Bonds

A bill to restore fiscal independence to Puerto Rico on an expedited pace was introduced in the House and stands a good chance of passing, analysts said. The Territorial Relief Under Sustainable Transitions for Puerto Rico of 2022 bill would eliminate the Congressionally mandated Financial Oversight Board when Puerto Rico provides two consecutive balanced budgets

Triple-A benchmarks were cut up to nine basis points to start the holiday-shortened week ahead of a smaller new-issue calendar, while long U.S. Treasuries hit three-year highs and equities sold off on inflation concerns. Triple-A yields continue to rise, with the two-year muni just below 2%, the five well above and the 10-year approaching 2.5%.

Milwaukee-based attorney Frank DeGuire returned to his legal roots this week at Quarles & Brady LLP to work in the public finance and business law practices. DeGuire will serve as bond counsel for a range of tax-exempt and taxable financings for the state and local governments, non-profit corporations including conduit and qualified private activity bond

The District of Columbia is coming to market on Tuesday with its first public-private partnership issue, a largely tax-exempt municipal green bond deal boosted by a provision in the Infrastructure Investment and Jobs Act. The District Department of Transportation’s “Smart Street Lighting Project” will convert D.C.’s network of more than 75,000 streetlights into energy-efficient LED

New York Gov. Kathy Hochul and the state Legislature have reached an agreement on the state’s $220 billion fiscal 2023 budget, the governor announced in Albany Thursday evening. The spending plan is up more than $4 billion from the original $216.3 billion executive budget that the governor proposed in January. With the agreement in place,

Puerto Rico Electric Power Authority debt negotiations will likely be extended as the authority was struggling with the more immediate concern of a major power outage. Puerto Rico Judge Laura Taylor Swain filed an order Friday afternoon saying the mediation will terminate on June 1 unless the mediation team choses to extend it until July

Municipals were weaker in spots Friday after another challenging week and the worst-performing first quarter since 1980. Triple-A yields rose one to three basis points amid lighter trading ahead of a smaller new-issue calendar. U.S. Treasuries saw more pronounced losses to close out the week. Muni to UST ratios were at 77% in five years,

155 local governments experienced losses in 2020 in connection with their public golf courses, in some cases losing enough money to be significant on a local scale. That’s according to a Reason Foundation report that found that of the 221 local governments that reported running golf courses in their 2020 financial statements, 155 experienced total

U.S. Virgin Islands government officials hailed its bond refinancing as a success in helping to solve the islands’ pension underfunding problem but skeptics remain on the islands’ future financials. Ramirez & Co. priced $955.545 million of Virgin Islands Matching Fund Special Purpose Securitization Corp. bonds on March 31 and the deal closed Wednesday and the

The U.S. Department of Transportation needs to clarify its guidelines for one of its largest surface transportation discretionary grant programs, the Government Accountability Office said in a new report to Congress. States, cities and other entities applying for the Infrastructure for Rebuilding America program need clearer guidelines to ensure they know how to apply for

New Jersey state employees would be allowed to work from home up to two days a week under a test program that was approved on Wednesday. The New Jersey Civil Service Commission voted to establish the hybrid work pilot, which will let state departments and authorities create a telework program for their employees. Under the

The ratings of Providence, a not-for-profit healthcare system, were downgraded to A1 from Aa3 by Moody’s Investors service following its split with Hoag Hospital in Orange County, California. The downgrade comes as a result of a disaffiliation with Hoag Hospital and the expectation that weaker operating, balance sheet and debt measures will continue for the

Municipals greatly outperformed a large selloff in U.S. Treasuries Tuesday with yields rising to multi-year highs in the global safety benchmark curve following Federal Reserve officials’ hawkish remarks about shrinking its balance sheet and a likely 50 basis point interest rate increase as soon as May. Equities end in the red. Munis lagged, as they

The Metropolitan Pier and Exposition Authority’s tourism-related taxes — which took a pandemic-driven beating — have generated enough revenue to meet this year’s scaled-down debt service but challenges loom as debt service ramps up. The agency last year restructured debt service coming due in fiscal 2022, providing some breathing room by lowering the overall tab

Municipals were steady to firmer in spots Monday, while U.S. Treasuries strengthened inside five years but key parts of the curve remained inverted while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST were still sitting above the 10- and 30-year. More activity surfaced

The Texas municipal bond market is still trying to sort out new state laws that apply litmus tests for banks and others seeking contracts with governmental entities amid expectations that more restrictions tied to corporate policy decisions are coming, according to speakers at last week’s Bond Buyer Texas Public Finance Conference. The Republican-controlled legislature last

Puerto Rico bankruptcy Judge Laura Taylor Swain designated the mediators and named the participants in the debt resolution process for the Puerto Rico Electric Power Authority but excluded the legislature from the list of participants. On Friday morning she named U.S. Bankruptcy Judge for the Southern District of New York Shelley Chapman to lead the

House Speaker Nancy Pelosi Thursday threw cold water on measures to suspend the federal gas tax, warning the move would deplete the Highway Trust Fund and not necessarily translate into savings at the pump. Pelosi called the idea of a federal gas tax holiday “very showbiz” and said it would mainly benefit the oil companies,

Improved state revenue collections and federal COVID-related relief funds enabled Washington lawmakers to add $5 billion in spending to the supplemental budget signed by Gov. Jay Inslee Thursday. The $64.1 billion supplemental budget builds off of the $59 billion, two-year spending plan adopted by the Legislature last year. It includes $2 billion toward a 16-year,

Larry Wiemer II took over last month as executive director of the Wisconsin Health and Educational Facilities Authority after three decades working in key financial roles for healthcare providers and other not-for-profits. The agency conducted a national search to fill the shoes of Dennis Reilly who spent 26 years at the state conduit including the