Bonds

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

Federal Reserve Chair Jerome Powell gave a clear signal he is inclined to pausing interest-rate increases next month and said that tighter credit conditions could mean the policy peak will be lower. “We’ve come a long way in policy tightening and the stance of policy is restrictive and we face uncertainty about the lagged effects

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

California school districts are delaying projects or speeding them up to get ahead of accelerating prices as they contend with supply challenges and rising construction costs. “By and large, inflationary pressures on construction costs is where they are getting hit the worst,” said Blake Boehm, a managing director with KNN Public Finance, a municipal advisory

Short-term munis sold off Wednesday, as triple-A benchmarks rose in sympathy with U.S. Treasuries. Equities rallied. Muni yields rose seven to 12 basis points five years in, while USTs rose two to eight basis points. Performance-wise, Matthew Buscone, co-head of portfolio management at Breckinridge Capital Advisors, said the muni market has been soft this week.

In a rebuke to company policies deemed pro-environmental, social and governance or “woke,” several states have introduced or passed so-called “anti-boycott” laws.  These laws are intended to ban companies, such as commercial banks and investment banks, from doing business in the state if they are perceived as boycotting or otherwise discriminating against: (i) certain industries,

Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the

Alabama’s Senate is considering a new bill to boycott companies employing environmental, social, and governance rating criteria in their investment decisions. The Alabama Senate Committee on Fiscal Responsibility and Economic Development approved Senate Bill 261 10-3 late last week, sending to the floor for general debate legislation aimed at curbing the use of ESG decisions

Jackson County, Missouri, hits the market with a $260 million special obligation issue that will wrap up financing for a new jail complex long in the works that was chosen as the best option to deal with overcrowding and other public safety and mental health treatment goals. The bonds are expected to price as soon

The Oakland Athletics agreed to locate their new baseball stadium on land just behind the Tropicana resort on the Las Vegas Strip, according to a statement Monday from Bally’s Corp., which controls the property. The agreement “is subject to the passing of legislation for public financing and related agreements,” the company said. It is also

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor

The Puerto Rico Oversight Board will not be forced to turn over documents that may have provided a clearer picture of finances pertinent to the Puerto Rico Electric Power Authority bankruptcy. The U.S. Supreme Court reversed an appeals court decision, rejecting journalist group Centro de Periodismo Investigativo’s (CPI) request for Puerto Rico Oversight Board papers.

Illinois trimmed its revenue estimates for the current fiscal year and must absorb higher social services expenses next year, leaving less room to maneuver as lawmakers finalize a supplemental spending package and new budget. They’re entering the homestretch of their spring session that’s slated to end May 19 with passage of a fiscal 2024 budget

Municipals were weaker in spots to end the week, while U.S. Treasuries and equities saw losses on continued concerns over the debt limit impasse and questions over the Federal Reserve’s next policy moves. Municipals mostly stayed in their own lane throughout the week but UST weakness Friday seeped into the secondary Friday, moving yields higher

California Gov. Gavin Newsom said “no” to revenue anticipation notes and a tax increase, but “yes” to climate and mental health bond proposals in the May budget revisions he presented Friday. Newsom stressed emphatically that the state has no plans to issue revenue anticipation notes despite expectations that $49 billion in anticipated revenues won’t come

President Joe Biden has tapped Philip Jefferson for the number two position on the Federal Reserve Board of Governors.  If confirmed, Jefferson, who joined the board last year, will succeed former Gov. Lael Brainard as the Fed’s vice chair. Brainard vacated the position to lead the National Economic Council in February.  A former administrator at

Municipals remained little changed as fund outflows receded, the last of large deals of the week priced and Silicon Valley Bank muni holdings lists began circulating the Street for liquidation. U.S. Treasuries were firmer out long and equities ended mixed. Triple-A yields were little changed while UST yields fell on economic data. Lists of the