Category: Bonds

Federal Reserve chair Jerome Powell said in a speech in Jackson Hole, Wyo., in August that inflation has been cooling to the point where the central bank is willing to cut the Federal Funds Rate for the first time in four years. Bloomberg News Inflation continued to show signs of easing in the Federal Reserve’s…

A proposal to help solve California’s property insurance crisis would tap the bond markets and could involve billions of dollars in debt issuance. The debt would be issued through the California Infrastructure and Economic Development Bank. Assembly Bill 2996 authored by Assemblymember David Alvarez, D-San Diego, would help stabilize the insurance marketplace by bolstering the…

A business group filed a lawsuit Thursday challenging the constitutionality of a 2021 Texas law that punishes banks and other financial firms for “boycotting” the fossil fuel industry. The case, brought by the American Sustainable Business Council against Texas Comptroller Glenn Hegar and Attorney General Ken Paxton in federal court in Austin, claims the law…

Municipals were little changed while U.S. Treasury yields rose and equities ended mixed. Municipal bond mutual funds saw inflows as investors added $1.047 billion to funds after $512.9 million of inflows the week prior, according to LSEG Lipper. This marks nine straight weeks of inflows. <img src=”https://public.flourish.studio/visualisation/19228117/thumbnail” width=”100%” alt=”chart visualization” /> High-yield continued to show…

The Municipal Electric Authority of Georgia’s $373 million of subordinated bonds are scheduled to price on Sept. 5. The bonds are rated A2 by Moody’s Ratings and A-minus by both S&P Global Ratings and Fitch Ratings. The ratings have stable outlooks. BofA Securities will serve as senior manager and Goldman Sachs and Wells Fargo Securities…

The Colorado Legislature wrapped up a special session Thursday with the passage of a bill to circumvent property tax cut initiatives on the Nov. 5 ballot that troubled the state’s municipal bond market. House Bill 1001 incorporates a deal with Initiative 50 and 108 backers, who agreed to remove the measures from the ballot and…

The Senate Committee on Environment and Public Works is changing leadership regardless of who wins the election as Chairman Tom Carper, a champion of the Biden administration’s tax and infrastructure policies, including the Inflation Reduction Act, will not be returning to Congress next term. “As Chairman of the Senate Environment and Public Works Committee, I’m…

The tax-exempt bond-funded march of the Villages retirement development in Florida continues next week with an unrated $163 million land development bond. Senior manager Jefferies and co-manager Morgan Stanley tentatively plan to price the deal Sept. 10 for The Village Community Development District No. 15 (City of Wildwood, Florida) special assessment revenue bonds, series 2024.…

Nebraska Gov. Jim Pillen last week signed into law a package of bills that includes caps on spending authority for local cities and counties. Their signing follows a concerted push by Pillen to pass property tax reform by calling a special session of the legislature on July 25.  The governor’s plan originally was to secure…

Municipals were mostly steady Wednesday as the largest deals of the week priced and the Investment Company Institute reported more than $1 billion of inflows into municipal bond mutual funds. U.S. Treasuries were little changed throughout most of the curve and equities ended down near the close. The two-year muni-to-Treasury ratio Wednesday was at 63%,…

ICE and MarketAxess will connect their respective liquidity networks to bring greater efficiency, better execution and access to deeper liquidity to the benefit of retail, institutional and middle market investors, the firms said. In a new partnership, ICE Bonds’ automated trading system, ICE TMC, and MarketAxess’ Open Trading network will be able to communicate with…

Supporters of a national infrastructure bank — and a bill by Rep. Danny Davis, D-Ill., that would establish one — pitched the idea to dozens of delegates and other politicos last week at the Democratic National Convention, to build on what they say is growing momentum for the issue. Members of the National Infrastructure Bank…

The Securities and Exchange Commission has charged Tensquare, a national charter school support organization, and its partner Karl Jentoft for acting as a municipal advisor on eight municipal bond issuances for eight separate charter schools in Minnesota. Without admitting or denying the findings, Tensquare had been ordered to pay $51,716 in disgorgement, $9,523.59 in prejudgement…

Chicago plans to bring $1.003 billion of tax-exempt bonds to market Wednesday for O’Hare International Airport, part one of a three-phase financing plan for 2024. Interest on the $563.9 million of general airport senior lien revenue bonds, Series 2024A, is subject to the alternative minimum tax. The $440 million of general airport senior lien revenue…

A class-action lawsuit filed Monday by Austin, Texas, property taxpayers against the city seeks the elimination of $187 million in property tax revenue allocated in the 2024 tax year for a light-rail project. The litigation is the latest salvo in a legal battle over the ability of the Austin Transit Partnership, a nonprofit corporation created…

Municipals were narrowly mixed Tuesday as U.S. Treasury yields rose out long and equities were mildly higher near the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 66%, the five-year at 66%, the 10-year at 70% and the 30-year at 87%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read.…

A San Diego County joint powers authority plans to issue $433.3 million in tax-exempt interim notes to provide construction financing for an advanced water purification project. The East County AWP Joint Powers Authority plans to price the notes on Sept. 4 in two parts: $369.6 million and $63.6 million. Truist Securities is senior manager and…

The major players in deal that would transfer ownership of the dilapidated RFK stadium site from the hands of the federal government to the District of Columbia is stuck two yards in front of the goal line.   “Everyone’s focused on the election,” said Josh Harris who’s the managing partner of the National Football League’s Washington…

Mount Saint Mary College, a small liberal arts school in New York state, saw its bond rating downgraded to BBB from BBB-plus by Fitch Ratings, after persistent declines in student enrollment pressured the school’s finances.  The college on the bank of the Hudson River about 70 miles from New York City enrolled just 1,383 full…

Bondholders of a chunk of unrated debt floated for the troubled American Dream megamall in New Jersey will see a partial payday next week when the borrower makes up some of the overdue interest payments. The $287 million of grant revenue bonds, which are backed by New Jersey economic development grants based on the mall’s…

The nation’s largest children’s hospital has hit a rough financial patch, leading to two bond rating downgrades and plans to cut nearly 1,000 jobs, while it eyes a return to the municipal bond market. Ratings for Houston-based Texas Children’s Hospital were cut one notch to AA-minus by Fitch Ratings in July and Aug. 19 by…