Bonds

The Office of Management and Budget would be required to disclose any infrastructure projects that are more than $1 billion over budget or more than five years behind schedule under a bill that has passed a Senate committee. A companion bill in the House has been introduced in two committees. The Senate Committee on Homeland

Municipals were little changed Wednesday, while U.S. Treasury yields fell slightly and equities ended the session down after the Federal Open Market Committee’s December meeting minutes offered little insights into future rate cuts. The two-year muni-to-Treasury ratio Wednesday was at 56%, the three-year at 58%, the five-year at 58%, the 10-year at 58% and the

The Puerto Rico Oversight Board issued a revised proposed Puerto Rico Electric Power Authority plan of adjustment that incorporates a recent deal with unsecured creditors, which sets aside $254 million more to pay them than the prior plan did. The revised plan of adjustment, if approved, would pay off unsecured creditor claims using a combination

Municipals were lightly traded and little changed in the first session of 2024 while U.S. Treasuries were weaker and equities lost ground as markets pulled back to reassess expectations after the end-of-year’s large rally. Triple-A yields were softer in spots while USTs saw yields rise six to 10 basis points with the larger losses on

The Municipal Securities Rulemaking Board has opened its search for three new board members: two public representatives and one representative from the regulated side, to serve for the 2025 fiscal year.  Selected nominees will be elected to four-year terms beginning Oct. 1, and will join the full fifteen-member Board which represents a cross section of

Hawaii Gov. Josh Green unveiled last week a proposed $19.2 billion supplemental budget and the results of an oversubscribed $750 million general obligation bond sale. In his proposed budget, Green shifted some capital improvement spending from the general fund to bond funding, pointing to ongoing costs from the Aug. 8 Maui wildfire. Revenue expectations also

The New York Metropolitan Transportation Authority will hold public hearings and accept comments on its plans to implement a new series of tolls for vehicles entering Manhattan’s Central Business District. The 76-day public review process on congestion pricing plan started Wednesday and will run through March 11. The MTA will accept input from the public

The muni industry is looking forward to key tax legislation moving forward while also eyeing the possible sunset of key provisions of the Tax Cut and Jobs Act, though the number one priority of muni lobbyists remains the restoration of tax-exempt advance refunding. “We continue to work this issue tirelessly,” said Brett Bolton, VP, federal

With 2023 municipal bond issuance of $59 billion, Texas wrested the title of top volume state from long-time debt behemoths New York and California. The debt, which was sold by Texas state agencies, cities, counties, schools, and others, and accounted for 15.5% of nationwide issuance, lifted the Lone Star State to the number one ranking

Illinois saw an uptick in its fiscal fortunes in the past fiscal year, one of the few times the state’s net position has improved since that figure swung from black to red in to red in 2002. The net position includes tax collections and government services and measures the state’s assets relative to its total

Medford, Oregon-based hospital nonprofit Asante Health had its A-plus rating, with negative outlook, affirmed by Fitch Ratings at year-end as it works toward completion of a new building at its flagship hospital. Fitch said in a report Tuesday that it maintained the negative outlook, first assigned in January, because “Asante continues to record weakened operational

Municipals were quietly traded and little changed in the last session of 2023 while U.S. Treasuries were mixed and equities were in the red near the close. The two-year muni-to-Treasury ratio Friday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv

Total 2023 municipal bond volume fell slightly from 2022 as market volatility, higher interest rates, pandemic aid and slower economic growth kept issuers on the sidelines. However, a robust fourth quarter buoyed issuance for the year, so volume only ticked down 2.8%, much better than previous quarters where issuance was down double digits. The year

Municipals were steady to firmer Thursday as outflows returned. U.S. Treasury yields rose and equities ended up. The two-year muni-to-Treasury ratio Thursday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services

The muni market saw a large uptick in taxable bond tenders as issuers saw an opportunity to restructure their debt portfolios to unload taxables that have been trading at deep discounts. Taxable bonds that could be replaced with tax-exempt debt “has been the main target market segment for bond tenders as late (close to 60% of total),

Municipals were steady to slightly firmer Wednesday as inflows returned to muni mutual funds. U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Wednesday was at 60%, the three-year at 60%, the five-year at 60%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv Municipal Market Data’s 3 p.m.

Kentucky Gov. Andy Beshear’s proposed $136.6 billion 2024-2026 biennium budget focuses on ways to continue the state’s economic rebound and provides substantial new funds for education and infrastructure. The Democratic governor’s budget proposal will be debated by the Republican-dominated General Assembly when it reconvenes on Jan. 2. Beshear’s plan, which he calls “Forward, Together,” would

Municipals were steady Tuesday as the last week of the year got underway. U.S. Treasuries were little changed and equities ended up. The two-year muni-to-Treasury ratio Tuesday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m.

The state of Michigan is paying down the debts of six local school districts – two of which have closed or merged with neighboring districts – including some outstanding some bond balances. The move was part of a state budget supplemental bill signed by Gov. Gretchen Whitmer on Dec. 18. The $114 million from the

Fitch Ratings has raised the Illinois Sports Facilities Authority’s bonds to investment grade, bumping the authority’s rating two notches to BBB from BB-plus, with a rating outlook of stable.  The ISFA issued bonds for Guaranteed Rate Field, home of the Major League Baseball Chicago White Sox, and Soldier Field, home, at least for now, of