S&P Global Ratings revised the outlook on Arizona’s AA issuer rating to positive from stable, citing the state’s “robust” economic growth, as well as its financial management. The move points to an expectation of a one-in-three chance of a rating upgrade over the next two years, according to the rating agency. Arizona Gov. Katie Hobbs
Bonds
California Gov. Gavin Newsom issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties and asked local governments to use the “substantial funding” provided by the state to take similar action. The executive order issued Thursday comes a month after the U.S. Supreme Court’s sweeping Grants Pass decision
Municipals were mixed Thursday, while U.S. Treasuries were firmer five years and out and equities ended mixed after data showed the economy grew at a hotter-than-expected pace in the second quarter. “News that U.S. economic growth accelerated faster than expected in the second quarter has sent market participants on a roller-coaster ride,” said José Torres,
A coalition organized by New York City Comptroller Brad Lander has filed three lawsuits to allow the launch of congestion pricing. Lander and his allies hope the lawsuits will force the defendants — New York Gov. Kathy Hochul, state Department of Transportation Commissioner Marie Therese Dominguez, and the Metropolitan Transportation Authority — to begin the
The Louisiana State Bond Commission approved three bond issues totaling more than $3 billion on Wednesday. The commission approved a $1.33 billion to $2 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge, a state general obligation bond of up to $1 billion, and gave preliminary approval to a state gas
Enjoy complimentary access to top ideas and insights — selected by our editors. Municipal financial advisors saw more business in the first half, accounting for $203.285 billion in 2,999 transactions in 1H 2024. This is up from the $147.929 billion in 2,711 deals in the 1H 2023. Kaufman Hall & Associates, Caine Mitter & Associates,
Municipals were little changed in secondary trading Tuesday as the busy primary market took focus, led by two billion-dollar-plus deals from the Texas Transportation Commission and South Carolina Public Service Authority. U.S. Treasuries were firmer and equities were up toward the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 65%, the
The First Circuit Court of Appeals signaled an interest in revisiting its decision that Puerto Rico Electric Power Authority bond holders have a lien on net revenues. The three judges who ruled on the lien in mid-June said Monday they wanted written responses from all parties on the petitions for rehearing or rehearing en banc.
On the heels of President Joe Biden’s departure from the presidential race, munis were mixed Monday. U.S. Treasuries gave back some early gains, ending the day slightly weaker, while equities ended up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year
Inflows into high-yield muni mutual funds have continued over the past several weeks due to positive performance, expected Federal Reserve rate cuts and market participants’ desire to lock in higher yields. The high-yield sector continues to show strength, with inflows of $364.4 million for the week ending Wednesday, marking 13 straight weeks of inflows, according
The Dormitory Authority of the State of New York sold $1.2 billion of revenue bonds last week to good demand, with spreads coming in tighter compared to a DASNY negotiated deal that priced last year. “Overall the bond sale was a success,” said DASNY spokesperson Jeffrey Gordon. “[Last week’s sale] benefited from a calm market
Lack of capacity at state transportation departments share some of the blame for infamously high infrastructure costs in the U.S. compared to other countries. On the other hand, procurement practices that increase competition among contractors help bring down costs, said Will Nober, an economics doctoral student at Columbia University, Zachary Liscow, a professor at Yale
California voters consider environmental policy so important, according to a recent poll, that it could influence who they support for president. Most favor a $10 billion bond measure proposed to pay for flood control and climate resiliency projects, and the majority plan to cast their ballots for President Joe Biden in the deep blue state.
Municipals were little changed Friday ahead of another week of healthy issuance. U.S. Treasuries were weaker and equities ended down. Tax-exempts, aided by rallying USTs, are “enjoying a relatively strong start” to the second half, said Barclays strategists Mikhail Foux and Clare Pickering. Investment-grade and high-yield returns “have been remarkably similar, though — on the
An Oklahoma judge on Friday issued a permanent injunction against the enforcement of a 2022 state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes. Oklahoma County District Court Judge Sheila Stinson took the action “based upon the act being unconstitutionally
The Board of Directors of the Municipal Securities Rulemaking Board will try to iron out some thorny issues when they meet on July 24-25, for their final quarterly gathering this fiscal year. Establishing priorities for the next fiscal year and approving the FY 2025 budget to advance its strategic plan are among the agenda items.
Short-term munis were slightly firmer Thursday as muni mutual funds saw continued inflows and the primary market slowed. U.S. Treasuries yields rose and equities sold off. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal
Texas general fund revenue so far in fiscal 2024 remains on target with the state’s October estimate forgoing the need for a July revision in the forecast, while a projection for the yearend balance could fluctuate, state Comptroller Glenn Hegar reported Wednesday. An $18.3 balance projected in October for the end of the triple-A-rated state’s
Municipals were little changed Wednesday as the primary market saw another busy day, led by an upsized $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. U.S. Treasuries were slightly firmer and equities were mixed toward the close. The two-year muni-to-Treasury ratio Wednesday
Pennsylvania became the final state in the country to pass its 2024-2025 budget last week, as the commonwealth’s divided legislature wrapped up its $47.6 billion spending plan two weeks past its July 1 deadline, with several new initiatives. The budget spends big on economic development and education, but provides only one-time funding for transit. And
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