds is significant. A corporate security is a monetary instrument which is given...
Are Savings Bonds A Good Investment? A Complete Guide
Savings bonds are a conservative approach to save money because the federal government guarantees the interest payments. Investors purchase them from the government at a discount and receive the full...
Sovereign Gold Bonds (SGB) 2023-24: Key Points to Know
For a long time, gold has been a leaned toward venture decision for creators internationally, gaining appreciation because of its intrinsic worth and rich history. The fame of gold as...
Why Bonds Should Be on Your Investment Radar in 2024?
India’s financial market has experienced a remarkable surge, with new and exciting opportunities capturing the attention of investors and borrowers alike. Among these investment instruments, Non-Convertible Debentures (NCDs) have emerged...
The Three-Digit Summary Of Financial Wellness
To many, a Credit Score may seem like a simple, inconsequential three-digit number. However, for a lender, it gives deeper insight into a borrower’s financial behaviour and patterns. They squint...
How Many Credit Cards Is Too Many?
Be it Credit Cards or coffee, too much of anything is bad! If you’re fond to applying for Credit Cards, then this vendible might just be the remedy that you’re...
Life@BB: Narasimha Sainath N
Introducing the one and only Sainath, the Music Maverick who is on an shenanigans to conquer the ivories. Having passed Grade 1 of piano from Trinity College London, he is...
Why Should I Choose a Credit Card to Manage My Finances?
Credit Cards have wilt an essential financial tool for people wideness the globe. India, too, has embraced this trend! With the economy growing at a rapid pace, it has wilt...
Press Release: BankBazaar Posts 51% Increase in YOY Revenue in Q1 FY24
BankBazaar posted a 51% YOY increase in revenue in Q1-FY24, driven by its portfolio of co-branded Credit Cards and Personal Loans, latter FY23 with audited revenue of ₹159 crore (66%...
Make These 5 Financial Moves Before The Year Ends!
It is a wontedly perceived notion that the year-end is the weightier time to get your finances in place. Get your money act together by making these five financial moves...
Happy Sankranti!
Visit BankBazaarThe post Happy Sankranti! appeared first on BankBazaar - The Definitive Word on Personal Finance....
Loan Restructuring Vs. Loan Refinancing
Two variegated terms, one often considered a doppelganger of the other. This vendible will set the record straight so that these two terms never leave you confused!“I think I should...
Explained: Income Tax Rule Changes in Budget 23
Confused well-nigh the changes in income tax rules spoken in the latest upkeep introduced in Parliament on 1st February, 2023? We’re breaking it lanugo for you.If you’re still a little...
Earning More Than Before But Saving Much Less? Heres Why
Wondering how your savings have not grown despite hikes and promotions? It’s time to analyse your personal finances.Are you stumped by the fact that you unquestionably saved increasingly money on...
How Revised Section 87A Tax Rebate (FY 2023-24) reduces Income Tax to Zero?
The Budget 2023 has revised the threshold limit of tax rebate u/s 87A for the new tax regime. Before we get into discussing well-nigh how Section 87A rebate is calculated,...
ILS investor focus on returns can support reinsurance pricing: Moodys
Rating organ Moody’s Investors Service said this morning that while there are multiple factors driving up reinsurance pricing, one of them is the increased focus on returns in the insurance-linked...
Trump promises $3.7 billion of Puerto Rico water and sewer aid
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...
Puerto Rico legislators seek labor law changes
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...
Fed officials all backed bond-buying pace, December minutes show
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...
Treasury guidance, experience will help rental assistance move quickly
The process of getting $25 billion to renters and landlords is expected to be easier and faster compared to past federal aid, creating housing and utility stability for revenue and...
Muni market unperturbed amid mob violence in U.S. Capitol
On a day when a pro-Trump mob breached the U.S. Capitol and overtook the House and Senate chambers, markets were still digesting what was transpiring in Washington. As of press...
Denver schools to price $450M deal two months after bond approval
Denver Public Schools on Thursday will price $450 million of new money bonds authorized by voters two months ago. The school building bonds, pricing through negotiation with book runner RBC Capital...
Trump to name Skeel, González to Puerto Rico Oversight Board
The Puerto Rico Oversight Board announced Wednesday that Pres. Donald Trump would name David Skeel and Arthur González to serve three-year terms on the Puerto Rico Oversight Board. The board made...
Rhode Island puts bond measures to March vote
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...
Muni advisor exemption won't be extended
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...
Oregon lawmakers approve COVID-19, fire relief in special session
Oregon lawmakers approved $800 million in COVID-19 aid and wildfire relief for communities decimated by the fire during a special session held Monday. Senate Bill 5731 included $600 million to allow...
Consumer confidence surprises to the downside
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...
Munis drift listlessly as holiday looms; taxable muni index saw high returns
Municipal bonds remained unchanged Tuesday as the market looked positively at the passage of a federal stimulus bill even as a new strain of COVID-19 began to be felt around...
Finalized P3 settlement drives upgrade to Purple Line bonds
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...
Florida has debt capacity if revenues hold up amid the pandemic
Even with the novel coronavirus pandemic taking a hit on Florida's revenues, the state projects it will have debt capacity available to finance capital needs over the next decade. The Sunshine...
DFW's $2B deal provided safe landing plan for big airports in a pandemic
This article is part of a series spotlighting The Bond Buyer’s ten 2020 Deal of the Year award winners, running from December 9 through 15. One of these honorees will...
Antonio Medina Comas named to Puerto Rico Oversight Board
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...
'Remain calm, all is well'
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...
In a rare move, Florida Cabinet approves billions of new debt
Florida's elected Cabinet has authorized seven bond issues that combined represent one of the largest amounts of new debt approved by the panel at one time. The Cabinet at its last...
New York manufacturing sector growth slows, but optimism for the future
While manufacturing in the New York region was slower in December, respondents to the Empire State manufacturing survey were more optimistic about six months ahead. The current general business conditions index...
Illinois stadium agency eyes debt restructuring amid hotel tax collapse
The Illinois Sports Facilities Authority is sounding alarms over its dismal fiscal picture heading into fiscal 2022 in the absence of a strong economic recovery that fuels a big pickup...
Port Authority may turn to debt as revenue losses continue
The Port Authority of New York and New Jersey's scaled down 2021 $7.3 billion budget includes plans to sell $3.6 billion of bonds in 2021, as it deals with massive...
Blockbuster deals out of N.Y., Conn., Texas; Ill. sells $2B to Fed
Municipal yields were steady Tuesday as investors were handed billions of New York, Connecticut and Texas paper with deals re-pricing to lower yields, pre-sold totals high and sub-5% coupons a...
Illinois makes moves on deficit with $711M of cuts, $2B MLF borrowing
Illinois began chipping away at a nearly $4 billion budget hole this week by slashing $711 million in spending and the expected closing this week of a $2 billion loan...
PRASA, Mass., Florida deals headline $9B-plus calendar
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...
NYC needs running start on Biden climate plan, group says
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...
Access Denied: Allocation and exacerbation
Asset and capital allocations often exacerbate systemic racism across the financial services in some surprising ways. Innovators in the fields of asset management, banking, impact investing and pensions suggest there...
MSRB seeks feedback on long-term strategic goals
The Municipal Securities Rulemaking Board wants stakeholder input on where its goals should focus in the next few years. In a request for comment filed Monday, the MSRB asked municipal market...
Louisiana Treasurer John Schroder released from the hospital
Louisiana State Treasurer John Schroder has been released from the hospital after being treated for symptoms related to COVID-19. Schroder, who went home late Friday, said in a statement that he's...
Los Angeles' police department would bear the brunt of proposed layoffs
Los Angeles’ city administrative officer has recommended layoffs to close an estimated $675 million budget deficit, including cutting nearly 1,000 police officer positions, a move that would bring the number...
Strong recovery, low rates, higher inflation expectations projected by BNP
With vaccines on the horizon, signalling an end to the COVID-19 pandemic is closer, the economists at BNP project a healthy rebound in economic activity globally in the second half...
Divergence between municipals and Treasuries holds ratios low
Municipal bonds were steady Monday as strong technicals and the dearth of new-issue supply relative to redemptions continued to flatten the yield curve and keep muni/U.S. Treasury ratios low. Treasuries...
Manufacturing survey shows solid' but slower growth
Surveys of manufacturing and services both showed slowing growth, and despite a gain in construction spending in October, it followed a revision to a decline from an initially reported rise...
Maine's reserves will help it cope with coronavirus headwinds, analysts say
Maine's healthy reserves, achieved through proactive budget management, have positioned the Northern New England state to withstand revenue uncertainties stemming from the COVID-19 pandemic, according to analysts. Moody’s Investors Service analyst...
Munis outperform UST as equities hit records
Municipals outperformed Treasuries as yields rose 10 basis points on the UST 10- and 30-year on talk of a potential stimulus deal and equities hit all-time highs. Secondary trading held municipal...
Coronavirus drives cautious Wisconsin budget forecast
Wisconsin Gov. Tony Evers’ administration is treading cautiously as it assembles a new two-year budget over concerns that the COVID-19 pandemic could cut more deeply into state revenues than forecast. Modest...
Feds Brainard says more fiscal aid needed to prevent scarring
Federal Reserve Governor Lael Brainard said Tuesday that more government fiscal aid is needed to prevent deeper damage to a U.S. economy coping with a fresh surge in coronavirus cases. ...
SIFMA calls SEC temporary MA exemption 'arbitrary and capricious' in lawsuit
A federal court should strike down the Securities and Exchange Commission’s conditional exemption for muni advisors because the regulator did not solicit stakeholders’ input and was “arbitrary and capricious,” according...
Why advisors should ditch money market funds
Money market funds (MMFs) have long been a staple in brokerage accounts as a safe place to stash cash that’s not being invested. In light of the events of the...
Courts in California still sorting out public pension rulings
The California courts are still sorting out rulings made by appellate courts and the state’s Supreme Court in lawsuits brought against public pension reforms signed into law by Gov. Jerry...
Rising prices a factor in 'rare miss' on pending home sale projections
With supply low and demand high, home prices have risen, making it difficult for first-time homebuyers, leading to a 1.0% decrease in pending home sales, the National Association of Realtors...
An in-depth look at the 2020 Rising Stars
Title: Assistant TreasurerFirm: Transurban — North AmericaAge: 37John Markowitz, a 2005 graduate of the University of Virginia, started his career in commercial credit at SunTrust Bank. He was about to...
Munis little changed as December redemptions loom
The municipal market was quiet and little changed Monday with light trading as participants await the post-holiday new-issue calendar and December redemptions. Triple-A benchmarks saw levels bumped a basis point 10...
McConnell sets up vote on Waller as Sheltons Fed fate in limbo
Senate Majority Leader Mitch McConnell set up a vote to advance the nomination of Christopher Waller to the Federal Reserve Board, potentially clearing the way for his confirmation later this...
Powell sees significant challenges, uncertainties on vaccines
Federal Reserve Chair Jerome Powell is cautioning lawmakers that the U.S. economy remains in a damaged and uncertain state, despite progress made in the development of COVID-19 vaccines. “Recent news on...
Yearly muni bond volume to hit record
The municipal bond market saw the lowest monthly issuance total in November, but that did not stop this year’s total volume passing 2019’s and all but confirms 2020 will end...
S&P, IHS merger focuses on technology, ESG growth
S&P Global's plans to buy IHS Markit, a move that will further consolidate global financial technology, data and ratings providers to form a new company that will increase its focus...
Biden likely to favor PABs to finance infrastructure wish list
A Biden Administration is likely to be favorable to a wider use of private activity bonds just as its federal cap for surface transportation is practically at full capacity. Combined with...
Its official: Yellen is Bidens pick for Treasury
President-elect Joe Biden took a significant step this week toward addressing the damage to the U.S. economy inflicted by the coronavirus pandemic, naming an economic team led by his choice...
Fed, Treasury agree to extend four lending facilities to March 31
WASHINGTON — The Federal Reserve and the Treasury Department have agreed to extend the life of four emergency lending facilities, created in response to the coronavirus pandemic, to March 31. Treasury...
LADWP plans $248M refunding
The Los Angeles Department of Water and Power heads to market Dec. 8 with $248 million in water system revenue bonds that carry a negative outlook from Fitch Ratings. The bond...
Illinois sets second MLF borrowing at $2 billion
Illinois will borrow $2 billion through the Federal Reserve’s short-term lending program that expires at the end of the year, Gov. J.B. Pritzker announced Wednesday. The state had been weighing how...
Massachusetts special obligation bonds get two-notch downgrade from S&P
COVID-19 related curbs on economic activity in Massachusetts triggered a downgrade on Wednesday from S&P Global Ratings, which lowered its rating on the commonwealth’s Series 2004 special obligation dedicated tax...
Fed discussed updating bond-purchase guidance fairly soon
Federal Reserve officials discussed providing more guidance on their bond-buying strategy during their Nov. 4-5 policy meeting. “Many participants judged that the Committee might want to enhance its guidance for asset...
Munis firm as market looks ahead to next weeks $7.7B new-issue slate
The municipal market firmed Wednesday as it got ready for the Thanksgiving holiday and looked ahead to next week’s supply slate. IHS Ipreo estimates volume for the week of Nov. 30...
Mixed bag of pre-holiday economic data suggests economy suffering
The pre-thanksgiving feast of economic data released on Wednesday showed momentum seen earlier in the quarter is waning, according to one analyst, while another saw "malaise," as the number of...
Tower Health's rapid expansion sends its finances into a tailspin
Tower Health’s aggressive expansion, financed by a 2017 bond issue, has hampered the Pennsylvania nonprofit health system’s finances, and may be forced to sell some of its acquisitions. Tower has incurred...
Chicago's pandemic budget, tax hike, and $3.9B of bonding get City Council stamp of approval
A divided Chicago City Council signed off on Mayor Lori Lightfoot’s 2021 budget that closes a record $1.2 billion gap with scoop-and-toss debt restructuring, a property tax hike and mix...
Pennsylvania use of coronavirus relief to backfill budget raises stir
Pennsylvania lawmakers’ use of $1.3 billion in federal COVID-19 funds to balance its fiscal 2021 budget came despite calls to target the money for those most affected. The legislature on Friday...
Treasury Secretary pick Yellen a supporter of federal municipal aid
U.S. Treasury Secretary pick Janet Yellen has established herself as an ally to state and local governments seeking federal pandemic relief, and her background in labor economics leaves her well-positioned...
Court rejects Puerto Rico bondholders claim against federal government
A judge rejected Puerto Rico bondholders' request for compensation from the U.S. government for Oversight Board-incurred losses. United States Court of Federal Claims Judge Richard Hertling released his opinion Monday...
Cook County, Illinois, passes pandemic budget
The Cook County, Illinois, board of commissioners unanimously approved a $6.94 billion 2021 budget that filled a $400 million hole in the general and health system funds through cuts, federal...
Californias stem cell research agency looks to the future
Now that it’s been given a new lease on life after the passage of Proposition 14, a statewide $5.5 billion ballot measure, California’s bond-funded stem cell research agency will...
JFK Airport refunding deal massively oversubscribed, yields cut sharply
Municipal bond buyers swarmed in and snapped up the JFK Airport $332 million refunding deal, which came to market on Tuesday. Sources told The Bond Buyer the offering was massively...
FINRA fines broker $7,500 for violating fair dealing rule
A muni broker agreed to pay $7,500 to settle charges he violated the fair dealing municipal securities rule after the Financial Industry Regulatory Authority found he altered documents and didn’t...
Williams, Bullard say Feds bond-buying program is working well
The Federal Reserve’s bond-buying program is serving its purpose well at the moment, though the central bank could adjust the parameters if needed, New York Fed President John Williams said. “Going...
David Dinkins, New Yorks first Black mayor, dies at 93
David Dinkins was remembered for his even-handedness during a tumultuous term as New York’s mayor from 1990 to 1993. Dinkins, the city’s first African-American mayor, died Monday night at his Upper...
Indicators show consumers' expect conditions to worsen in the next six months
The consumer confidence index decreased to 96.1 in November from an upwardly revised 101.4 last month, The Conference Board reported Tuesday. The October index was originally reported as 100.9. IFR Markets predicted...
Janet Yellen as Treasury secretary sets up Biden to go big on stimulus
President-elect Joe Biden’s selection of Janet Yellen as Treasury secretary signals that he plans to act aggressively to revive the world’s biggest economy, putting a former Federal Reserve chair who’s...
Former NFMA chair will head muni research team at Franklin Templeton
Jennifer Johnston, past National Federation of Municipal Analysts chair and Amy S. Doppelt Award winner, has been promoted to senior vice president and director of research by Franklin Templeton Fixed...
Puerto Ricos economy recovering from COVID-19 lockdown
Statistics show that Puerto Rico’s economy bounced back in September and October from the spring COVID-19 lockdown. Puerto Rico bondholders and the Puerto Rico Oversight Board have been using economic developments...
Munis flat as market preps for sales; coronavirus news weakens Treasuries
Municipals held steady Monday while Treasuries weakened and equities rose as investors refocused on the effectiveness of vaccines against COVID-19. Yields on top-quality munis were unchanged on the AAA scale with...
Biden plans to nominate Janet Yellen for Treasury secretary
President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, a move that would put the first woman and a seasoned central...
New Jersey's $1.5B transportation bond deal should be well-received, analysts say
The New Jersey Transportation Trust Fund Authority hit the timing right on its upcoming $1.5 billion of tax-exempt transportation program bonds, analysts said. Strong market fundamentals for municipal bonds coupled with...
MSRB shuffles its senior leadership
The Municipal Securities Rulemaking Board has rearranged its senior leadership team following the appointment of a new chief executive officer a few months ago. The MSRB made that announcement on Monday....
De Blasio warns of $4B gap for next fiscal year
While warning about the nearly $4 billion gap New York City faces for fiscal 2022, Mayor Bill de Blasio defended his administration from criticism that it should do more. “We’re constantly...
Retired bond lawyer Joseph P. Rogers, 84, dies
Joseph P. Rogers, Jr. “Buck", 84, a U.S. Navy veteran, retired bond lawyer at Hawkins, Delafield & Wood LLP, and innovator in the public finance industry, died on Oct. 23...
Brainard slips as Treasury contender with Biden nearing pick
Federal Reserve Board Gov. Lael Brainard has slipped from among top contenders for Treasury secretary under Joe Biden, according to people familiar with the matter, as the president-elect’s team winnows...
Asset purchase discussions will be highlight of FOMC minutes
After the Nov. 4 to 5 Federal Open Market Committee meeting, Federal Reserve Board Chair Jerome Powell noted the panel had discussed the asset purchases and would continue to monitor...
Political winds swirl amid Rhode Island coronavirus surge
The election defeat of House Speaker Nicholas Mattiello — arguably Rhode Island’s most powerful politician — could trigger some hairpin turns in a state already spinning. Dynamics at the capitol in...
Puerto Rico board seeks to give bondholders 66%-69% haircut
The Puerto Rico Oversight Board approved entering central government debt negotiations with a proposal that would include a 65.9% to 68.6% haircut for bondholders. The board voted 4-0 at Friday’s public...
Fed to return lending backstop funds to Treasury as requested
The Federal Reserve said Friday it would comply with a Treasury Department request to return unused funds meant to backstop five emergency lending programs, moving to tamp down a public...
Without Fed's MLF, stakeholders warn of a fragile future for munis
Issuers will lose a financial, if not psychological, backstop from the Federal Reserve at the end of the year and some participants fear the municipal market will become more fragile,...
Holiday calendar slumps to $1.2B; munis firm after week-long rally
The long end of the municipal market firmed Friday as the expected new-issue calendar slipped to about $1 billion for the Thanksgiving-shortened trading week. Yields on top-rated bonds fell about a...
MLF, other Fed programs sunset wont rattle market
Federal Reserve Board Chair Jerome Powell said after the latest Federal Open Market Committee meeting that the panel would be discussing extending the COVID-19-related emergency lending facilities beyond year-end. Treasury...
Public finance leaders push for more racial equity in industry
Boosting diversity in the public finance sector should be a continued priority for the industry, building on some strides in 2020, municipal market leaders say. During Thursday’s Northeast Women...
FINRA fines Dealerweb $25,000 for muni violations
A New Jersey dealer firm agreed to pay $25,000 to settle charges that it violated multiple municipal securities rules after the Financial Industry Regulatory Authority found it failed to correctly...
New Jersey COVID-19 GOs trade up during a broad rally in municipals
New Jersey COVID-19 general obligation bonds broke free to trade in the secondary market richer by as much as 45 basis points, swings that when compared to Monday's price talk...
California budget analyst sees $26 billion windfall
California will have a $26 billion windfall to help balance next year’s budget, an unexpected cushion against the pandemic-led recession as revenue exceeds earlier dire predictions and costs fall below...
U.S. Virgin Islands tries to avoid looming pension crisis
United States Virgin Islands Gov. Albert Bryan Jr. is trying to find ways to avoid a possible 42% cut to its pensions effective January 1. In addition to refinancing its...
Expectations mixed on speed of Biden-led COVID relief, infrastructure bills
President-elect Joe Biden will work to pass a coronavirus relief bill in his early days in office, with negotiations among chief lawmakers already under way, followed closely by a robust...
Bond borrowing will fund Michigan's Flint water settlement
The Michigan Strategic Fund would borrow to fund a lump sum payment into a special claims fund under a preliminary pact that resolves litigation over the state’s role in...
The economy is experiencing the 'great plateau' as uneven recovery remains
The economic recovery is uneven as a second spike in COVID-19 cases ravages the country and Americans await a vaccine and additional federal support. The juxtaposition of initial jobless claims,...
Washington's state treasurer-elect rode a blue wave into office
Washington State Rep. Mike Pellicciotti, a two-term state lawmaker, was ushered into the Washington treasurer’s office on a blue wave that further reduced the number of Republicans serving in state...
NY City and MTA: Will they go down together?
The financial crisis engulfing New York City and the state-run transit system that serves it has generated buzz of the possible demise of both. Their COVID-19 woes interlock, for sure. Metropolitan...
California auditor slams state for missing PAB housing opportunity
California has no comprehensive approach to building affordable housing and its mismanagement resulted in the loss of $2.7 billion of bond-issuing authority that could have gone toward preventing more residents...
Chicago's $3.9 billion bond plans advance to the City Council
A Chicago City Council committee signed off on $3.9 billion of new money, refunding, and scoop-and-toss debt restructuring deals and the finance teams to assemble and sell the bonds. Mayor...
Muni yields fall as new-issues oversubscribed; ICI reports inflows
Top-rated municipal bonds firmed on Wednesday, with yields falling by as much as three basis points on the long end while New Jersey general obligation bonds traded up and Massachusetts...
Republican flip of New Hampshire legislature may mean lower taxes
New Hampshire Republicans seizing control of both chambers in the state legislature grants GOP Gov. Chris Sununu increased power to enact fiscally conservative policies, analysts said. Republicans flipped the previously...
House passes bill to increase FEMA share for states, municipalities
A House-passed bill would alleviate pandemic burdens for states and municipalities through increasing federal disaster assistance to be used for test sites and personal protective equipment among other COVID-19 necessities. The...
What positive vaccine news means for the economy
The prospect that vaccines to prevent COVID-19 should be available soon will give the economy a boost, according to analysts. “The vaccine announcement has moved the conversation about a return to...
Chapter 11 deal between New Orleans archdiocese and bond trustee is rare
Legal experts say an agreement the bond trustee struck with The Roman Catholic Church of the Archdiocese of New Orleans and the federal judge presiding over its Chapter 11 case...
NYC tax revenue now $834M ahead of estimates for fiscal 2021
New York City’s tax revenues are running $834 million ahead of projections, according to Comptroller Scott Stringer’s first quarter revenue update for fiscal 2021. “While potential state budget cuts continue to...
Grim Illinois forecast sets table for cuts and MLF borrowing
Illinois’ $7.8 billion unpaid bill backlog will soar to $35 billion in 2026 without structural fixes to the state budget, Gov. J.B. Pritzker’s administration warned in a new five-year forecast...
Sheltons nomination to the Federal Reserve blocked in Senate
Judy Shelton’s nomination to the Federal Reserve Board was blocked in the Senate Tuesday, a stunning defeat for Senate Majority Leader Mitch McConnell and a blow to President Donald Trump’s...
N.J. $3.7B COVID GOs 'a blowout'; munis strengthen
New Jersey's $3.7 billion tax-exempt COVID-19 emergency bond deal was oversubscribed to the tune of $40 billion, repriced by as much as 20 basis points to lower yields, coming amid...
Retail sales' miss 'concerning' as COVID-19 cases rise
While the U.S. retail sales number for October rose, analysts are concerned consumers will not be able to boost the economy during another wave of coronavirus infections, especially without help...
Stakeholders expect next DOT secretary to have a muni edge
Municipal bond market participants want the next U.S. Secretary of Transportation to have more issuer experience and understand the inner workings of the muni bond market. Many candidates on the...
With debt deal on ice, PREPAs transformation advances
Even as the debt bankruptcy process for the Puerto Rico Electric Power Authority has largely been frozen for 18 months, the transformation of the authority’s operations moves forward and is...
Civic group urges deeper scrutiny of Chicago's scoop-and-toss plans
Chicago Mayor Lori Lightfoot’s 2021 budget plan failed to win an outright endorsement from a prominent local civic group that is skeptical of the city’s assertions that $950 million of...
Massachusetts lines up $1.4 billion GO sale
Massachusetts is lining up a flurry of bond issuance over the next few months, beginning with Thursday’s planned $1.4 billion general obligation sale in three tranches. The retail order period will...
Pennsylvania treasurer calls on state agencies to refinance debt
While a Pennsylvania report on debt costs weighed against the backdrop of COVID-19, state Treasurer Joe Torsella said it could help trigger discussion of underlying fiscal challenges. “COVID-19 lays bare the...
Is representation a step in the right direction or a solution?
Despite tangible evidence dispelling that it's hard to find Black talent, the financial services have yet to crack the code when it comes to building a representational workforce. But is...
Digital dollar, inclusion and the stimulus bill
The effect of coronavirus is constantly felt by Americans, both in their daily lives and in their financial well-being. While the first stimulus package delivered some financial relief starting in...
SEC Chair Clayton will leave before year's end
Securities and Exchange Commission Chair Jay Clayton is leaving his post after three and a half years, as a new presidential administration rolls in. The SEC Clayton's decision Monday morning. Clayton’s...
Suffolk County, N.Y., downgraded amid coronavirus budget stress
Just ahead of the expected approval of a 2021 budget, Suffolk County, New York, received its third rating downgrade this year. Moody’s Investors Service lowered Suffolk’s general obligation bonds one notch...
Shelton Fed nomination draws third GOP Senators opposition
A third Republican senator said he opposes the nomination of Judy Shelton to the Federal Reserve Board, adding drama to a confirmation vote that had been targeted for this week. Tennessee...
CUSIP requests surge, giving nod to increased muni activity
Municipal bonds were steady to slightly stronger out long on Monday as investors look forward to this week’s new-issue slate in the last full trading week ahead of the Thanksgiving...
Clarida says Feds new framework is an evolution
The Federal Reserve’s changed policy framework is “an evolution, not a revolution,” according to Vice Chair Richard Clarida. “I think of our new flexible average inflation-targeting framework as a combination of...
Pandemic pressures Texas governments as property assessments rise
Property values across Texas soared as the coronavirus clipped the state economy in 2020, raising political pressure on state and local leaders seeking to maintain tax caps prescribed by the...
AASHTO elects new leadership to advocate for infrastructure
A new president at the American Association of State Highway Transportation Officials will play an important role in advocating for infrastructure funding from a new president and a new Congress...
The municipal market: Enough crosscurrents to make a whitewater rafter dizzy
No doubt, the credit side of the municipal market got a bit of a boost from the potential positive news out of Pfizer on a coronavirus vaccine. We would make...
Rating agencies underscore Chicago budget tightrope as council vote looms
Chicago Mayor Lori Lightfoot’s administration sees recent bond rating actions as evidence her budget plan strikes the right balance in managing COVID-19's fiscal wounds. It’s an argument officials hope can help...
Bullard says market ought to relax over Fed loan programs ending
Financial markets should not fret if the Federal Reserve’s emergency lending facilities are not extended at the end of this year, when all but one are due to expire, Federal...
California's $5.5 billion stem cell measure headed for passage
California’s Proposition 14, a statewide ballot measure that provides an additional $5.5 billion in bond authority to fund stem cell research in the state appears headed for certification Dec. 11. The...
Feds Williams says virus may weigh on economy in coming months
The latest wave of COVID-19 outbreaks in the U.S. may weigh on economic growth in the coming months, Federal Reserve Bank of New York President John Williams said. “That clearly puts...
Muni calendar surges past $11B, bonds strengthen on the long end
Municipal bonds strengthened on the long end Friday as the new-issue calendar bulked up to over $11 billion. Crosscurrents of the coronavirus spread, state and local government shutdowns, and post-election...
New Jersey readies coronavirus emergency bond sale
New Jersey heads into the market next week to sell $4.3 billion of general obligation bonds on Nov. 18 to offset revenue the losses caused by the COVID-19 pandemic. The deal...
Biden's infrastructure team sets focus on resiliency, rail, transit
President-elect Joe Biden's infrastructure policy will focus on investments in railways, technology upgrades, and resiliency as the former vice president and longtime senator will seek to deliver where Donald Trump...
Pandemic remains front and center; sentiment drops
Despite reports that a vaccine is close, the coronavirus pandemic overshadowed the news, with consumer sentiment falling and Federal Reserve Bank of St. Louis President James Bullard reiterating what the...
Stringer supports New York City backstop for taxi driver bailout plan
New York City Comptroller Scott Stringer has endorsed a proposal by the Taxi Workers Alliance that would bail out medallion drivers by writing down city backstop loans held by individual...
UConn gets student fee revenue bond downgrade from Moodys
The University of Connecticut on Thursday received a hit from Moody’s Investors Service, which cited COVID-19 related pressures in downgrading the school’s student fee revenue bond rating to A1 from...
Powell warns of U.S. economy risk with pandemic at deadliest yet
Three of the world’s top central bankers warned Thursday that the prospect of a COVID-19 vaccine isn’t enough to put an end to the economic challenges created by the pandemic. “We...
Puerto Rico governance clashes likely with changes in party control
Major changes to Puerto Rico governance in the next two months are certain and observers say these are likely to lead to greater clashes and instability in the near future. The...
Lipper reports $1.2B inflows, ICI sees first outflows in 6 months; Muni yields slip as vaccine rally wanes
Municipal bonds strengthened on Thursday after a one-day break in the trading week. Yields on top-quality bonds fell as much as four basis points on the intermediate- to long-end of...
Trumps Fed nominees could be considered in Senate next week
The Senate could take up President Donald Trump’s outstanding two nominations to the Federal Reserve board next week, according to Sen. John Cornyn. It “could be as early as next week,”...
Flat October CPI means PCE likely fell to 1.2% growth in the month, analyst says
The October consumer price index came in below expectations, while initial jobless claims beat expectations for the week, but analysts still consider the economy fragile as COVID-19 cases continue...
UI secures $225 million through P3
A public-private partnership that outsources the operation of the University of Idaho's steam plant and utility system will enable the school to enhance some of its programs even as...
MSRB looks for new board members for 2022
The Municipal Securities Rulemaking Board is looking for issuers and non-dealer municipal advisors to join its downsized board in fiscal year 2022. The MSRB made that announcement Thursday morning, looking for...
Why will the Garden States $4B COVID bonds appeal to investors?
John Hallacy, founder of John Hallacy Consulting LLC, and Andrew Coen, Bond Buyer Northeast regional reporter, talk about next week’s $4 billion COVID-19 emergency GO and taxable social bond sale...
Coronavirus torpedoes plan for Illinois legislative session
Legislative action to respond to Illinois' gaping state budget hole won't come before January after the General Assembly canceled its fall veto session. Democratic leaders who control the House and Senate...
Fed's Quarles says broader range of support to municipalities is up to Congress
Randal Quarles, the Federal Reserve’s vice chair of supervision, told lawmakers that the Fed's lending is a backstop for municipalities and that it may not be an answer to all...
OHare airport gets Moody's outlook cut to negative
Chicago O’Hare International Airport’s debt-fueled expansion plans combined with the COVID-19 pandemic’s air travel blows led Moody’s Investors Service to move the airport’s rating outlook to negative. Moody’s affirmed the A2...
Demographic constraints land Vermont a negative rating outlook
Aging demographics and rising retirement liabilities have put Vermont at risk for another credit downgrade. S&P Global Ratings revised the outlook on Vermont’s AA-plus-rated general obligation bonds to negative from stable...
Republican Garrity unseats Torsella in Pennsylvania treasurer's race
In a contest that took nearly a week to finalize — and among several races that epitomized Pennsylvania's sharp political divide — Republican Stacy Garrity toppled incumbent Democrat Joe Torsella...
Pittsburgh Water and Sewer to sell $94 million
The Pittsburgh Water and Sewer Authority intends to sell $94.4 million of first-lien revenue bonds on Thursday. Morgan Stanley is senior manager for the negotiated sale, for which there is no...
Infrastructure advocates hope for bipartisan effort under a new administration
Transportation advocates say a Biden administration will bring bipartisanship to a future infrastructure bill, even as it remains unclear which party will control the Senate in the next Congress. President-elect Joe...
Rosengren: Economic shocks happen but certain factors makes it worse
Financial disruptions have and will continue to happen over the course of time, but there are certain variables that make these shocks even worse, according to Eric S. Rosengren, president...
New York Senate election results keep Cuomo control on fiscal proposals
New York Gov. Andrew Cuomo will have continued powers to thwart proposed wealth taxes he opposes after Democrats failed to gain a state senate supermajority in the November elections. Democrats, who...
High-yield sectors get respite from vaccine news; municipals steady
Municipals were little changed on Tuesday along with U.S. Treasuries as financial markets took a breather after Monday’s positive health news and slight sell-off. Bond buyers were treated to some new...
Supreme Court justices hear arguments in Affordable Care Act case
U.S. Supreme Court Justices on Tuesday heard arguments in California v. Texas, a case that seeks to overturn the Affordable Care Act. The lawsuit, filed by a Texas-led coalition and later...
Illinois Finance Authority sets second green state revolving fund deal
The Illinois Finance Authority signed off Tuesday on an up to $500 million state revolving fund deal that offers triple-A ratings with the state’s name. The borrowing allows the state to...
Feds Kaplan says coronavirus surge threatens U.S. through next 2 quarters
The U.S. economy is likely to have a strong recovery from the pandemic-induced slump in the second half of the 2021 though the resurgence of COVID-19 jeopardizes the next two...
Skanska continues exit from U.S. P3 sector with Virginia asset sale
Skanska continued its exit from the U.S. the P3 sector by divesting the company of Virginia's Elizabeth River Crossings tunnel project. The Sweden-based company announced Monday that it signed a binding...
Cuts to Boston-area transit are short-sighted, advocates say
The Massachusetts Bay Transportation Authority’s proposed steep service cuts to help balance an operating budget ravaged by COVID-19 have prompted transit advocates and elected officials to question whether the moves...
New deputy mayor for budget and innovation named in Los Angeles
Los Angeles Mayor Eric Garcetti has appointed Jeanne Holm as deputy mayor for budget and innovation as the city navigates a pandemic-induced recession. “I’m honored and excited to work with Mayor...
Risk-on moves emerge after vaccine news; Equities soar, UST sell off, munis weaker
Municipals weakened on Monday as U.S. Treasuries sold off while stocks soared on positive news about a COVID-19 vaccine and a Biden presidency became clearer. Yields on top-rated municipals rose by...
Sale or debt restructuring eyed by bankrupt Michigan retirement village
The fate of $52 million of municipal debt is at stake as the Henry Ford Village, Inc. continuing care retirement community in Dearborn, Michigan, makes its way through a Chapter...
ETI rises, while consumers see slowing of income, spending
The Conference Board's Employment Trends Index (ETI) gained to 97.57 in October from 96.33 in September, but remains 11.1% lower than a year ago, the group announced Monday. This month’s numbers...
Bond Buyer announces 2020 Deal of the Year finalists
The Bond Buyer Monday announced the recipients of its annual Deal of the Year awards, marking the 19th year that it has recognized outstanding achievement in municipal finance. For the second...
Access Denied: Underserved or ignored?
Racism at the branch and in the workplace makes it harder for Black Americans to gain access to financial services. In the second episode of the Access Denied podcast, innovators...
Suzanne Mayes, Fiona Ma are 2020's Freda Johnson award winners
Suzanne Mayes of Cozen O’Conner and California Treasurer Fiona Ma have been chosen as this year’s private and public sector winners of the Freda Johnson Award for Trailblazing Women in...
New Jersey downgraded ahead of $4.3B sale on structural deficit woes
S&P Global Ratings downgraded New Jersey's general obligation bonds to BBB-plus from A-minus Friday afternoon based on steep revenue losses triggered by the coronavirus. Citing economic headwinds caused by the ongoing...
Holiday week calendar rises to $2.8B as municipals continue to strengthen
Municipal bonds strengthened again on the long end Friday as U.S. election week came to a close. Yields on top-quality bonds fell on the long end of the AAA scales by...
Jobs report beats expectations, suggests economy expanding despite pandemic
The October employment report was stronger than predicted, with a 638,000 rise in nonfarm payrolls and a full percentage point decline in the unemployment rate, suggesting the economy continues to...
Rhode Island city touts development in the face of coronavirus
Despite the COVID-19 pandemic, several economic development projects are ongoing in East Providence, Rhode Island. Projects in the city, adjacent to state capital Providence and the state’s fifth-largest at 47,500 residents,...
Bond trustee negotiates deal with bankrupt New Orleans archdiocese
The trustee for bonds issued on behalf of the bankrupt Roman Catholic Church of the Archdiocese of New Orleans negotiated a settlement that allows bondholders to be paid interest —...
Nearly a billion of outflows reported while muni bonds strengthen again
Municipal bonds continued their post-election rally on Thursday, with yields on top-quality bonds falling in the intermediate- to long-end of the curves. On the AAA scales, muni yields dropped by...
Fed considers expanding emergency facilities
The Federal Reserve again stated it will use all tools necessary to support the economy and in his press conference, Board Chairman Jerome Powell said the Federal Open Market Committee...
Voters delivered good news to two of California's large school districts
Moody's Investors Service found credit positives in the voter approval of measures to help finance two of California’s large school districts. Voters overwhelmingly supported a parcel tax levy on properties in...
Tax measure's failure puts Illinois bond ratings on the spot
Deep spending cuts and possible tax hikes lay ahead as Illinois works to stave off a downgrade to junk-bond status after voters rejected a progressive income tax structure, Illinois Gov....
Kashkari likely first Fed voter to take paternity days for FOMC
Federal Reserve Bank of Minneapolis President Neel Kashkari isn’t attending the central bank’s two-day policy meeting after the birth of his second child this week, probably the first time a...
Assured brings back Randall Gerardes
Assured Guaranty has rehired Randall "Randy" Gerardes effective Nov. 2, as managing director in the public finance marketing group. Gerardes will focus on supporting and developing relationships with public finance...
Wednesday's indicators reveal 'more downbeat' economic data
Two of Wednesday’s indicators, including one measuring employment, missed expectations, leading one analyst to suggest Friday’s jobs report will be much "softer" than projected. Private payrolls increased by 365,000 in October,...
Virginians approve casinos and bonds
Referendums to build casinos appear to be on course for approval in four Virginia cities, a credit positive because the projects have the potential to increase local tax revenues and...
Austin voters approve a $7.1 billion light rail system
After two failed efforts to bring light rail to one of Texas’ most congested cities, Austin won voter approval Tuesday for a $7.1 billion system known as Project Connect. Though not...
New Jersey marijuana legalization passage no game changer for state finances
New Jersey voters approved the legalization of recreational marijuana setting the stage for revenue growth, but future tax gains may be limited if neighboring states pass similar measures, according to...
Post-election pop: Munis rally with UST for first time in weeks
With the final result of the U.S. presidential election in doubt, municipal bonds traded significantly stronger on Wednesday following a U.S. Treasury rally of as much as 14 basis points. In...
California voters could wait weeks for final tally on bond measures
Learning the final outcome for many California bond and tax measures could take until Dec. 11 as the California Secretary of State has until then to certify the results. Many California...
Illinois voters reject progressive income tax system
Illinois voters defeated a measure that would have allowed the state to raise taxes on its wealthiest residents, striking down a pillar of Gov. J.B. Pritzker’s plan for shoring up...
Lawmakers advocating for muni bonds keep their seats
Key lawmakers advocating for municipals bonds did well Tuesday night, setting the stage for strong support for future municipal bond initiatives. Despite a few tight races, lawmakers with histories of backing...
Biden blue wave fails to materialize as GOP bests expectations
Democrats entered the U.S. election hoping for a repudiation of Donald Trump that would sweep them back to power in Washington. Instead, they were denied their “blue wave” by the...
Bond elections: $1B-plus deals approved or leading, next tier faltering
The largest bond elections have been approved, or are ahead, with results slower than usual. The $7 billion Los Angeles Unified School District bonds garnered 71% of the vote as tabulation...
Foundation will sell bonds to buy California charter school buildings
The California Infrastructure and Economic Development Bank has agreed to serve as conduit issuer for $100 million of revenue bonds to support an Oregon nonprofit’s purchase of several charter school...
Coronavirus won't hold back Illinois Tollway's capital spending plan
The Illinois State Toll Highway Authority plans to keep its nearly 10-year-old infrastructure program on track with $600 million of new money borrowing in 2021. The $600 million is in addition...
VRDO suit on track to head to trial in Baltimore and Philadelphia
A U.S. District Court denied major banks’ motion to dismiss a variable-rate demand obligation lawsuit brought by the cities of Baltimore and Philadelphia, a win for the municipalities that keeps...
Public finance veteran Nitcholas moves to Baird from Huntington
Baird has hired Mark Nitcholas from Huntington Capital Markets to be managing director for public finance at a new Houston office. Nitcholas, who has more than 30 years of public finance...
Election Day: Munis steady as America makes its choices
As voters across the nation went to the polls on Tuesday, the municipal bond market remained cool, calm and collected with participants waiting patiently on the sidelines ahead of the...
Who wins election won't matter much to markets, analyst says
With interest rates near zero and the economy bouncing back from the COVID-19-related shutdown, the election results won't have a huge impact on the bond market, according to RJ...
Fewer SEC enforcement cases in 2020, record-breaking whistleblower cases
The number of enforcement cases brought by the Securities and Exchange Commission dropped in fiscal year 2020, though signs point to a busy future for the enforcement division. That is...
Beyond investment: Helping Black, Brown businesses thrive after COVID
Michael Roth, managing partner at Next Street, talks with Chip Barnett about how Black and Brown businesses are doing during the coronavirus pandemic. He looks at what our industry can...
New York MTA's planned Fed borrowing a credit negative, Moody's says
The New York Metropolitan Transportation Authority's planned borrowing of $2.9 billion available to it through the Federal Reserve’s short-term Municipal Liquidity Facility is a credit negative, Moody’s Investors Service said. “The...
Coronavirus restrictions pressure New Jersey casino authority
Financial hits to Atlantic City's hospitality industry from state limitations aimed at curbing the spread of COVID-19 are hindering a state agency reliant on luxury tax revenues to pay debt...
Stakes are high for Illinois progressive income tax referendum
Illinois voters Tuesday will decide the fate of the state’s income tax rate structure. If voters amend the state constitution to remove the flat income tax requirement, Gov. J.B. Pritzker's plan...
Munis mixed as elections, FOMC, jobs data loom large over trading week
A confluence of upcoming events kept municipal bond buyers on the sidelines Monday as an uncertain and cautious tone was felt throughtout the market. Investors are waiting for the results of...
Brightline fails to sell private activity bond deal for Las Vegas rail
Fortress Investment Group is postponing its plan to build a train to Las Vegas from Southern California after failing to sell a record amount of unrated municipal debt to finance...
With rates near zero, Fed still has a role to play
After the COVID-19 pandemic forced non-essential business to shut, the Federal Reserve acted aggressively to cut rates to the zero lower bound and introduce other programs to keep money flowing,...
What would a blue wave mean for the Federal Reserve?
While we usually think of the Federal Reserve as above the fray of politics, the current president has been vocal about Fed policies and the current chair, Jerome Powell, who...
Personal income, spending rose in September, but growth expected to moderate
Personal income increased 0.9% in September after a 2.5% decline in August, the Commerce Department reported Friday, while personal consumption grew 1.2% after a 0.7% gain in August. Personal consumption expenditures...
Atlantic City mayoral challenger criticizes state oversight
New Jersey’s oversight role of Atlantic City finances is a central issue in the city’s mayoral election. Mayor Marty Small, a Democrat, faces a challenge from Thomas Forkin in Tuesday's election....
Election week wariness creeps into market as calendar falls to $760M
The municipal bond calendar will start the month with less than $1 billion of volume and only one deal totaling more than $100 million after weeks of massive supply ahead...
Puerto Rico board member exercises exit veto
New Puerto Rico Oversight board member Justin Peterson exercised an exit veto on a proposed central government debt restructuring Friday. More than two hours into a virtually held public board meeting,...
Debt refinancing concerns hampering Nassau County budget process
Nassau County, New York, Executive Laura Curran's goal for an early 2021 budget approval has hit a stumbling block: stiff opposition from legislative Republicans toward her debt refinancing proposal that...
More pain for bondholders in long-running Florida toll bridge default
Holders of defaulted bonds issued to build northwest Florida's Garcon Point Bridge got more bad news about the toll revenues that repay the debt. The Florida Department of Transportation, which first...
Muni volume hits $65B in October, another record
The municipal bond market saw the second highest issuance month ever in October with $65.20 billion, trailing only the $69.83 billion in December of 2017 right before tax law changes...
ASA seeks unlikely MLF extension
The American Securities Association wants to see the Federal Reserve’s Municipal Liquidity Facility extended past 2020 following word from the Treasury Department that such an extension is unlikely. In a letter...
Ladner named N.Y. 'Super Lawyer'
For his legal work in public finance, Stanford Ladner of Butler Snow has been recognized in the 2020 edition of “New York Metro Super Lawyers." Super Lawyers is a rating service...
Coronavirus and economy require balancing act, says ex-CDC chief Frieden
Adhering to science and reopening the economy is not mutually exclusive, the former director of the Centers for Disease Control and Prevention told a New York City watchdog group. “We can...
California's gas-powered vehicle phase-out puts fuel taxes on the spot
California’s plans to end the sale of gas- and diesel-powered passenger vehicles in 2035 creates uncertainty for fuel tax revenues, and not just in California, according to S&P Global Ratings. Newsom,...
Next year brings more focus on financial disclosures
Next year may bring a renewed focus on more timely disclosures, and though collaboration among market participants is preferred, current market recommendations suggest a more regulation-based solution. During the last day...
Florida revenues down 6.8% in September compared to a year ago
Tourism-dependent Florida continues taking a hit in year-over-year state revenue comparisons, which were down 6.8% in September. All revenues supporting the state budget came in $230.2 million above the recently revised...
Chicago's rating outlook from Moody's dims over coronavirus impact
Chicago’s COVID-19 fiscal wounds spurred Moody’s Investors Service to move its outlook to negative on the city’s already-junk general obligation rating. While shifting the outlook to negative from stable, Moody’s affirmed...
SEC drags Harvey, Illinois, back to court for alleged settlement violations
Harvey’s alleged lax compliance with management reforms required under a 2014 consent judgment that settled charges of fraudulent bond proceed use prompted the Securities and Exchange Commission to file an...
Munis steady as Los Angeles CCD, N.Y. MTA deals sell; Lipper sees $582M inflow
Municipal bonds held their ground Thursday as the last of the week's large new issues priced while weaker Treasuries and political and COVID jitters were hanging over the markets. ...
DiNapoli: NYC should explore all options before seeking bond authority
New York City should develop a detailed financial plan and look at other options before turning to long-term borrowing to fund its operations, according to a report released Thursday by...
GDP rebounds in Q3, analysts see slowdown ahead
Gross domestic product surpassed economists' expectations, while initial jobless claims also performed better than forecast, while pending home sales fell unexpectedly, but with COVID-19 cases rising throughout the nation, the...
New York MTA to tap Fed program to the max
New York’s Metropolitan Transportation Authority — its revenues battered, its credit standing weakened and with no federal rescue aid in sight — is proceeding with plans to borrow its remaining...
How COVID, ESG and technology are colliding to alter the muni landscape
Sowjana Sivaloganathan, director of fixed income at Intercontinental Exchange, and Patrick Smith, director of municipal evaluations at ICE Data Services, talk about how ICE and its Muni Curve has evolved...
Court sets February deadline for a Puerto Rico debt deal
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...
Low rates, high taxable issuance, ESG to continue in 2021
Rates will stay low, issuance will soften to end the year but tick back up in 2021, and the municipal market still has room to grow in environmental, social, governance...
Economists still not certain how recovery will go
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...
Santee Cooper OKs bond deal oversubscribed more than five times
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...
Chicago rating outlook gets Fitch Ratings cut to negative
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...
Supply surge continues with NYC, California issues well received
Municipal bond buyers were treated to a cornucopia of new issues as deals from New York and California flooded into the marketplace on Wednesday. The municipal market was steady in...
New PR board member: Define essential services, pay debt service
New Puerto Rico Oversight Board member Justin Peterson said he expected the next fiscal plan for the island will include the payment of debt service and will define essential services. “I...
Detroit's public school system gains more autonomy as it plots capital needs
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...
How the coronavirus pandemic impacts the California budget
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...
North Carolina preps its third infrastructure deal this month
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...
How presidential tax policy will affect municipal bond market
No matter who wins the presidency on Nov. 3, at least some of the tax changes sought by the municipal bond industry are likely to be embedded into infrastructure legislation...
Chicago budget must thread needle on ratings, investors and city council
Chicago, assembling a budget deeply impacted by the COVID-19 pandemic, can’t afford to dip deeply into its $900 million of reserves without jeopardizing its bond ratings and setting back efforts...
Munis stronger out long as market absorbs near-record supply
New York City offered its Transitional Finance Authority bonds to retail investors for a second day as new supply loaded with some big Texas and South Carolina issues headed into...
Suffolk County, N.Y., explores Fed borrowing facility for TANs
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...
California enters the hopeful, rebuilding phase
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...
Decline in consumer confidence, 'robust' durable goods orders, offer mixed view of economy
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,...
Puerto Rico Oversight Board orders halt to pension increases
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...
MSRB expects a surplus of up to $6 million for fiscal 2020
The Municipal Securities Rulemaking Board plans to end its fiscal year 2020 with a surplus of about $6 million following heavy issuance in the municipal market. That is what new...
The future of public finance is strong
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...
Gauging ridership presents difficult route for transit systems
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...
S.F. Public Utilities Commission taxable green bonds officially listed on London Stock Exchange
The San Francisco Public Utilities Commission is the first municipal issuer to list on a foreign exchange as it attempts to reach new investors in Europe and beyond. The SFPUC listed...
Milwaukee convention center expansion bonds on deck this week
The Wisconsin Center District will sell $434 million of bonds this week to finance the expansion of Milwaukee’s convention center. Backers say the project will provide an economic jolt to counter...
Diversity of issues marks calendar; NYC TFA bonds priced for retail
Municipal bond buyers will see a wide variety of issues come to market this week, with most of the major sectors represented, with special empasis on education, transportation and power...
Purple Line stumbles may hamper transportation P3s, analysts warn
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...
Puerto Rico Oversight Board asks for more debt negotiation time
The Puerto Rico Oversight Board asked the bankruptcy court for more time to conduct its central government debt negotiations. The board made the request Sunday in a filing to the United...
Deal funds expansion for Austin, Texas-area toll authority
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...
New home sales slip while manufacturing improves
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...
Present value savings prioritized in taxable Dallas transit refunding
Dallas Area Rapid Transit will pursue savings through an $870.6 million taxable refunding as it continues expanding its extensive rail and bus system. The deal is scheduled to price Thursday through...
Access Denied episode 1: The wealth effect
Despite laws that were supposed to eliminate housing and mortgage discrimination, systemic racism creates and maintains the disparities in Black homeownership and wealth. In the podcast, professionals from the fields...
Fitch adds to downgrade pileup with New York MTA's options limited
New York’s Metropolitan Transportation Authority will go into a planned $258 million negotiated sale of transportation revenue refunding green bonds with another COVID-19 related hit from the capital markets —...
California, New York and Texas deals dominate $16B new-issue calendar
Municipal bond buyers will see large deals from California, New York and Texas issuers in a calendar that totals almost $16 billion. One again taxable issues will be making a...
Without touching rating, S&P gives Chicago something to think about
Chicago’s ability to avert a downgrade hinges on honoring its rising pension contribution commitments and continuing to move toward structural budget balance as it navigates the COVID-19 pandemic, S&P Global...
As ESG interest grows, Moody's retires green bond assessments, transitions to affiliates for designations
As the environmental, social and governance market grows within the municipal market, Moody’s Investors Service this week withdrew its Green Bond Assessment product for various corporate and muni bonds after...
Introducing Access Denied: Systemic racism in financial services
A comprehensive examination across many sectors reveals institutional barriers and outright racist abuse. How do we end the cycle? Arizent's new documentary podcast features more than two dozen professionals. In this...
N. J.'s decision to use tax-exempts for planned $4B bond sale reflects market strength, analysts say
With interest rates at historic lows and despite its poor credit ratings. New Jersey's decision to tap the muni market instead of the Federal Reserve’s lending program for a...
California revenues exceed pandemic-shrunken expectations
The California revenue report indicating the state is $8.7 billion above budget projections is not quite as rosy as it sounds. Revenues did come in better than expected in the budget...
The Fed, market volatility and asset bubbles
The COVID-19 pandemic has caused uncertainty, which brought on market volatility. Add in next month’s election, the failure of the government to reach another stimulus deal, and the possibility that...
Westbury project furthers Long Island transit development thrust
A project at Westbury's commuter rail station marks the latest transit-oriented development on Long Island. New York’s Metropolitan Transportation Authority has issued a request for proposals to build on the commuter...
Seven members of Congress urge Puerto Rico board to delay debt negotiations
Seven members of the U.S. House of Representatives have sent a letter to the Puerto Rico Oversight Board asking it to postpone debt negotiations until an investigation of insider trading...
Coronavirus triggers a convention center hotel reserve draw
Low revenue from a hotel occupancy rate of just 36% led the Myrtle Beach Convention Center Hotel Corp. in South Carolina to tap its debt service reserve fund to make...
DigMo 2020: How Can Fintechs Best Position Themselves For an Acquisition?
The influx of fintechs has dramatically reshaped the mortgage landscape over the past decade. From finding new efficiencies to redefining the customer experience; fintechs are permanently changing the entire financial...
Economic data suggests 'gradual' recovery continues
Better-than-expected reads on Thursday's economic data indicates the slow rebound continues. Initial jobless claims declined to a seasonally adjusted 787,000 in the week ended Oct. 17, from the previous week’s downwardly...
California markets its second deal using millionaire's tax credit
California comes to market Tuesday for the second time with its income tax revenue bond credit for a program that funds housing for homeless people with mental illnesses. Joint bookrunners Citi...
DiNapoli: Wall Street profits up 82% in first half of 2020 despite coronavirus
The securities industry saw its pre-tax profits rise 82% to $27.6 billion in the first six months of 2020 compared to the same period in 2019, according to New York...
Beige Book: Economy posts 'slight to modest' gains
Economic activity was growing at a “slight to modest” rate through most of the nation, the Federal Reserve’s Beige Book, released on Wednesday, suggested. The manufacturing sector saw “moderate” growth,...
Chicago turns to scoop and toss, tax hikes, and job cuts to manage coronavirus wounds
Chicago’s fix for a $1.2 billion 2021 budget shortfall and remaining 2020 COVID-19 pandemic tax wounds count on $948 million of relief through a $1.7 billion refinancing and restructuring of...
Puerto Ricos employment situation improves
Puerto Rico’s employment numbers continued to improve in September. According to the U.S. Bureau of Labor Statistics household survey total employment in September was up 0.25% from August and 1.6% from...
California, healthcare bond deals sell; ICI reports $1.4B fund inflows
California competitively sold bonds while several large healthcare deals hit the market as the week's supply surge continued unabated. ICI reported muni bond funds and exchange-traded funds saw combined inflows of...
Bondholders dealt new blow in long-running Florida toll bridge bond default case
Bondholders contending with one of the longest uncured defaults by a state-created toll road authority in Florida are dealing with another blow after Hurricane Sally sideswiped the Pensacola area in...
Fortress sweetens record muni sale to woo Vegas train skeptics
Nuveen’s John Miller, the biggest backer of Fortress Investment Group Inc.’s Brightline passenger railroad in Florida, had been skeptical of plans to forge ahead swiftly with a multi-billion dollar venture...
Brightline offers to buy $250 million of Florida train bonds
The Fortress Investment Group-backed passenger railroad in Florida, Brightline Holdings LLC, is offering to buy back as much as $250 million of bonds from investors for 100 cents on the...
Pennsylvania communities weigh regionalism, other coping measures
The financial strain from COVID-19 has Pennsylvania’s cities and towns weighing a range of coping measures. The crisis has also triggered inquiries about shared services and mergers. “We’re being inundated with calls...
Illinois spread penalties held in check as high yields suit buyers
Illinois fared better in the market Tuesday compared to recent trading levels — especially on the short end — as investors on a hunt for yield put aside worries over...
Illinois RTA sounds federal transit alarms as 2021 budget work begins
The Regional Transportation Authority of Illinois is warning of a looming funding crisis in 2021 as its service boards exhaust federal relief that provided a lifeline to weather the COVID-19...
CommonSpirit returns with $2 billion
CommonSpirit Health will price $2 billion of debt Wednesday in a deal that raises some new money while taking the next steps in its tinkering with the combined debt portfolio...
Primary in focus as Illinois, Wisconsin, Nevada, Washington go competitive
Municipal bond buyers saw a treasure trove of new deals swarm into the market Tuesday as the states of Illinois, Wisconsin, Nevada and Washington all sold bonds in the competitive...
Managing duration extension and negative convexity near par
Duration is the primary measure of interest rate sensitivity — it is the percentage change in price for a 1% change in interest rates. However, practitioners also look at convexity,...
Housing market still the shining star of the economy, analysts say
Continued gains in housing starts and building permits reiterated the strength of the housing market, one of the sectors that has done well despite the COVID-19 pandemic. Housing starts climbed...
IHS Markit hires Villanova to focus on ESG, green bonds
As investors and issuers focus more on environmental, social and governance issues, IHS Markit has brought on Dana Villanova to help lead its ESG and innovation presence in the municipal...
MSRB plans to improve EMMA's searchability
The Municipal Securities Rulemaking Board plans to make it easier to connect investors with state and local governments’ financial information in the coming years. During the second annual Government Finance Officers...
Hilltop Securities adds five to its muni team in Charlotte
Dallas-based Hilltop Securities has hired five municipal market professionals to bolster the firm's expansion efforts in Charlotte, North Carolina. All five, who most recently worked at Wells Fargo Securities, will be...
Illinois heads into market with budget reckoning looming
Illinois heads into the market Tuesday facing questions about its ability to hold on to investment-grade ratings should voters reject a progressive income tax amendment and federal relief remain stalled. The...
Illinois, Wisconsin, Nevada prep sales as Hawaii gets a COVID-19 rating cut
It was all about the states Monday as the municipal market saw Hawaii’s rating get slashed ahead of its GO sale on Wednesday while Illinois, Wisconsin and Nevada prepared to...
Clarida: Recovery will take time and fiscal, monetary support will be needed
Although the economy has taken big steps in its recovery, it will take “some time” to return to February levels and monetary and fiscal stimulus will be needed, said Federal...
Oklahoma DOT bringing revenue bond deal
The Oklahoma Department of Transportation will price $193 million of revenue bonds in two series Tuesday. The $171 million of Series B bonds for projects and $22.3 million of Series C...
With GO bonds priced, Detroit turns its sights to ballot measure
Detroit received orders from 30 institutional investors for its $80 million high-yield general obligation sale last week, the city's chief financial officer said. The buyers, he said, include repeat purchasers from...
The Most Powerful Women in Banking 2020: The future of consumer banking
The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services – a mass migration to...
Multi-billion-dollar Las Vegas high-speed-rail deal is delayed
Fortress Investment Group delayed the pricing of $3.2 billion of municipal bonds to build a passenger railroad between southern California and Las Vegas, a sign that investors were hesitant to...
Philadelphia 76ers chasing arena after bond-supported bid falters
An unsuccessful bid by the Philadelphia 76ers to get public support to build their own arena may encourage the basketball team's owners to try and spur a city versus suburb...
Congressional coronavirus watchdogs disagree on the future of the MLF
Republicans and Democrats believe the Federal Reserve’s Municipal Liquidity Facility was initially useful to the market, though are at odds over the future of the program set to expire at...
Healthcare, taxable deals push muni new-issue slate up to $16.4B
The new-issue calendar is stuffed with all types of healthcare deals and taxable offerings, inflating its size up to almost $16.5 billion, once again the largest supply slate of 2020. Healthcare...
Puerto Rico Treasury cup was one-third full, two-thirds empty in July, August
Puerto Rico’s Treasury collections in July and August were ahead of the Oversight Board’s May projections but well behind last year’s actual collections. Due to the COVID-19 lockdown, in March the...
Think tank calls for New York City to overhaul its pension system
As New York City grips with a major financial crisis due to the effects of COVID-19, another call has emerged to overhaul its public pension system. Manhattan Institute recommended a four-pronged...
Minnesota passes $1.9B bond package after six-month delay
A record $1.9 billion capital package is headed to Minnesota Gov. Tim Walz’ desk after lawmakers signed off on the long-stalled package that had gotten caught up in House GOP...
Retail sales, consumer sentiment offer hope; manufacturing numbers weak
The economic news was mostly positive Friday, with consumers spending on clothes, cars and eating out, while manufacturing continues to suffer. Retail sales soared 1.9% in September, after an unrevised 0.6%...
Bond insurers still soaring
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...
Baker plans to pluck $1.4 billion from rainy day fund to balance Massachusetts budget
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...
Harvey, Illinois, hires advisor for debt restructuring
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...
States, agencies pull back on infrastructure funding worth over $10 billion
Without direct federal aid, state and local governments are struggling to invest in infrastructure as 18 states and 25 local transportation agencies have canceled and delayed projects worth more than...
2021 Uncertainty, expense management and technology
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...
Turnpike, airport deals hit the market; Refinitiv Lipper sees $615M inflow
There was plenty of action in the municipal bond market on Thursday as billions of dollars of bonds were placed into investors' hands. Municipals traded little changed for most of the...
Reserves, new revenues help spare Cook County from deeper coronavirus wounds
Cook County, Illinois’ proposed $6.9 billion 2021 budget relies on reserves, existing federal relief funds, and job cuts to close a $400 million shortfall due to rising expenses and COVID-19...
Washington State Supreme Court strikes down anti-car tax initiative
Washington state officials breathed a sigh of relief Thursday when the State Supreme court struck down I-976, a voter-approved measure to cut car-registration taxes. It took almost a year for the...
Louisiana moves forward with coronavirus-delayed variable-rate refinancing
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...
Mixed picture of economy and rebound continues to emerge
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...
Matthew Stitt named director at PFM
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...
Hawaii selling GOs as it loosens coronavirus travel restrictions
As Hawaii relaxes travel restrictions for the first time during the coronavirus pandemic, the state is preparing to price $1.04 billion in bonds Tuesday. In a move that has been telegraphed...
Detroit returns to market on its own name
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...
Oregon governor appoints former ODOT chief to lead wildfire recovery efforts
Oregon Gov. Kate Brown has appointed Matthew Garrett wildfire recovery director, and he will advise her on issues related to the 2020 wildfire season. Garrett will develop a strategic recovery plan...
FHN Financial boosts public finance reach with New York hires
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...
Puerto Rico board asks court to reject debt proposal deadlines
The Puerto Rico Oversight Board on Tuesday asked the bankruptcy court to reject a bondholder proposal for the court to impose deadlines on the board’s introduction of a plan of...
Puerto Rico board asks court to reject debt proposal deadlines
The Puerto Rico Oversight Board on Tuesday asked the bankruptcy court to reject a bondholder proposal for the court to impose deadlines on the board’s introduction of a plan of...
Clarida: GDP could recover in a year, labor market will take longer
Gross domestic product may not reach its pre-COVID-19 level for a year and the unemployment rate will take longer to fall to where it was, said Federal Reserve Vice Chair...
Taxables, hospitals and trans deals rule slate; ICI inflows, CUSIP requests surge
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. ...
Feds Barkin says rising virus cases may hold back U.S. recovery
Federal Reserve Bank of Richmond President Thomas Barkin said a rebound in U.S. coronavirus cases to about 50,000 a day has added uncertainty to the outlook and may discourage businesses...
MSRB to hold first quarterly meeting of the year, with new CEO
The Municipal Securities Rulemaking Board is expected to discuss its long-term strategic plan with a new at leader at its helm, as well as the Securities and Exchange Commission's proposal...
SEC enforcement approach may hinge on election results
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...
Alabamas state school authority preps $1.5 billion deal, its largest ever
The state of Alabama's most prolific issuer is preparing to sell its largest bond sale ever, in part, to take advantage of the low interest rate environment. The Alabama Public School...
Spring won't be better for student housing P3s, analysts say
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...
Airports, hospitals top calendar as muni buyers await supply surge
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...
Kansas City deal will wrap up airport terminal makeover financing
Kansas City heads into the market Wednesday to wrap up financing for its $1.5 billion replacement of the Kansas City International Airport terminals. The deal selling through the Kansas City Industrial...
New York MTAs woes include soaring debt, state comptroller says
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]...
CPI decelerates although food and energy costs pressure consumers
The consumer price index gained for the fourth month in a row, but, with smaller increases, suggesting signs of slowing down. CPI gained 0.2% in September on a seasonally adjusted basis,...
How design-build could help New York City's library systems
As New York City’s library systems cope with tighter budgets during COVID-19, state-authorized design-build project delivery could help them cut through a capital construction system fraught with delays and cost...
Denver International Airport is refunding to ease debt-service schedule
Denver International Airport will price $925 million of refunding bonds to help ease its debt service burden during the pandemic-driven traffic decline. The bonds will price in four series on Oct....
FINRA fines Raymond James $47,500 for muni violations
Raymond James & Associates, Inc. has agreed to pay $47,500 to settle charges it violated multiple municipal securities rules after the Financial Industry Regulatory Authority found it failed to accurately...
Fourth Puerto Rico Oversight Board member steps down
Puerto Rico Oversight Board member Arthur Gonzalez became the fourth original board member to step down on Friday. On Wednesday President Donald Trump appointed Justin Peterson to sit on the...
Holiday week slate hits $14.3B, largest supply calendar of 2020
Municipal new-issue supply will be the largest for 2020 during the holiday-shortened week with more than $14 billion of deals on tap. IHS Ipreo estimates volume for the upcoming week at...
Biden victory may boost Gateway project
A win by Democratic candidate Joe Biden in the presidential election might create a smoother path toward completing proposed upgrades to a 110-year-old tunnel linking Manhattan and northern New Jersey...
Florida-based Bryant Miller Olive celebrates 50 years of public finance law
For five decades, Florida-grown Bryant Miller Olive PA has practiced public finance law across the Sunshine State and the Southeast. BMO's practice areas also include state and local government law, complex...
Pandemic casts a pall on Stifel banker James Cervantes' retirement fanfare
When public finance banker James Cervantes decided to pull the trigger on retirement, he had to let go of his plan for a big retirement party to say goodbye to...
Does it matter to the market who wins the election?
Perhaps as a sign of the contentious election, many views about how the results will affect the nation and the economy have emerged. Some question whether the results will be...
How ready are America's cities for the next big crisis?
This article is part of The Bond Buyer’s multi-platform, four-part series on the Future of Cities, each segment focusing on a different aspect of how life in and the...
Rosengren: Low rates before crisis made matters worse
Since rates were "abnormally low" for an extended period prior to the coronavirus-caused economic downturn, recovering from the shock is likely to be "more difficult," , Federal Reserve Bank of...
Entrepreneurship in the WFH Era
Virtually overnight, Jason Gardner, founder and CEO of Marqeta, found himself working in new surroundings, alongside his wife, two kids, cats, guinea pigs, and dogs. At a personally and professionally...
Toll hikes make South Jersey Transportation Authority 'flexible' ahead of bond sale
With many Atlantic City attractions closed or limited, and traffic off by nearly a fifth, recent rate hikes will help the South Jersey Transportation Authority pay down its more than...
DASNY sells $2.5B of PIT bonds; Refinitiv Lipper sees $1.7B inflow
Action in the municipal bond market focused on the competitive arena on Thursday as billions of dollars of deals hit the screens. The Dormitory Authority of the State of New...
Resilience redefined
The coronavirus pandemic, urban unrest, budget strife and climate volatility have widened the scope of crisis management. In the fourth and final podcast segment of our Future of Cities series,...
Pipeline bond underwriters sued for Flint water contamination
Victims of Flint, Michigan’s water contamination crisis are suing the underwriters of bonds sold in 2014 to finance a new water pipeline built to serve the city and surrounding area. The...
Reserves protect municipal bonds buffeted by Disney theme park woes
Solid reserves will protect municipal bonds buffeted by troubles at the Walt Disney Co. theme parks that were underscored by the announcement that it will lay off 28,000 employees at...
Top muni underwriters through three quarters of 2020
Municipal bond underwriters are on pace to easily surpass last year's total, despite the COVID-19 pandemic. Top bookrunners have accounted for a total of $328.60 billion through the first three...
Top muni issuers through three quarters of 2020
Through three quarters municipal bond issuers are coming to market 22.6% more than a year ago. So far in 2020 issuers have totaled $328.61 billion in 8,491 transactions that compares...
Trump names former creditor representative to Puerto Rico Oversight Board
President Donald Trump named a former representative of Puerto Rico bondholders to the Oversight Board late on Wednesday. Trump appointed Justin Peterson, who worked for several years as a spokesman for...
Morgan Stanley will buy Eaton Vance for $7 billion
Morgan Stanley agreed to purchase Eaton Vance Corp. for about $7 billion in Chief Executive Officer James Gorman’s second major acquisition this year, both of which tilt the investment bank...
Public scrutiny ahead for Florida's massive bond-financed toll road program
Floridians have an opportunity to say what they think about the largest bond-financed toll road program proposed in the state in decades. Will the feedback matter, though, with a mandate in...
Future of Cities: Inflection point for businesses
Financial hits from the COVID-19 fallout have prompted companies with expensive leases to reassess their needs. In the third part of our podcast series on the Future of Cities, Howard...
Trustee wants Missouri's high court to reverse appropriation pledge rulings
The trustee for $32 million of defaulted bonds that carry Platte County, Missouri's appropriation pledge will take a final shot at getting the Missouri courts to hold the county responsible...
Puerto Rico bondholders ask court to put deadlines for board debt proposal
Key Puerto Rico bondholders asked the court to set plan of adjustment deadlines for the Puerto Rico Oversight Board to meet. Four groups of investment funds filed the joint motion Tuesday...
NYC GOs, SF PUC taxable green bonds price while secondary trading shows weakness
Municipal issuers have a market in which to sell their bonds even if they are coming at a bit of a premium relative to lower yields experienced in August and...
FOMC members see faster, uneven recovery with businesses investing
Federal Open Market Committee members agreed the economy was recovering “faster than expected,” while business investment appeared to be rebounding, but saw the overall gain “uneven.” "In particular, with the reopening...
Will remote work change central business districts?
This article is part of The Bond Buyer’s multi-platform, four-part series on the Future of Cities, each segment focusing on a different aspect of how life in and the finances...
Lobbying group ASA triples size through affiliate program
The American Securities Association is adding 50 more firms to its ranks, a substantial growth for the young broker-dealer lobbying group which has become increasingly vocal on muni issues in...
Bond insurer asks court to investigate alleged illegal Puerto Rico bond trading
Bond insurer National Public Finance Guaranty filed a motion Monday in a court seeking an investigation of likely illegal hedge fund trading of Puerto Rico bonds during mediation over those...
Most issuers not making coronavirus disclosures on outstanding debt
Just 40% of all distinct CUSIPs that have traded so far in 2020 have a COVID-19 related disclosure attached to them, leading some to wonder why all issuers aren’t disclosing...
Shuttering of gathering economy wreaks havoc on cities, live event industries
This article is part of The Bond Buyer’s multi-platform, four-part series on the Future of Cities, each segment focusing on a different aspect of how life in and the finances...
High Court's refusal to hear challenge of Brightline train project allows PAB use
The U.S. Supreme Court denied Indian River County, Florida's request for a writ of certiorari, ending a years-long legal battle by the county to stop construction of the privately owned...
Suffolk County, N.Y., plans bond offering amid budget challenges
Long Island’s Suffolk County is readying a nearly $300 million bond transaction even as it confronts a giant revenue shortfall. Suffolk is scheduled to issue $290 million of debt the third...
NYC Comptroller, CUNY pick fellows; N.Y. Fed to examine creative economy
The City University of New York and the Office of the City Comptroller have teamed up to offer opportunities for graduates to work in city government. Twenty recent CUNY graduates...
Michigan tobacco deal tackles default pressures
Michigan hits the market this week with $884 million of tobacco bonds in a refinancing designed to avert looming defaults. The Michigan Finance Authority plans to price the tobacco settlement...
NYC GOs on No. 2 day for retail while Hampton Roads, Va., SBA deals sell
Individual municipal buyers got a second chance to pick up some general obligation bonds from New York City on Tuesday while two Virginia issuers came to market with transportation and...
Future of Cities: Hard realities and intangibles for gathering
This segment of the economy, which has provided building blocks in so many urban areas, has crumbled during the coronavirus pandemic. In the second part of our podcast series on...
Powell: Recovery will be weak without adequate support
Economic recovery will need fiscal support, Federal Reserve Board Chair Jerome Powell said Tuesday, and the government shouldn't worry about offering too much assistance. “Too little support would lead to a...
Future of Cities: How cities can survive and revive
The coronavirus, civil unrest and urban flight have pummeled them nationwide. In our first podcast segment on the Future of Cities, Richard Ravitch of the Volcker Alliance, Nicole Gelinas of...
Databits: AI & automation
Even before the coronavirus pandemic, industry experts were bullish on the impact of AI and automation on the financial services industry. What has changed? Join Arizent's VP of research Janet...
Kroll downgrade the latest domino for New York's MTA
The newest Wall Street hit to New York’s Metropolitan Transportation Authority came Monday when Kroll Bond Rating Agency downgraded its primary transportation revenue bond credit to AA from AA-plus. Kroll assigns...
More unknowns to come for issuers, FIMSAC members say
State and local governments will have to deal with many unknowns as 2020 wraps up amid figuring out how to disclose pandemic concerns and conditions deteriorate for vulnerable credits, experts...
Michigan budget is good news for local governments, schools
Michigan’s newly minted fiscal 2021 budget lifts some COVID-19 pandemic fiscal clouds for local governments and school districts, Moody’s Investors Service said. Gov. Gretchen Whitmer last week signed a $63 billion...
NYC's $1B GOs priced for retail; SF PUC will list on London Stock Exchange
With close to $15 billion of new volume headed into the municipal market this week, it will be dicey for issuers and underwriters to get the deals done given the...
Reservation ruling could cost Oklahoma $200M a year in lost revenue
Oklahoma stands to lose more than $200 million per year in income and sales tax revenue as a result of a U.S. Supreme Court ruling that the eastern half of...
As urban flight imperils large cities, some smaller ones see opportunity
This article is part of The Bond Buyer’s multi-platform, four-part series on the Future of Cities, each segment focusing on a different aspect of how life in and the...
Dallas restrains budget ahead of $293M bond sale
Dallas is gearing up for a $293 million bond sale as its economy gradually recovers from the COVID-19 pandemic. The deal, pricing competitively on Oct. 14, includes $190 million of...
Evans says Fed must not raise rates until inflation is at 2% and ready for overshoot
The federal funds rate target should remain at the zero lower bound until inflation reaches 2% and remains headed higher, Federal Reserve Bank of Chicago President Charles Evans said Monday. “Now...
Good and bad seen in employment report, observers say
September nonfarm payrolls grew by 661,000, off from the 1.489 million jobs added in August, while the unemployment rate declined to 7.9% from 8.4% in August, the labor Department reported...
Issuers that settled Georgia nuclear power lawsuit get upgrades
The settlement of a federal lawsuit over an agreement to buy power from nuclear reactors under construction at Plant Vogtle in Georgia earned three bond issuers rating upgrades from Moody's...
Muni market faces uncertainty ahead; DASNY, NYC deals top $12.5B slate
From the uncertainty surrounding the presidential election to the continuing economic fallout from the coronavirus pandemic, the municipal bond market will face a dislocated market environment as the new week...
New York State downgrade underscores need for long-term revenue raisers, analysts say
Stop-gap measures won't help New York State’s fiscal condition long-term, a truth driven home by its first credit downgrade in 17 years, according to analysts. Moody’s Investors Service lowered its rating...
Boeing's assembly-line shift may impact Washington economy
Boeing’s plans to end production of the 787 Dreamliner in Everett, Washington is not expected to affect the credit quality of a Snohomish County public utility district that priced $85...
Advocate Aurora and Beaumont call off merger
The largest health systems in Illinois, Wisconsin, and Michigan cancelled plans to pursue a merger, they announced Friday. Illinois-based Advocate Aurora Health — created with the 2018 merger of Advocate which...
Bond-unfriendly candidate rises in Puerto Rico governor race polls
A candidate widely seen as less friendly to municipal bondholders has risen rapidly in the race to be Puerto Rico’s next governor. On Wednesday the El Nuevo Día news web site...
Moodys lays out landmines to Illinois investment grade status
Illinois must tread cautiously as it considers piling on new debt or other one-time gimmicks to soothe coronavirus-driven revenue wounds if it wants to keep its investment grade rating, Moody’s...
A solution in search of a problem
The SEC last week of September released the first numbers on the use of their June Temporary Conditional Exemption related to the role of Municipal Advisors in certain bank placements....
Questions surround climate-center plan for New York's Governors Island
New York Mayor Bill de Blasio’s call for a climate center on Governors Island has prompted reactions from promising to skeptical. The proposal for the historic island off Manhattan's southern tip...
New York Citys downgrade by Moodys no surprise, observers say
New York City’s downgrade by Moody’s Investors Service, municipal bond and budget analysts say, underscores the need for the city to look within for efficiencies even if it receives state...
Trump tests positive for COVID-19 after close aide becomes ill
President Donald Trump announced early Friday that he and First Lady Melania Trump had tested positive for COVID-19, shortly after one of his closest aides, Hope Hicks, had fallen ill...
Puerto Rico board, creditors remain far apart
The Puerto Rico Oversight Board and central government bondholders remain far apart, according to documents released Wednesday night. On Aug. 24 the board proposed a 20.6% to 22.3% cut in total...
Puerto Rico board says $80 million paid to nonworking education employees
The Puerto Rico Oversight Board determined that at least $80 million was paid out inappropriately to non-working Education Department workers over the last 13 years. The board said the payments were...
Munis start Q4 with some stability; Refinitiv Lipper reports outflows while NYC, NYS get downgraded
Municipal bond buyers saw some large deals head their way on Thursday as the fourth quarter of 2020 got underway. Muni prices showed little change, with yields on the AAA...
So it begins Moody's downgrades New York City, State
New York City and New York State, their finances reeling from the effects of COVID-19, were downgraded late Thursday by Moody's Investors Service. Moody's dropped city general obligation bonds to...
Labor flexibility could aid Metropolitan Opera through coronavirus cancellations
Furloughs and contract adjustments could allow the Metropolitan Opera Association to weather the COVID-19 pandemic without further credit rating hits despite cancelling its 2020-21 season, according to analysts. The 137-year old...
Hilltop Securities taps Chicago-based muni veteran Mike Belsky for credit and training role
Veteran Chicago-based municipal finance professional Michael Belsky is returning to an investment banking shop for the next chapter in his career. Late last month Belsky joined Dallas-based Hilltop Securities Inc.'s Chicago...
Jobless claims decrease but still staggeringly high
After a one-week blip, initial jobless claims continued their slow dance lower. Initial jobless claims declined to a seasonally adjusted 837,000 in the week ended Sept. 26, from the previous week’s...
MSRB looks to level reserves following market volatility
The Municipal Securities Rulemaking Board plans to draw down its reserves over the next year following higher than expected muni issuance due to the market conditions created by the coronavirus...
Brightline moves ahead on $4.2 billion of debt for Vegas to Victorville train
Brightline West made a decision to tap authorizations enabling it to sell $4.2 billion of private activity bonds to support its DesertExpress passenger train line that will connect Las Vegas...
Is the municipal bond market mispricing climate risk?
Natural disasters wreak havoc indiscriminately on communities both large and small. The economic toll can be heavy because the value of property at risk has dramatically increased as people move...
Indicators offer good news, although GDP still shows big drop
As the third quarter ends, Wednesday’s indicators offered positive news: the Chicago Business Barometer hit its highest level since December 2018, an “impressive” ADP employment report, soaring sales of pending...
Feds Barkin sees jobs shortfall lasting as U.S. rebound slows
The U.S. labor market is slowing after an initial strong rebound from the coronavirus-induced downturn and policymakers will be challenged to engineer a full recovery in employment, Federal Reserve Bank...
Feds Kaplan says markets have clarity on Feds policy path
Federal Reserve Bank of Dallas President Robert Kaplan said the central bank has been clear to investors and businesses on where the benchmark policy rate will be over the next...
Philadelphia airports price as munis weaken with political, credit concerns
Philadelphia came to market on Wednesday with an large airport bond sale on Wednesday, the latest in a series of large offerings the market has seen in 2020. Municipals made a...
Feds Bullard breaks with peers on fiscal aid, says it can wait
The U.S. economy should continue to recover from the coronavirus-induced recession even if Congress puts off consideration of additional fiscal stimulus to 2021, Federal Reserve Bank of St. Louis President...
Chicago business group opposes Illinois graduated income tax amendment
The civic arm of a prominent Chicago business group threw cold water on the state’s efforts to move to a graduated income tax in the absence of long-term fiscal plan...
Issuance surge continues in September with $47.28B and $342B YTD
Municipal bond issuers flooded the primary market with deals in September, as volume increased 26.3% to $47.28 billion — the highest issuance in the month on record, dating back to...
CommonSpirit could add $2 billion to fourth quarter calendar
Chicago-based CommonSpirit Health is eyeing the possible sale of up to $2 billion in the fourth quarter, the Chicago-based system reported in an investor notice. The system reported it was “currently...
After long process, Mark Kim right choice for MSRB CEO
Market participants overwhelmingly think the Municipal Securities Rulemaking Board landed on the right person to lead the organization after a lengthy process. Kim, MSRB’s chief operating officer, was announced Tuesday as...
Virginia plans 'scoop-and-toss' deals for higher ed pandemic relief
As Virginia's public colleges and universities navigate through the negative effects of the coronavirus pandemic, state leaders plan to use “scoop-and-toss” deals to provide them fiscal relief over two years. The...
More issuers are investing to reduce climate risks
Wildfires on the West Coast and a seemingly unending train of hurricanes threatening the coasts along the Atlantic Ocean and the Gulf of Mexico provided an unmistakable sense of urgency...
New York MTA pension plans sue Allianz over losses
The pension plans for New York’s Metropolitan Transportation Authority are suing fund manager Allianz Global Investors in federal court, claiming risky investments “decimated” their balances when COVID-19 struck. These MTA plaintiffs...
Mark Kim named MSRB CEO
After a year-long candidate search, Mark Kim will be the Municipal Securities Rulemaking Board’s new chief executive officer. Kim, MSRB’s current chief operating officer, will start his new leadership position on...
Taxables remain on top as sense of uncertainty lingers over muni market
Municipal bond buyers got their first taste of this week’s new deals on Tuesday while munis traded flat, with yields steady along most of the AAA scales. "The municipal bond market...
Chicago aldermen suggest city should use reserves amid budget gap
The $900 million in reserves that help support Chicago's bond ratings are on the radar of city council members as the city stares down a huge budget gap. Mayor Lori Lightfoot...
New Jersey budget agreement seeks cushion against virus headwinds
New Jersey's $32.7 billion budget for its shortened nine-month 2021 fiscal year includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that...
New Jersey budget agreement seeks cushion against virus headwinds
New Jersey's $32.7 billion budget for its shortened nine-month 2021 fiscal year includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that...
Consumer confidence climbs, led by 'renewed optimism about short-term outlook'
Tuesday’s economic indicators shed some positive light on the economic recovery, as consumer confidence jumped way up after two months of declines and home price indices came in higher than...
SEC exploring alternative trading system regulation
The Securities and Exchange Commission is asking for comments on whether the current regulatory structure for alternative trading systems needs to be changed in light of criticisms that the current...
Massachusetts School Building Authority to sell $395M
The Massachusetts School Building Authority intends to sell $395 million of Series 2020C taxable senior dedicated sales tax refunding bonds competitively on Wednesday. PFM is the financial advisor; Mintz Levin is...
BAM GreenStar expands and joins Nasdaq's global green platform
Build America Mutual will now verify any green bond transaction issued by an existing BAM member, even if it’s not insured, according to the insurer. BAM will also be making some...
Years after Dodd-Frank, muni advisors should know to register
Unregistered municipal advisors should be past the point of being ignorant of the legal requirements of doing business, though some firms continue to operate outside the regulatory framework created by...
More firms to disclose employee data on diversity, inclusion, Stringer says
Thirty-four S&P 100 companies that issued statements supporting racial equality will publicly disclose the composition of their workforce by race, ethnicity and gender, New York City Comptroller Scott Stringer said...
Philadelphia city treasurer ousted for past fraud charges
Philadelphia fired Treasurer Christian Dunbar after he was hit with multiple federal charges alleging embezzlement and immigration fraud before he joined the city government. U.S. Attorney William McSwain accused...
Virgin Islands cancels $1B deal due to lawsuit, cap on interest rates
The U.S. Virgin Islands said Monday it was canceling a planned $1 billion bond refunding. Governor Albert Bryan Jr. said the cancellation was because of the “negative impact” of a...
Orders signal more court review of California pensions
Two recent orders from the California Supreme Court indicate the court isn't finished reviewing cases challenging the state’s 2013 pension reform law and the California Rule. The high court issued orders...
Utilities come into focus as fires rage; muni buyers await new-issue slate
As municipal bond buyers await this week’s new-issue slate, munis were little changed on Monday, with yields steady along the AAA scales. The calendar of total municipal bond volume is...
Floridas revenue rises in August; still lags 2019
Florida revenue collections for the state general fund rose to the plus side in August compared to estimates that had been lowered to account for impacts caused by the coronavirus...
Kashkari: American financial system shouldn't need regular bailouts
The American people deserve a resilient financial system that “doesn’t require a bailout every decade,” according to Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. He spoke Friday to...
Fires erupt in Calif.s wine country
Another round of wildfires erupted in Northern California, forcing evacuations and casting thick smoke over the region as hot weather and high winds leave the state perilously dry. A blaze in...
MSRB lawyer weighs in on muni advisor loyalties when conducting private placements
The Municipal Securities Rulemaking Board’s assistant general counsel said Friday municipal advisors’ loyalties lie with their issuer clients when using an exemption that allows MAs to arrange certain private placement...
Port Authority clears key federal milestone for LaGuardia AirTrain
A project to bring a rail link to New York's LaGuardia Airport is closer to breaking ground in the face of fiscal headwinds created by the COVID-19 pandemic. The Federal Aviation...
Taxables, healthcare deals dominate $8.7B municipal bond calendar
Taxable and healthcare deals dominate the upcoming week’s $8.7 billion new-issue calendar, with issuers in Oregon, Florida and Texas leading the way. Municipal bond yields barely budged on Friday, ending...
SEC fines unregistered muni advisor $30,000
An enforcement case announced Friday highlighted the often murky line between the various consultants working legally with municipal issuers and those who may be performing unlicensed muni advisory work. Funding the...
A 15-year-old error brings a nine-notch housing bond downgrade
S&P Global Ratings said a recent nine-notch rating cut to a small Illinois-based housing bond stems from an analytic mistake that dated back to the original review. The credit is...
Michigan finalizes state budget that isn't as tough as first feared
Michigan’s revised August forecast that softened the near-term COVID-19 blow paved an easier road to balance the fiscal 2021 budget in a deal reached by Gov. Gretchen Whitmer and legislative...
Will Fed need to consider negative rates without stimulus?
The Federal Reserve has vowed to do whatever it takes to keep the economy going, but ruled out negative interest rates except as a last resort. What is the goal of...
California will be the last state to produce a 2019 CAFR
California has the distinction this year of being the state with the tardiest audited financial statements. In fact, California is the only state that hasn’t completed its CAFR for fiscal year...
OHare Airports $1.2B deal priced; Refinitiv Lipper reports $499M inflow
Municipal bond buyers saw the last of the week’s large deals come to market on Thursday as bond prices showed little change, with yields on the AAA scales moving up...
As Johnson drops out of NYC mayoral race, Stringer, Adams now become front-runners to replace de Blasio
With New York City Council Speaker Corey Johnson’s decision not to run for mayor next year, City Comptroller Scott Stringer moves into the front-runner position along with Brooklyn Borough President...
Virgin Islands pulls $1 billion bond pricing in response to suit
The U.S. Virgin Islands pulled a $943.6 million bond refinancing, scheduled for Thursday, in response to a lawsuit filed Tuesday evening. The Government Retirees United for Fairness, known as GRUFF, and...
Disputes over money and time unravel Marylands Purple Line P3
Money and time are at the center of a dispute that appears to have unraveled the public-private partnership building a light rail system in the Maryland suburbs of Washington, D.C. Over...
Feds Brainard seen at top of Bidens Treasury Secretary list
Democratic presidential nominee Joe Biden’s search for a Treasury secretary is widely seen as focusing on Lael Brainard of the Federal Reserve, a choice that would keep both Wall Street...
Oppenheimer bets on muni sector with new hires
Oppenheimer & Co. has added seven executives in its continued expansion in the fixed income and municipal bond sectors. This latest push follows its acquisition in June of the San Francisco-based...
Florida universities' COVID-19 disclosure shows good governance, Moody's says
Disclosing the negative impact of the coronavirus pandemic earned a top Florida university praise from a rating agency. Florida State University has experienced a 21% drop in dormitory residency this fall...
Feds Bullard says full recovery for U.S. in reach by year end
Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the COVID-19 outbreak, said the U.S. economy may...
New York MTAs woes prompt call to max out on Fed MLF program
Bleeding millions weekly from the effects of COVID-19 and with no further federal aid in sight, New York’s Metropolitan Transportation Authority may tap into the remaining $2.9 billion available to...
Coronavirus spike, expanded furloughs the latest shoes to drop in New York City
New York Mayor Bill de Blasio expanded furloughs to all managerial and non-represented employees while City Hall also faces an alarming coronavirus spike in some neighborhoods. Wednesday’s furlough announcement, coupled with...
Advance the 'circular economy' to save teachers jobs from the waste bin
Waste is cost. It’s resources that should have been used but weren’t. That concept is at the heart of the “Circular Economy” at its most broad definition, which my firm...
New Jersey's fiscal woes may rise with planned borrowing, analysts say
Analysts warn that borrowing included in the revised New Jersey budget, advanced by lawmakers Tuesday, could haunt the state for years. The Democrat-led state Senate and Assembly budget committees approved a...
Secondary muni market in a holding pattern as primary keeps focus
Large deals from New York, Texas and Wisconsin issuers came to market on Wednesday delighting buyers looking for new supply and issuers looking to offer bonds at lower rates. Municipals were...
Feds Bostic says temporary disruptions could become permanent
The U.S. economy’s recovery from the virus-induced recession will get much harder, with more permanent job losses unless there’s additional fiscal support, Federal Reserve Bank of Atlanta President Raphael Bostic...
Milwaukee's budget and rating reckoning arrives
Milwaukee’s proposed $1.5 billion 2021 budget trims police ranks and raises some taxes and fees to address mounting budget pressures that were underscored by a two-notch downgrade from S&P...
BurgherGray sets sights on Illinois-based business
Veteran Chicago-based bond and tax attorney Chuck Katz is hoping to carve out a piece of the local legal work on bond deals with the opening a new office in...
DPC DATA tool to map directly to underlying obligors of muni debt
DPC DATA is rolling out an obligor- and sector-mapping methodology tool to identify the direct obligor in each muni transaction, with its only criterion being 'credit,' as part of its...
Powell grilled by Congress over how Fed is helping Main Street
Federal Reserve Chairman Jerome Powell faced questions from U.S. lawmakers Wednesday over the central bank’s help for Americans compared with markets. “Our actions were in no way an attempt to relieve...
GDP recovery has a 'long way to go,' experts say
Gross domestic product on a monthly basis has reclaimed the losses suffered as a result of the economic shutdown to stop the spread of the coronavirus, according to Fitch Ratings,...
Study sees fiscal risks in plan for new Florida toll roads
A "Monte Carlo" feasibility study of Florida's proposal to build three major toll roads concludes that the plan is financially risky and that there's little data demonstrating a need for...
Rosengren sees slower recovery, need for monetary and fiscal stimulus
A “fragile” economy and his expectations for a “more gradual” than forecast recovery mean “fiscal- and monetary-policy stimulus are essential,” Federal Reserve Bank of Boston President Eric Rosengren said Wednesday. “While...
Former Jefferies dealer settles SEC charges of placing fraudulent retail orders
A recent enforcement action in which the Securities and Exchange Commission charged a former dealer with improperly submitting institutional orders as retail orders underscores the SEC's focus on protecting...
Fire-decimated Oregon town is on Moody's review for downgrade
Talent, Oregon, a small town decimated by one of a dozen fires that have burned close to 1 million acres in the state, had its rating placed on review for...
Florida poised to sell nearly $2 billion of debt
The Florida Cabinet authorized the issuance of $1.78 billion of new money and refunding bonds, some of which may be sold as taxable debt with advance tax-exempt refundings no longer...
N.Y. Yankees swing into muni market as bond yields sit on the bench
The New York Yankees stepped up to the plate and took a swing into in the muni market on Tuesday as Goldman Sachs issued a pre-marketing wire for the New...
After six months of decline, Puerto Ricos economy stepped up in July
After declining by 11.2% from February to June, Puerto Rico’s economic activity index climbed 2.3% in July. The Economic Development Bank for Puerto Rico released the July figures on Tuesday.Bondholders and...
Evans says Fed plan allows hike before inflation averages 2%
The U.S. central bank’s new guidance on interest rates doesn’t preclude tightening before inflation averages 2% for some period of time, Chicago Fed President Charles Evans said. “We’ve sort of said...
Indicators show recovery, with housing leading the way
The housing market continues to be the poster child for the economic recovery, with August numbers showing a third straight month of gains, with sales at the highest pace...
Coronavirus may change how investors look at cash
The conventional wisdom has been that clients should keep six to 12 months of living expenses in cash in case of job loss or another unexpected event. While that is...
Feds Bullard says U.S. has already delivered enough fiscal aid
Federal Reserve Bank of St. Louis President James Bullard said the U.S. economy has enough momentum to continue its recovery from the coronavirus slump even if Congress fails to pass...
Invesco broadens ETF suite
In an effort to give income-seeking tax-exempt investors more yield opportunities, liquidity, and maturity diversification, Invesco Ltd., the global independent investment management firm, is expanding its BulletShares Municipal Bond portfolios...
Shank named to Kresge Foundation Board of Trustees
The Kresge Foundation, an organization that invests more than $160 million annually to foster economic and social change, has chosen investment banker Suzanne Shank and professor Michael Barr to serve...
Virgin Islands' Matching Fund Securitization Corp. plans $1 billion refunding
The U.S. Virgin Islands' Matching Fund Securitization Corp. plans to refinance $943.6 million of outstanding matching fund bonds as soon as this week. The financially struggling territory’s Senate gave final approval...
Debt refinancing plan big piece of Nassau County budget proposal
A $3.3 billion budget proposal from Nassau County Executive Laura Curran hinges on a debt restructuring plan from which she previously retreated after Republican opposition earlier in August. The Democratic county...
St. Louis-based Mercy Health takes rating hits ahead of new money deal
St. Louis-based Mercy Health system took two rating hits over its rising debt levels and strained balance sheet metrics as it readies a $354 million borrowing and looks ahead to...
Illinois gets warning from S&P on coronavirus-driven perils to its investment grade rating
Threats to Illinois’ investment grade rating are intensifying as prospects for a new round of federal relief in the near future dims and structural budget woes mount, S&P Global warned...
Buyers await $12.6B of supply as September totals look to exceed $30B
Municipals were little changed Monday ahead of the week’s nearly $13 billion new-issue slate. Muni yields remained steady along all of the AAA GO scales. “This week's total issuance is estimated...
Deal will ease pro sports stadium cash crunch in Houston
The Harris County-Houston Sports Authority is restructuring its debt to provide nearly $74 million in cash-flow relief over the next two years. With its four professional sports stadiums partially idled by...
Two main reasons why the Fed hasnt been able to reach its 2% inflation target
It has been almost a month since the Federal Reserve's new inflation framework was announced, as the new strategy involves average inflation targeting, which makes it more likely the central...
Pennsylvania Turnpike Commission plans revenue bond sale
The Pennsylvania Turnpike Commission expects to come to market this week with a $242 million sale of Series 2020B senior lien turnpike revenue bonds. Citi is lead manager. ...
Muni market can help fight racism, Conn. Treasurer Wooden says
The municipal bond market can help to fight racism in its ranks and promote social justice and diversity and inclusion around the nation, Connecticut State Treasurer Shawn Wooden told the...
School reopening poses Rubiks cube for New York City
Reopening public schools for in-person instruction has proven highly complex and visceral for New York Mayor Bill de Blasio's administration. Family emotions, union pushback, fears of a new COVID-19 wave, cost...
Bullard has penciled in' a 6.5% unemployment rate for December
The unemployment rate has come down quicker than expected and now Federal Reserve Bank of St. Louis president James Bullard is eyeing a rate of 6.5% in December. It currently...
Weeks $12.6B calendar features deals for airports, sports venues
A week of increased volume is in store for investors from issuers selling airport bonds for Chicago O'Hare and exempt and taxable bonds for the New York Yankee's Stadium —...
Battle heats up over California split-roll property tax ballot measure
With Election Day in sight, the battle is heating up over a California ballot measure that would create the biggest changes to the state's property tax system since Proposition 13...
New Jersey millionaires tax offers incremental revenue gain
A deal struck between New Jersey Gov. Phil Murphy and state lawmakers for a tax increase on millionaires isn’t expected to make a material difference toward combating the state’s...
Lower reserves, coronavirus give Buffalo a second downgrade in a year
Diminished reserve levels that were compounded by the COVID-19 pandemic drove Buffalo’s second credit downgrade in a one-year span. Fitch Ratings lowered New York State’s second largest city one notch to...
The SEC's $1 million flipping settlement
A recent settled enforcement proceeding highlights the Securities and Exchange Commission’s attention to so-called municipal bond flipping more than two years following the announcement of charges linked to a years-long...
Los Angeles braces for more coronavirus-driven budget cuts
Los Angeles Mayor Eric Garcetti asked city managers to construct plans for a “potential layoff scenario” after revenues came in $87 million below expectations for July and August. Garcetti’s four-page memo...
SEC probing Ohio utility that benefited from tainted taxpayer bailout bill
The Securities and Exchange Commission is conducting a probe of FirstEnergy Corp. whose former subsidiary’s municipal bonds benefited from Ohio taxpayer bailout legislation at the center of bribery charges ...
More supply surges into market; Refinitiv Lipper reports $612M inflow
Municipal bond buyers saw the last of the week’s large deals come to market on Thursday as bond prices showed little change, with yields on the AAA scales barely moving...
Former Atlanta CFO indicted by federal grand jury
A federal grand jury handed down an eight-count indictment against Atlanta's former chief financial officer, charging him with illegally using city funds to buy custom-built machine guns and "stealing tens...
COVID-19 is breeding infrastructure postponements as states, cities slash budgets
Total long-term U.S. municipal bond sales through August 31 were 21% ahead of 2019, in par value terms, yet the longer-term outlook for infrastructure issuance is far less robust even...
Data shows slower economic improvement
Economic news released Thursday was consistent with an economy struggling to recover. Thursday’s economic indicators came in “rather mixed,” said Ed Moya, senior market analyst at OANDA. as economic “momentum...
S&P places Oregon city, school district on CreditWatch
An Oregon city and school district ravaged by the fires that have consumed more than 1 million acres across the state had their ratings placed on CreditWatch with negative implications...
Indiana State Treasurer to be NAST's new president in 2021
Indiana State Treasurer Kelly Mitchell will be the new National Association of State Treasurers president starting next year as states maneuver through intense fiscal distress. Mitchell was elected on Tuesday by...
Minneapolis deal brings disclosure of coronavirus, civil unrest impact
Minneapolis will enter the bond market for the first time since the COVID-19 pandemic and the civic unrest that followed George Floyd’s May killing by a city police officer. S&P Global...
Municipals firm after FOMC meeting; ICI reports $1.8B fund inflow
Markets remained quiet on Wednesday as participants cautiously waited during most of the day to see what clues might come out of the latest Federal Reserve monetary policy meeting. Munis finished...
Illinois governor sounds budget alarms
Illinois Gov. J.B. Pritzker ramped up warnings over the dire measures that lay ahead without more federal relief to make up for COVID-19-inflicted revenue wounds, ordering cabinet members to identify...
Biden calls for less Puerto Rico austerity
Democratic presidential candidate Joe Biden said if elected he would reverse the Puerto Rico Oversight board’s austerity policies. On Tuesday he released a position paper on Puerto Rico and talked about...
Fed sees interest rates near zero until at least 2023
The Federal Open Market Committee, excluding four members, sees interest rates staying at the zero to 0.25% range they're in now for the foreseeable future, according to the Federal Reserve’s...
Slashed earnings spur hundreds of Raymond James layoffs
St. Petersburg, Florida-based Raymond James plans to lay off hundreds of employees, matching a trend among banks as the coronavirus pandemic continues its downward influence on the economy and earnings. About...
New Jersey plan to tax stock trades could hamper state's financial sector
A proposed New Jersey financial transaction tax, that backers say would net the financially struggling state billions in annual tax revenues, could wind up costing more than it takes in,...
Illinois-based OSF Healthcare heads into the market with first coronavirus-era deal
Illinois-based OSF Healthcare System heads into the market Thursday with a $430 million deal that will help finance a new cancer treatment center and absorb debt from an acquired hospital. The...
De Blasio furlough call could be a marker
Facing a lack of further federal rescue aid and no authorization from the state for additional long-term borrowing, New York Mayor Bill de Blasio on Wednesday announced five-day furloughs for...
Wanting for federal aid, New York MTA must scramble
With Congress gridlocked over further COVID-19 rescue aid for mass transit systems and New York State wary at best, New York’s Metropolitan Transportation Authority may have to scramble for other...
MarketAxess to acquire MuniBrokers in Q4
MarketAxess is acquiring MuniBrokers, a central electronic venue serving municipal bond inter-dealer brokers and dealers, which will connect 14 leading broker's brokers in an electronic marketplace to trade more than...
Bipartisan House group proposes $500 billion state, local aid
A bipartisan group of House lawmakers on Tuesday proposed $500 billion in new federal aid for state and local governments as part of a $1.5 trillion compromise package of COVID-19...
Savings from Chicago O'Hare airport refunding will add cushion for 2021
Chicago will conduct a full-court press with investors ahead of a $1.24 billion airport refunding structured to help O’Hare International Airport navigate the COVID-19 pandemic’s crippling impact on air travel. The...
P3 college housing down 8% in September, developer says
American Campus Communities, one of the largest developers of student housing, reported an 8% drop in occupancy in September as the COVID-19 pandemic continued to hinder college attendance. The decline was...
NYC TFA, N.Y. MTA come to market; Puerto Rico Housing deal in the works
Two large New York issuers came to market on Tuesday — the Transitional Finance Authority with a $1.27 billion deal and the Metropolitan Transportation Authority with a $900 million sale...
Despite gains, manufacturing remains behind year-ago levels
The economy continues to show progress, as manufacturing and industrial production trend higher, economic data released on Tuesday suggests. Manufacturing expanded in September in the New York region, while industrial...