Bonds

Municipals were steady in secondary trading Tuesday as several large deals in the primary market took focus, including the retail pricing for the $1.5 billion-plus deal of general obligation bonds from New York City. U.S. Treasury yields rose 10 years and out and equities were mixed near the end of the trading session. Other large

Oklahoma will stop collecting state sales tax on groceries under a bill signed into law Tuesday by Gov. Kevin Stitt, who said he is still seeking a reduction in personal income taxes. The elimination of the 4.5% sales tax, which will cost the state around $400 million annually, was overwhelmingly passed by lawmakers. “By cutting

Municipals were steady to start the week as investors await the larger new-issue slate, outperforming U.S. Treasuries, while equities were mixed near the close. The two-year muni-to-Treasury ratio Monday was at 58%, the three-year at 57%, the five-year at 56%, the 10-year at 57% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s

A stark decline in reserves and cash on hand that could put bond covenants at risk resulted in San Diego-area Palomar Health’s ratings being placed under review for downgrade by Moody’s Investors Service. Moody’s currently rates the general obligation bonds A1 and the revenue bonds Baa3. If the revenue bond ratings are downgraded one notch,

Miami International Airport received $27 million from the federal government for infrastructure projects designed to improve the passenger experience at one of the nation’s busiest airports. The funding was announced at a Thursday ceremony at MIA: Miami-Dade County Mayor Daniella Levine Cava welcomed Polly Trottenberg, U.S. Department of Transportation Deputy Secretary, and Shannetta Griffin, the

The Securities and Exchange Commission (SEC) is partnering with other federal regulators to lessen fears regarding the implementation of the Financial Data Transparency Act. The goal of this new law, which was passed in 2022, is to provide more transparency to the financial markets by introducing machine-readable formats into the Municipal Securities Rulemaking Board’s EMMA

Alabama airports would be able to enter into public-private partnerships under a bill that advanced through the state House this week. House Bill 87 passed the House Tuesday less than three weeks since it was introduced by Republican state Rep. Chip Brown. It is now pending at the Senate Transportation and Energy Committee. “Alabama is

Louisiana is set to float $1.34 billion of private activity bonds in April as part of its largest public-private partnership to date, which will replace an aging bridge over Interstate 10 near St. Charles. The Louisiana Public Facilities Authority released details of the financing after the State Bond Commission last week signed off on the

The story stays the same and that is munis remain rich but an uptick in supply will bring some pressure to the asset class. The steadiness of the muni market, despite the swings in USTs, shows both the trepidation of investor commitment at these levels and the underlying strength of the credit quality of the

Not-for-profit healthcare finances should improve this year, rating agencies said, and many healthcare issuers plan to test the bond market. The sector reached a “turning point” in calendar year 2023, Fitch Ratings said in a report released Wednesday. The latest perspective offers a shift from challenges and expectations analysts predicted as recently as January. Analysts

S&P Global Ratings has revised the outlook on Chicago’s general obligation bonds to stable from positive, the rating agency announced Thursday. S&P affirmed its BBB-plus rating on the bonds. The downward revision reflects budgetary pressures that have not been counterbalanced by new revenue growth, S&P said. Specifically, S&P cited rising public safety labor costs, recent

Dispensing infrastructure spending, combined with the need for advising on the implementation of the Financial Data Transparency Act has the Treasury Department looking to the private sector for talent and expertise.    Recent hires by Treasury seem to indicate the agency’s desire to bolster its staff with experienced experts from the private sector. The money flowing

U.S. District Judge Laura Taylor Swain rejected Puerto Rico Electric Power Authority bond parties’ motion for immediate consideration of their request for a receiver. Bond parties last week requested a hearing within 30 days to lift the bankruptcy’s stay on remedies, like their appointment of a receiver for PREPA. Swain said she would consider the

The Biden administration Tuesday announced $5.8 billion in water infrastructure funds for states, tribes and territories, the latest round of funding from the Infrastructure Investment and Jobs Act record level of clean water investment. Th money includes $3.2 billion for the Drinking Water State Revolving Fund for water projects and $2.6 billion for the Clean Water

Municipals were little changed Tuesday as most investors were awaiting new-issue supply, U.S. Treasuries offered little direction in a mixed session and equities were down near the close. Wednesday will see the release of January’s Federal Open Market Committee Meeting minutes, which “should show any division amongst the committee members as to the continued direction

The Federal Railroad Administration has proposed 15 daily long-distance Amtrak routes as part of the Biden administration’s effort to create a national passenger rail system. The FRA is seeking feedback on the preferred routes by March 8, and plans to make final recommendations to Congress in the spring. The map of 15 routes, released Friday

Tax incentives have long been a favored economic development tool of governments, but do we know how to actually use them ourselves? Well, we’re about to find out. The Inflation Reduction Act (IRA) deployed billions of dollars of tax incentives to fund clean energy and other green investments. In a history-making move, the bill opened

South Carolina Gov. Henry McMaster signed the ESG Pension Protection Act — which requires the state pension fund’s decisions be based on maximizing returns — in a ceremony at the governor’s office. The bill, H.3690, was officially signed by the Republican governor on Feb. 5 and went into effect on Feb. 9. The bill directs

As the infrastructure law nears the halfway point of its life, the rollout of its expanded Buy America provision, a key part of President Joe Biden’s bid to strengthen American manufacturing, has been confusing and failed to address gaps in the domestic supply chain. That was the message from state transportation departments and construction experts

Paulina Woo was named senior director of treasury management in Western Alliance Bank’s corporate finance and public and nonprofit finance groups. In her new role, Woo, who is based in Phoenix, will lead teams that tailor banking solutions for municipalities, local governments, nonprofit organizations, corporations and institutional investors. “Western Alliance Bank provides a distinctive set