Bonds

States squirreled away a record amount of cash reserves in rainy day funds in fiscal 2019 in an encouraging sign they will be better prepared for the next recession than they were for the Great Recession. A new survey by the National Association of State Budget Officers reports these reserves had a median balance of
0 Comments
Ann Arbor Public Schools in Michigan is pricing its first-ever taxable bond refunding on Monday. The Michigan school district will price $55 million of taxable bonds to advance refund a portion of 2012 bonds for up to $4 million in savings, according to the district’s advisor, PFM. Ann Arbor Public Schools plans to issue the
0 Comments
Municipal bond buyers saw a chunky calendar come to life on Wednesday with issuers from Connecticut, California and Cincinnati come to market with large deals. The Federal Open Market Committee meeting yielded no surprises. In a unanimous vote, the panel left rates at a range of 1.5% to 1.75%, and offered predictions of the rate
0 Comments
John Hicks began working Tuesday as Kentucky’s budget director after stepping down Monday as executive director of the National Association of State Budget Officers. John Hicks became the new budget director of Kentucky on Tuesday after stepping down the day before as executive director of the National Association of State Budget Officers Brian Tumulty, The
0 Comments
Pacific Gas & Electric officials say the $13.5 billion settlement agreement it announced last week with victims of several utility-sparked fires will set it on a sustainable path to emerge from bankruptcy in time to participate in California’s wildfire fund. The $21 billion bond fund will be launched with up to $10.5 billion in Department
0 Comments
Minnesota lawmakers have an estimated state budget surplus of more than $1.3 billion to work with in the fiscal year 2020-2021 biennium. The annual revenue forecast showed an improved revenue forecast and a small decrease to spending to create a forecast surplus of $1.332 billion over the next two-year spending period. The state’s rainy day
0 Comments
Michael Scarchilli, The Bond Buyer’s Edior-inChief announces that The $6.5 billion CommonSpirit Health financing, the largest ever by a not-for-profit health system, won The Bond Buyer’s 2019 Deal of The Year award. Dan Morissette, CFO of Dignity Health, accepts the award for the deal which consisted of both a complex debt restructuring and new money
0 Comments
The U.S. economy expanded “modestly” through mid-November amid steady consumer spending and some brighter signs from manufacturers, a Federal Reserve survey showed. “In manufacturing, more districts reported an expansion in the current period than the previous one, though the majority continued to experience no growth,” said the report released Wednesday in Washington. “The picture for
0 Comments
Preston Hollow Capital LLC fired back against Nuveen Investments’ attempt to reopen a two-month old trial record, calling accusations of profiteering on a recent sale inaccurate, misleading, and desperate. The back-and-forth between the Dallas-based private lender and the Chicago-based investment powerhouse is the latest development in PHC’s lawsuit accusing Nuveen of wielding its influence to
0 Comments
The last remaining deals of the week priced into a muni market that continues to perform strongly, with technicals and drivers persist. Primary marketJP Morgan priced the Louisiana Offshore Terminal Authority’s (A3/NR/A-) $175.53 million deepwater port revenue remarketing bonds for the Loop LLC Project. Bank of America Securities priced the Dormitory Authority of the State
0 Comments
Tucson, Arizona, received a positive outlook from Fitch Ratings Monday as it prepares to issue $320 million of general obligation bonds and certificates of participation. Fitch affirmed its rating on $148 million of outstanding Tucson GO bonds at AA-plus and $171.6 million of certificates at A-plus. The city’s issuer default rating was affirmed at AA-minus.
0 Comments