Bonds

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
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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.
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Milwaukee-based Baird has hired Bryan Derdenger to lead its new municipal underwriting desk in Chicago. Chicago is the firm’s second largest market outside Chicago. “Primarily focusing on negotiated sales, he will support the firm’s public finance business as it continues to expand and diversify its sector expertise and national presence,” the firm said in a
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The Indianapolis Airport Authority is pricing $75 million of bonds Thursday to refund subordinate notes tied to a storm water expansion project and refund bonds issued in 2010 for a savings. The bonds are being sold through the Indianapolis Local Public Improvement Bond Bank. They are not subject to the alternative minimum tax. Barclays is
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Two months after final trial arguments, Nuveen Investments is asking the Delaware Chancery Court to add new evidence to the trial record it claims throws cold water on Preston Hollow Capital LLC’s anti-competitive accusations. Nuveen’s request to reopen and supplement the trial record comes as the firms and the market are awaiting a decision from
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Municipals spent Thursday following the unexpected rally in Treasuries, with new issues dominating. Meanwhile the municipal market took a strong turn, following through on Wednesday’s rally. “The focus continues to be on the primary as even the smaller deals pricing today were oversubscribed and repriced lower in yield,” said Dan Urbanowicz, director of fixed income
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Populist animosity to income inequality is again surging in this campaign season. Have-not and progressive resentment of billionaires, in particular, has spawned centerpiece tax proposals from both Sens. Bernie Sanders and Elizabeth Warren on the left wing of the Democratic party. Between them, their campaigns represent a huge voter bloc that should now be taken
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Increased donations helped get junk-rated Bard College an outlook boost to stable from negative. Moody’s Investors Service changed its outlook for the private liberal arts school in Annandale-on-Hudson, New York, Thursday. The rating remains B1. Moody’s Investors Service revised its outlook for Bard College’s B1 rating to stable from negative. Bard College Donor support has
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Large swings in Port of Los Angeles container traffic numbers have one port official saying a U.S.-China trade agreement can’t come soon enough. Whether that will happen remains unclear; reports earlier this week of an interim deal were contradicted Friday by President Trump. A container ship approaches the Port of Los Angeles, which reports a
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Illinois’ $750 million general obligation issue proved an easy sell for broker-dealers as worries about the state’s finances took a backseat to demand for higher yielding paper. The state competitively sold the bonds in three tranches, two for $300 million and one for $150 million. The 10-year bond landed at a yield of 2.92%, a
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Nevada received an upgrade to Aa1 from Aa2 from Moody’s Investors Service Tuesday ahead of plans to sell $201.7 million in general obligation bonds The upgrade affects $1.2 billion in outstanding general obligation bonds. The outlook is stable. “We are excited about it,” Nevada State Treasurer Zach Conine said after Moody’s upgraded the state to
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Just past its first merger anniversary, Advocate Aurora Health will sell a taxable $363 million refunding with a rating outlook boost that signals the system is faring well through the early strains that sometimes come with joining operations. The deal is selling Wednesday with Citi and JPMorgan as senior managers. Proceeds will refund bonds sold
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Ohio-based American Municipal Power Inc. plans a $360 million refunding that mixes taxable and tax-exempt debt. The deal from the nonprofit electricity wholesaler will generate savings on some of the $1.5 billion of outstanding debt tied to its ownership of the Prairie State Energy Campus in Illinois. The deal is expected to price Tuesday. Citi
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The fate of Illinois Gov. J.B. Pritzker’s proposed public safety pension fund consolidation and two state law changes pursued by Chicago Mayor Lori Lightfoot won’t be settled until the second half of the Illinois General Assembly’s fall veto session. The legislature wrapped up the first three-day session Wednesday and will reconvene for a three-day session
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PHILADELPHIA — Strong investor demand for Philadelphia bonds underscores the city’s fiscal strides, according to Mayor Jim Kenney. A $293.4 million general obligation bond offering Aug. 1 was more than 10 times oversubscribed and netted Philadelphia $15.9 million in interest savings compared to its previous GO deal. Two weeks later the city completed a $250.7
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Chicago Mayor Lori Lightfoot needs to achieve her 2022 target of structurally balancing the city’s books to preserve the city’s BBB-plus rating, S&P Global Ratings said in a special report Friday. The 2020 budget Lightfoot proposed Wednesday relies on roughly 60% recurring revenues and measures and 40% one-shots in order to wipe out a more
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Municipal bonds keep pouring into the market, as issuers try to keep pace with demand. Primary market The market was bombarded with issuance once again Thursday, as billions of dollars in new deals priced. “Muni demand is reacting to muni fundamentals versus rates, as supply is heavy but being well received,” said one Texas trader.
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