Bonds

Municipals were little changed to a basis point or two firmer in spots Tuesday, while U.S. Treasuries made gains and equities were rattled by comments from large bank CEOs warning of tough economic times ahead. Munis were again better in the belly of the curve while UST made larger gains out long. The three-year muni-UST

For the second time this year, the trustee of bonds issued for the American Dream Mall in New Jersey drew down a reserve account to make a debt payment on $800 million of tax-exempt municipal bonds. Trustee U.S. Bank said in a notice to bondholders posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure

The newly merged Advocate Aurora Health and Atrium Health will review their debt structures after completing a union that creates the nation’s fifth largest not-for-profit health care system. The two announced plans to merge in May and after clearing state and federal regulatory hurdles finalized the marriage Friday. The merged system expects to treat six

The Oklahoma Turnpike Authority willfully violated the state’s Open Meeting Act when it failed to disclose a $5 billion, bond-financed extension plan on meeting agendas earlier this year, according to the first major ruling in litigation seeking to derail the project. Cleveland County District Court Judge Timothy Olsen ruled Thursday that OTA agendas for January

As the federal government’s emergency COVID-19 aid dwindles, the New York Metropolitan Transportation Authority is looking at ways to restore its fiscal health in the face of a variety of challenges both new and old. The MTA’s proposed $19.2 billion budget for 2023 and its four-year financial plan both note that the $15 billion in

Puerto Rico Electric Power Authority fuel line lenders reached a deal with the Oversight Board that would give them priority over bondholders’ treatment in the authority’s debt restructuring. The fuel line lenders’ $700 million claim would receive new PREPA bonds, the board said Thursday night in announcing the deal. “The principal to be paid on

Flood-stricken Kentucky counties still struggling to repair water networks are set to receive $10.6 million in federal assistance to help turn the taps back on, Gov. Andy Beshear said in a press conference Thursday. “Water and sewage infrastructure will be the largest cost of rebuilding,” Beshear said, revealing the state’s most recent damage assessment for

Municipals were little changed Friday as U.S. Treasuries pared back losses to end the day mixed after the morning shock of the hotter-than-expected jobs report sent them selling off. Equities ended mixed. The three-year muni-UST ratio Wednesday was at 62%, the five-year at 69%, the 10-year at 74% and the 30-year at 97%, according to

A top-rated Texas program that guarantees public school bonds may be nearing a shutdown after its projected available capacity fell to just $653 million at the end of October.  The big drop from $3.52 billion at the end of September comes amid a huge wave of voter-approved school debt in the state. The Texas Permanent

Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain approved a one-week delay of Thursday night’s deadline for an Oversight Board proposed plan of adjustment. The mediators in the Puerto Rico Electric Power Authority bankruptcy asked earlier on Thursday for the delay, citing a lack of data and analyses they were seeking from the

The Florida Treasury will divest up to $2 billion of assets that are currently under management by BlackRock because of its stance on environmental, social and governance issues, Florida’s Chief Financial Officer Jimmy Patronis said Thursday. The state Treasury will have Florida’s custody bank freeze about $1.43 billion worth of long-term securities and remove BlackRock

Puerto Rico government agencies and authorities completed their approval of extending LUMA Energy’s operation of the island’s electrical transmission and distribution system Wednesday. LUMA took over the system in June 2021 based on a short-term supplementary agreement that was supposed to be replaced by a 15-year Operating and Maintenance agreement on Thursday. However, that agreement

As the effect of the Infrastructure Investment and Job Act continues to infiltrate into efforts to rebuild the nation’s roads and bridges and stand up an electric vehicle support network, a certain amount of confusion may be restricting the flow of some of the funds. “Well intended new requirements such as the expansion of Buy

Municipals were firmer Tuesday in a constructive secondary market while two large new-issues from the New Jersey Transportation Trust Fund Authority and the Commonwealth of Massachusetts led the primary. U.S. Treasuries were weaker, and equities ended down. Triple-A benchmark yields fell up to seven basis points on the short end, depending on the scale, while

Anchorage, Alaska, received two rating downgrades ahead of plans to sell $105 million in general obligation bonds competitively on Dec. 6. Fitch Ratings downgraded the city’s issuer default rating to AA from AA-plus Nov. 22,maintaining a stable outlook; and S&P Global Ratings downgraded the city to AA from AA-plus Nov. 23, maintaining a negative outlook.

Municipals were better to start the week in constructive secondary trading while U.S. Treasuries pared back earlier gains to close the session mixed and equities ended in the red. Triple-A yields fell three to five basis points along the curve while UST were little changed to weaker by a basis point on the short end.

House members led by Suzan Delbene, D-Wash., and Brad Wenstrup, R-Ohio, are urging House leaders to extend the 12.5% low-income housing tax credit allocation increase and lower the private activity bond requirement to 25% from 50% in a bid that responds to inflation as well as the affordable housing shortage gripping cities. That ask was

Hawaii Gov. David Ige released a list of $392 million in capital improvement projects Monday that will be paid for with funding approved by lawmakers earlier this fall. The projects — that will be administered by the appropriate state departments — support priorities Ige said he has advocated for during his eight years as governor.

Puerto Rico Electric Power Authority bondholders, insurers and the PREPA bond trustee defended their lien on authority revenues in a bankruptcy adversary proceeding. Responding to the Oversight Board’s filing in the lien adversary proceeding, bondholders said their liens extend beyond money in the Sinking Fund and Self-Insurance Fund to revenues generally including future revenues and

Despite a negative return in the latest quarter, New York State’s retirement fund is “built to weather the ups and downs of the markets,” even with an investment environment termed “challenging,” according to New York State Comptroller Thomas DiNapoli. The New York State Common Retirement Fund’s estimated value at the end of the second quarter