Dedicated funding offers one solution for transit agencies facing a much-hyped looming fiscal crisis amid weak ridership and dwindling federal subsidies. That’s the view of transit expert Joshua Schank, a managing principal at InfraStrategies and formerly chief innovation officer of the Los Angeles County Metropolitan Transportation Authority. “We can’t continue down the same path and
Bonds
Massachusetts’ House of Representatives overwhelmingly passed a $659 million tax cut package, handing off to the Senate one of the largest tax cut proposals in state history. In a 150–3 vote, the Democratic-majority House approved a $659 million proposal introduced by Rep. Ronald Mariano last week, a package in line with, but notably smaller, than
A Puerto Rico municipal bond paid by a private company will default on June 1, two rating agencies expect. Moody’s Investors Service and Fitch Ratings have both predicted in reports issued in the past month that AES Puerto Rico L.P. will default on its cogeneration facility revenue 2000 Series A bonds payment due June 1.
A New York judge has ordered an affiliate to the owner of the American Dream Mall to pay $389 million to a group of junior lenders. New York Supreme Court Judge Andrew Borrock this week granted a summary judgment to a group of the mall’s private financers, who sued in February, alleging the mall failed
Rejecting bondholders’ position that they are entitled to full recovery, District Court Judge Laura Taylor Swain set procedures for estimating bondholder claims in the Puerto Rico Electric Power Authority bankruptcy case and deadlines shorter than requested. The parties should engage in a “true estimation process, not a protracted trial to establish a precise computation of
Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected. “Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is
Municipals were weaker ahead of a heavier new-issue calendar, while U.S. Treasury yields rose and equities ended down. Investors will be greeted Monday with a new-issue calendar estimated at $11.488 billion, one of the largest year to date. Triple-A benchmark yields were cut two to six basis points, depending on the scale, while U.S. Treasury
S&P Global Ratings on Friday raised Massachusetts’s general obligation long-term credit rating to AA-plus from AA, and upgraded bonds backed by annual appropriations from the state. “The upgrade reflects our view that the commonwealth’s commitment to strengthen its budget management practices supported by the state’s improved reserves and a strong economy will be sustained through
As the New York State Legislature returns to work Monday, lawmakers face several challenges, most importantly negotiating an agreement on a state budget that’s already more than two weeks late. Gov. Kathy Hochul unveiled her $227 billion executive budget proposal for fiscal 2024 in February. Budget approval is required by the start of the state’s fiscal year on April
Municipals were steady Thursday in secondary trading as investors turned their attention to a sizable new-issue slate distracting from a weaker U.S. Treasury market. Equities rallied. Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $255.794 million was pulled from them as of Wednesday after $91.713 million of outflows the week prior. With
The Securities and Exchange Commission will host its Municipal Securities Disclosure Conference May 10, both in-person and virtual, where moderating staff from the Office of Municipal Securities will lead panelists through topics such as ESG, the Financial Data Transparency Act and voluntary disclosure. The conference will be attended by SEC chairman Gary Gensler, Commissioners Hester
They say the third time’s a charm — and that must be true in the Garden State, where for the third time in less than a week, New Jersey received a credit rating upgraded. S&P Global Ratings on Wednesday raised its long-term and underlying ratings on the state’s general obligation bonds to A from A-minus
In the first quarter of 2023, the Texas Natural Gas Securitization Finance Corporation topped the list of the top 10 issuers. The Dormitory Authority of the State of New York, the Virginia Small Business Finance Authority, the Regents of the University of Michigan, the Los Angeles Department of Airports, the South Carolina Public Service Authority,
Municipals were firmer in spots, while U.S. Treasury yields rose 10 years and in ahead of Wednesday’s consumer price index report. Equities ended mixed. Triple-A yields were bumped up to three basis points Tuesday while UST yields rose up to two basis points 10 years and in, moving municipal-UST ratios near their 12-month lows, according
Transcription: Chip Barnett (00:03):Hi, this is Chip Barnett and welcome to another Bond Buyer podcast and we’re coming to you live from the BNP Paribas 2023 Open Tennis Tournament in Indian Wells, California. My guest today is Jean-Yves Fillion. He’s the CEO of BNP Paribas Americas. And we’re going to be talking about BNP Paribas
Puerto Rico Electric Power Authority bondholders want 100% of what they are owed and the Oversight Board working on the power authority’s bankruptcy plan offers a dramatically lower repayment percentage, court filing show. In a filing late on Friday, the bondholders said even if one assumed their claim was “unsecured,” they would still have a
Signs of slowing revenue growth popped up in Southwest states in March as a boom time for tax collections appears to be winding down. Following some record monthly collections last year, growth in 2023 is trending lower or even negative as states move to cut taxes during their current legislative sessions. Oklahoma’s total tax collections
Citing “rollbacks in the face of myopic right-wing pushback against responsible fiduciary investing,” New York City Comptroller Brad Lander said Wednesday that two of the city’s pension funds have established new plans to reach net zero emissions in their investment portfolios by 2040. “If the cynical war of political distraction waged by red-state politicians at the
The Securities and Exchange Commission has settled with Roberto Mejill-Tellado for his role in acting as an unregistered investment advisor for the City of Mayaguez, Puerto Rico, where he and six others were accused of defrauding the city of $9 million. In June 2022, Mejill-Tellado pleaded guilty to one count of conspiracy to commit wire
The Internal Revenue Service is examining a $338.4 million 2015 bond issuance by the Clark County School District in Nevada and asking questions about federal tax compliance, according to a letter the district received from the IRS that was disclosed on EMMA. According to the disclosure filing, the IRS is asking for copies of specified
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