Bonds

Cities and towns should take a hard look at the banks that hold their public funds in light of the recent turmoil in the bank industry. That was the message from panelists speaking Monday at the Government Finance Officers Association’s annual conference in Portland. “You might want to change up how you’re doing your banking,”

Municipal bond investors are paying more attention to the credit risks posed by public pension and other retirement liabilities. Municipal finance officers should prepare to address those questions when they apply for bond ratings and sell new issues and may want to consider bond insurance or other forms of credit enhancement to help build investor

The Equity in Infrastructure Project has named Everett Lott, director of the District of Columbia’s Department of Transportation, as vice chair of the organization which is dedicated to boosting opportunities for Historically Underutilized Businesses.  “I know firsthand how increasing contracting opportunities for HUBs can change lives and communities for the better,” said Lott. “I am

Municipals were weaker in spots in light trading Friday while U.S. Treasuries were weaker again on the short end on higher inflation reads. Equities rallied on a potential debt ceiling deal. “A slew of hot economic data points are keeping the bond market selloff going strong,” noted Edward Moya, senior market analyst at OANDA. The

Illinois lawmakers expect to cast a final vote early Saturday on a nearly $50.7 billion budget that preserves scheduled deposits into the rainy day fund, Gov. J.B. Pritzker’s proposed $200 million pension supplemental pension payment and pay off of the state’s tobacco bonds. Some of those plans appeared in possible jeopardy in recent weeks over

Tennessee is betting nuclear energy will make a comeback. The state, which hosted labs that helped split the atom during World War II, has joined the race to develop and deploy the first commercial-grade variant of a scalable nuclear reactor that promises to provide an important piece of the nation’s green energy network. After appropriating

Chicago Mayor Brandon Johnson won’t say yet whether he intends to leave in place his predecessor’s executive order earmarking a budget surplus for future supplemental pension contributions.   He also hasn’t committed to which of the tax proposals he advocated the campaign that brought him to the mayor’s office this month he will pursue first.

Fitch Ratings has warned it may downgrade the United States’ AAA credit amid a worsening showdown over the country’s debt limit. The agency late Wednesday put the nation’s issuer default rating on rating watch negative. The warning comes as Washington has been unable to reach a deal to avoid breaching the nation’s $31.4 trillion debt limit,

Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget

S&P Global Ratings Services raised the city of Miami, Florida’s long-term and underlying ratings on its limited ad valorem bonds and non-ad valorem bonds to AA from AA-minus. The outlook is stable. “The upgrade reflects our view of Miami’s economic growth and income improvement, coupled with moderation of debt,” S&P said last week. “While everyone is

A ruling by federal officials that could make or break New Jersey’s first major offshore wind farm project is expected this summer. On Monday, the U.S. Department of Environmental Protection’s Bureau of Ocean Energy Management released its Final Environmental Impact Statement for the $1.6 billion Ocean Wind 1 project, a state-supported plan by Danish energy

After selling off last week, municipals saw some pressure ease as triple-A yields rose only a few basis points while U.S. Treasuries were weaker and equities ended mixed. Municipal to UST ratios were steady. The two-year muni-Treasury ratio Monday was at 71%, the three-year at 72%, the five-year at 71%, the 10-year at 69% and

Governor Brian Kemp of Georgia on Thursday announced the recipients of $225 million of federal health and public facilities development grants funded by the American Rescue Plan Act of 2021. The state selected142 projects from a crowded field of proposals submitted by local governments and nonprofit organizations as per federal regulation that would help “improve

With advance refunding currently dead in the water, muni leaders see a change in the regulation of bank-qualified bonds as low-hanging fruit that could help attract more Republicans to get involved in public finance issues. The Government Finance Officers Association federal advocates advanced this position during the meeting of the group’s Committee on Governmental Debt

Muni yields climbed even higher to end the week, while U.S. Treasuries were weaker and equities ended down. Muni yields, after outperforming USTs the prior week, “have adjusted higher in a hurry this week in sympathy with the UST selloff,” said Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel. Triple-A benchmark yields rose four

Michigan trimmed its revenue estimates Friday to account for tax changes that carry a multi-billion-dollar price tag. The new projections could require roughly $600 million in reduced spending over what Gov. Gretchen Whitmer proposed earlier this year in the fiscal 2024 budget that would take effect Oct. 1. It relies on available revenue from what

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension

Economic and interest rate uncertainties greet the Pittsburgh Water and Sewer Authority’s planned sale of $257.9 million in water and sewer bonds as the authority mixes new money and refinancing in a deal with four distinct pieces. The deal is planned the week of June 4, according to an online “roadshow” presentation for investors. BofA

Prominent bond traders said appetite for restructured Puerto Rico bonds is high and the future will likely bring greater market acceptance. Puerto Rico’s local government, through its Fiscal Agency and Financial Advisory Authority, brought the five traders to talk about the bonds at its PRNow conference in New York City Friday. “There’s an enormous demand

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state. The Star Wars: Galactic Starcruiser, a pet project of former Chief Executive Officer Bob