Bonds

The Securities and Exchange Commission has charged the City of Rochester, New York, the Rochester City School District’s former finance director and the city’s former chief financial officer with misleading investors and providing outdated financial statements in connection with a $119 million bond offering in 2019. The Commission also charged municipal advisory firm Capital Markets
0 Comments
Following a spate of cyberattacks against local government institutions in New Jersey this year, Democratic Assemblymember Shama Haider introduced legislation on May 16 to strengthen the state’s local capabilities.  Less than a month later, her own hometown of Tenafly faced a cyberattack after teachers accidentally discovered a ransomware attack in progress last week while working
0 Comments
With Indiana revenue collections running $1 billion over estimates with just one month left in the fiscal year, Gov. Eric Holcomb proposed returning that amount from reserves to taxpayers through an automatic tax refund. Holcomb, a Republican, called for a special session to approve the proposal. “Hoosiers have real needs right now during this period
0 Comments
Municipals again saw a stronger short end of the yield curve and some pressure out long in light trading Tuesday as U.S. Treasuries were better and equities ended in the black. Triple-A benchmarks were bumped up to three basis points five years and in and cut up to two basis points on the long end,
0 Comments
Maryland will sell $900 million of AAA-rated tax-exempt and $150 million of taxable general obligation bonds competitively Wednesday in the largest deal of the week.  “Through the pandemic, global unrest, and record inflation, we have managed to maintain the rating agencies’ confidence in our fiscal management,” said Maryland Treasurer Dereck Davis. Davis became treasurer in
0 Comments
Improving market technicals are creating value and opportunity in the municipal bond market as summer reinvestment season kicked off this week. After a rocky start to the year and a volatile first three weeks of May, municipals still offer value even after a furious rally in the final week of May. Improving market technicals should
0 Comments
Some observers of Puerto Rico politics are concerned that the territory’s government appears to continue to avoid fiscal responsibility, ignoring past mistakes that led it into the largest bankruptcy in municipal market history. And some stakeholders fear what the island’s future looks like without a federal Oversight Board running the fiscal ship. On Tuesday, the
0 Comments