Bonds

Vermont’s $153.3 million sale of general obligation bonds in three series generated a nearly $30 million premium on top of that, state treasurer Beth Pearce said. Proceeds will fund new capital projects and refinance debt. The refunding portion generated more than $7.6 million of savings on a net present value basis, according to Pearce. “Investors
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San Diego’s regional transportation planning agency introduced a $160 billion draft regional plan that hinges on high-density housing development along transit lines. The 30-year plan drafted by the 21-member board of the San Diego Association of Governments has the support of environmental and labor groups though it faces opposition from some Republicans and anti-tax groups.
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The Biden administration is proposing the authorization of $50 billion in direct-pay qualified School Infrastructure Bonds and doubling the limit on tax-exempt private activity bonds for transportation infrastructure to $30 billion. The Treasury’s so-called Green Book of proposed changes to tax law released Friday also calls for an enhancement of the Low-Income Housing Tax Credit
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New-money, refunding and taxable municipal bond issuance all declined in May year-over-year, though a longer lookback shows an average figure for the month historically and the total volume for the year is ahead of the 2020 pace. Municipal issuance decreased 23.3% from May 2020 to $23.77 billion across 820 transactions from the $30.99 billion in
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Municipals saw one to three basis point bumps to benchmark yield curves while new issues repriced by as much as 10 basis points lower into a stronger, issuer-friendly market, as the 10-year fell below 1% on most scales. The Investment Company Institute reported $1.27 billion of inflows into municipal bond mutual funds, marking the 11th
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Municipals improved Tuesday on the backs of a strong primary led by the Washington Metropolitan Area Transit Authority’s $788 million green bonds and gilt-edged Loudoun County, Virginia, and the New Jersey Infrastructure Bank, which sold competitively with tight spreads. Triple-A municipal benchmark yield curves were bumped one to two basis points, lagging a four basis
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The $4.2 billion of pension obligation bonds issued in California in 2020 was more than triple the amount issued in any other year of the past decade. Golden State local governments represented the lion’s share of the $6 billion of POBs Municipal Market Analytics estimates was issued nationally last year. “This high level of issuance
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Red flags waved as Providence Mayor Jorge Elorza proposed issuing $704 million in pension obligation bonds to deal with a pestering unfunded liability problem in Rhode Island’s capital city. The amount exceeds the city’s annual operating budget. Bond markets often frown on such borrowing and sentiment among state officials who must sign off is uncertain.
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Illinois will dip into its growing pot of tax revenues to pay off the remaining $2.175 billion of outstanding debt borrowed through the Federal Reserve’s Municipal Liquidity Facility to manage last year’s COVID-19 tax blows. The Treasury Department’s interim guidance, released May 10, barring debt repayment as an eligible use of American Rescue Plan dollars
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