Bonds

Steven Permut entered the municipal finance industry in 1982, fresh out of the State University of New York at Oneonta, where he graduated with a bachelor of arts degree in business economics and geography. But it wasn’t municipals that he was seeking. Permut had submitted his resume to Rand McNally for a position as a

Municipals were steady to firmer in secondary trading Thursday as a large airport revenue bond offering from the City and County of Denver, Colorado, and the Triborough Bridge and Tunnel Authority’s MTA deal took the focus. Municipals continued to ignore the movements of U.S. Treasuries, which saw yields rise for the second day, while equities

President Joe Biden has nominated Denver International Airport CEO Phillip Washington to head up the Federal Aviation Administration, a move that would put a long-time issuer in the top aviation spot. Though he has limited airport experience, having served as DIA CEO for only one year, Washington has years of experience running a public transportation

Municipals rallied Wednesday, ignoring a selloff in U.S. Treasuries, after the Federal Open Market Committee meeting minutes reiterated the Fed’s position it would raise rates 50 to 75 basis points at its July meeting to stave off inflation. Equities ended slightly up.. Municipals were in their own lane Wednesday and triple-A yields fell four to

Nashville is negotiating with the National Football League’s Tennessee Titans about building a stadium that would be partly financed with municipal bonds but would lower costs to taxpayers who would be relieved of the burden of paying maintenance costs. The state, city and owners would all contribute toward the construction of a domed stadium under

Municipal yields fell for the third session in a row following the flight-to-safety bid in U.S. Treasuries as recession concerns continue to grow. Equities were mixed. Triple-A benchmark yields were bumped three to six basis points Tuesday with the strongest moves out long. Falling yields over the past two weeks have been “a welcome sigh

Signs of a rapidly deteriorating U.S. economic outlook have spurred bond traders to pencil in a complete policy turnaround by the Federal Reserve in the coming year, with interest-rate cuts in the middle of 2023. Fed Chair Jerome Powell — who is widely expected to keep lifting the central bank’s benchmark rate for some time

Elizabeth Reich, who wrapped up her final day as Dallas chief financial officer on Thursday, will be joining Dallas Area Rapid Transit starting July 18. DART announced on Friday that Reich, as its new CFO, will be a key member of the executive team, reporting to President & CEO Nadine Lee and leading the agency’s

Denver International Airport returns to the municipal market next week to complete financing for its current capital improvement plan, boosted by a rating upgrade as it continues to recover from passenger and revenue losses due to the COVID-19 pandemic. The $1.5 billion deal consists of $1.375 billion of senior lien bonds subject to the alternative

The Puerto Rico Oversight Board again imposed the fiscal 2023 budget on the Puerto Rico’s central government. While the board had reached a consensus budget with the local legislature and Gov. Pedro Pierluisi in June 2021 for fiscal 2022, there was little cooperation with the board this year, said Board Member Antonio Medina. The Puerto

Municipals were stronger following along with, but underperforming U.S. Treasuries, which extended their rally and saw yields fall even further to start the second half of the year on continued recessionary fears. Equities ended in the black. Triple-A yields fell by four to seven basis points while USTs saw yields fall by up to 16

A new fund dedicated to advancing social equity and led by an NBA veteran and a leading municipal firm is moving into New York State’s growing cannabis industry. Social Equity Impact Ventures, LLC, a premier minority-led investment team, will sponsor and manage the New York Social Equity Cannabis Investment Fund. This first-of-its-kind $200 million fund will be

Analysts expect climate change, combined with the political realities of either addressing the effects of it or not, will have increasing impacts on municipal credit in the coming years. Droughts, fires, flooding, changed temperature patterns, reduced snow cover, and higher sea levels may all come from climate change and all have the potential to impact

Susan Collins officially took office Friday as the president of the Federal Reserve Bank of Boston, making history in becoming the first Black woman to lead a regional Fed bank.  Collins comes from the University of Michigan, where she worked for 15 years, serving most recently as provost and previously as dean of the Gerald

The U.S. Virgin Islands Water and Power Authority board approved an electric system budget Thursday it said will stop its loss of cash. WAPA Chief Financial Officer Jacob Lewis said the budget would stop the authority from “bleeding cash” by projecting a positive or zero free cash flow. He said the budget was the authority’s

Gov. Phil Murphy signed New Jersey’s largest budget into law Thursday. As the nation faces an economic slowdown, Murphy addressed a joint session of New Jersey legislators and told them that the record $50.6 billion spending package, which follows strong consecutive tax seasons and includes a $7.8 billion surplus, avoided using “temporary windfalls for long-term

Tradeweb Markets Inc. has launched a program to connect diverse dealers with the buy-side directly through the company’s electronic marketplaces. The Spotlight Dealer Diversity Program, an initiative to highlight firms owned by women, veterans, people with disabilities and individuals of underrepresented racial and ethnic groups, aims to enhance their visibility and influence with new individual

Municipals were steady to firmer in spots in secondary trading as a large revenue bond offering from the New York City Transitional Finance Authority took the focus and saw yields lowered in a repricing. U.S. Treasuries improved on rising recession concerns while equities ended nearly flat. Municipals underperformed the moves to lower yields in UST,

Federal Reserve Chair Jerome Powell said the U.S. economy is in “strong shape” and the central bank can reduce inflation to 2% while maintaining a solid labor market, even though that task has become more challenging in recent months. “We hope that growth will remain positive,” Powell said during a panel discussion Wednesday during the

Bond default and impairment is famously low in the municipal bond market. But the case of Paradise, California, offers an example of the rising financial risks posed by climate and management decisions. After the city was nearly destroyed in 2018 by California’s deadliest wildfire to date, the state stepped in to help the city’s redevelopment