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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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​? Venture dealers have for quite some time been the go-to experts for directing people and organizations through the mind boggling universe...
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, 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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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%...
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...
Visit BankBazaarThe post Happy Sankranti! appeared first on BankBazaar - The Definitive Word on Personal Finance....
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...
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...
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...
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,...
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...
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 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...
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...
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...
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 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...
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’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...
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 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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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 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’ 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...
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...
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...
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 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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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 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...
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...
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...
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...
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 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...
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 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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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 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 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...
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...
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...
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 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 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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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,”...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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,...
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 —...
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...
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...
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...
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....
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 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...
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,...
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...
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 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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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 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...
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....
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...
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,...
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...
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...
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...
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...
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...
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 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 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...
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 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...
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...
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. ...
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...
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’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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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, 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...
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...
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...
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...
Tuesday's economic data again suggested strength in some areas and weakness in others, as a read of consumer confidence slipped, while durable goods orders gained more than expected, manufacturing rose,...
The 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 —...
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...
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 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...
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...
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...
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 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...
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 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...
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...
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...
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 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...
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...
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’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 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 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 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...
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...
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...
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 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...
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 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...
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...
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,...
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...
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...
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...
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 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...
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...
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...
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...
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 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...
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...
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...
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...
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’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...
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...
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...
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%...
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...
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, 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...
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...
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...
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...
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 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...
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...
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, 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...
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 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 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 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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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 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...
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]...
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,...
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 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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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’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...
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...
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...
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 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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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....
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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'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'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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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’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...
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 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...
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...
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...
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...
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...
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 & 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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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 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...
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...
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,...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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 —...
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...
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...
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...
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 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...
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 ...
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...
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...
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...
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...
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 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 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...
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 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...
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...
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...
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...
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 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...
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...
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 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...
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...
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...
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...
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...
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...
After its August 27th meeting, the Federal Reserve announced its Statement on Longer-Run Goals and Monetary Policy Strategy, which provides a backdrop for its quick response to the economic and...
Consumers’ view of the economy was less pessimistic in August, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations. Expectations for home price gains returned to pre-pandemic...
Adam Smith in the Wealth of Nations argued for limitations on government. In addition to providing for the National Defense and the administration of justice he also argued for the...
Florida's long-range financial outlook isn't pretty. Forecasters believe the state will have $3.4 billion less revenue than anticipated to support the state's general fund this fiscal year due to the severe...
Municipals were little changed Monday ahead of the week’s nearly $10 billion new-issue slate. Muni yields remained steady along most of the AAA GO scales. “Munis got off to a slow...
Chicago-based 10-hospital Northwestern Memorial HealthCare and independent Palos Health are exploring a merger, the latest in a wave of consolidations that some sector experts believe will only accelerate amid pressures...
A company building a novel factory in California that has defaulted on its debt payments is seeking the state’s approval to sell an additional $53 million in tax-exempt bonds. CalPlant I...
Philadelphia plans to sell nearly $400 million in airport revenue refunding bonds to achieve near-term debt savings to offset revenue losses from the COVID-19 pandemic. Pennsylvania’s largest city will sell $395...
Houston Airport System expects to lower interest costs through an $835 million bond sale this week as it plans for a post-pandemic recovery. The bonds are pricing in three series on...
Massachusetts Treasurer Deborah Goldberg and the state's Pension Reserves Investment Management board have begun a collaborative project to improve measurement of environmental, social and governance data in the investment and...
Municipals finished little changed on Friday with yields remaining steady along most of the AAA GO scales. Almost $10 billion of new deals are on the calendar for the upcoming week...
The more than three year process of negotiating a new Puerto Rico central government $35 billion debt deal has reached a turning point. On Tuesday the Puerto Rico Oversight Board submitted...
Congressional lawmakers are showing an increased interest in what they think is the poor functioning of the Federal Reserve’s Municipal Liquidity Facility, and some lawmakers believe changes should be made...
New York's Metropolitan Transportation Authority received its latest hit from Wall Street on Friday when Moody's Investors Service downgraded its primary transportation revenue bond credit to A3 from A2. The downgrade...
New Jersey Gov. Phil Murphy’s administration faces a fast-approaching deadline to finalize its borrowing strategy for the next fiscal year to combat expected revenue losses caused by the COVID-19 pandemic. Murphy...
When the Federal Open Market Committee meets Sept. 15 and 16, the markets will keep a close eye on the Summary of Economic Projections, more commonly called the “dot plot.” With...
Pennsylvania, coming off an outlook cut from S&P Global Ratings, expects to come to market on Wednesday with a competitive $469 million general obligation first series of 2020 bond sale. S&P...
Readers: For the 19th year, The Bond Buyer’s editorial board will identify and recognize the year’s most outstanding municipal finance transactions. As always, we will be looking for deals that exemplify...
As the coronavirus pandemic shakes up the economy and education, school districts in California are more reluctant to ask voters to approve new bonds. The Coalition for Adequate School Housing compiled...
Municipals were mixed Thursday as the market searched for direction, with short yields slipping while longer dated yields rose as large negotiated deals from issuers in Oregon, Texas and Georgia...
Chicago took initial steps Thursday toward what may shape up to be a long-term $8.5 billion program to replace lead-based water service lines in the city. Mayor Lori Lightfoot, joined by...
Guam and other U.S. territories struggling with market access may become eligible to use the Federal Reserve’s Municipal Liquidity Facility. During a House Financial Services Committee hearing Thursday, Guam Gov. Lourdes...
In the first two months of fiscal 2021, Georgia saw state revenue collections exceeded prior year levels despite lingering elevated unemployment rates. Net state revenue collections in August totaled $1.89...
Despite another larger than usual gain in the producer price index, inflation remains tame compared to last year, and economists, and the Federal Reserve, are not worried about an outbreak...
Any authority for New York City to borrow for operating budget gaps related to COVID-19 should come only with oversight from a reactivated New York State Fiscal Control Board, the...
