Correction The job title of Alexander Vaisman and the number of members in California Muni Pride were incorrect in the original version of the story. June 10, 2021 2:48 PM EDT Correction The job title of Alexander Vaisman and the number of members in California Muni Pride were incorrect in the original version of the
Bonds
As the fallout from UBS Puerto Rico closed-end fund losses soared past $100 million in arbitration settlements last month, a central figure in a drama still unwinding years later warns that something just like it could happen again. Jose G. Ramirez Arone, Jr. seems far removed from the man who was once one of UBS’
Municipal bonds were mostly steady Thursday after a report showing an unexpectedly high increase in consumer prices pushed U.S. Treasuries and stocks higher. Yields on 10- and 30-year munis were firm on the AAA scales while the 10-year benchmark Treasury yield fell to 1.46%, its lowest level since March 4. For the 14th week in
The pandemic has highlighted the importance of basic functional infrastructure, budget management and affordable housing to the vitality of cities. That’s the takeaway from the 2021 State of the Cities report released Thursday by the National League of Cities. Nearly 600 cities, towns and villages were surveyed along with 57 mayoral speeches that provided additional
Puerto Rico General Fund net revenues through March were 19% above Oversight Board projections for the first nine months of the fiscal year. The Puerto Rico Treasury Department reported the results Thursday. Net revenues for March came in 6.1% above the board’s original projection. The available data for fiscal 2021 so far — covering July
California voters rejected a school bond measure for the first time in 30 years in March 2020 and state Sen. Steven Glazer, D-Orinda, wants a do-over. His Senate Bill 22, the Public Preschool, K-12 and College Health and Safety Bond Act, passed the Senate Thursday on a 31-5 vote. If the State Assembly approves it,
Subway safety in New York took on a new meaning when the Metropolitan Transportation Authority acknowledged a cyber intrusion, which set off loud alarm bells about the rising threat of system hacks. The MTA is one of the largest municipal issuers and reports linked China’s government to the episode. Despite MTA officials’ assurances of quick
Municipal bonds strengthened on the long end Friday after the latest employment report showed continued job growth and buoyed equities and Treasuries. The Labor Department said nonfarm payrolls rose 559,000 in May as the jobless rate fell to 5.8% from 6.1%. The numbers showed slow but steady strength in the labor market, but came in
A Puerto Rico court rejected a motion from several bond underwriters to dismiss a bond insurer suit against them for misrepresentations in their Official Statements. Senior Judge Ladi Buono de Jesús issued the decision Wednesday from her position in the Court of First Instance in San Juan, Puerto Rico. Bond insurers National Public Finance Guarantee
The California state treasurer wants Congress to triple the federal cap on tax-exempt private activity bonds that are used for high-speed rail projects and other surface transportation to $45 billion. California Treasurer Fiona Ma emphasized in a letter Monday to key House and Senate Democrats and Republicans the importance of including private investment in the
Investment manager MFS has launched a new intermediate tax-exempt fund aimed at giving clients more yield and duration opportunities. The new Municipal Intermediate Fund, which pursues total return with an emphasis on income exempt from federal income tax, aims to outperform the Bloomberg Barclays Municipal 1‐15 Year Index, the firm said. Periodic review of its
A $5.3 billion transportation bill awaiting Colorado Gov. Jared Polis’s signature will not require voter approval after Republican demands for a referendum were thwarted. Senate Bill 21-260, which won final passage in the state House of Representatives last month, provides $5.3 billion over a decade for highways, bridges and infrastructure for future electric vehicles. The
Munis were quiet Monday along with U.S. Treasuries as participants await the larger new-issue week that begins pricing Tuesday led by competitive deals from gilt-edged Georgia and the state of Wisconsin. Flat with little activity is how municipals started the week as ratios continued to be close to or at historic levels due to the
A proposed mandate to shutter the $5 billion Prairie State coal energy campus and a Springfield, Illinois’ plant by 2035 would hit local ratepayers with the double burden of funding new energy sources while still paying down project bonds, a bipartisan group of local lawmakers warn. Gov. J.B. Pritzker backs a state mandate to shut
President Biden said Monday his Justice Department will defend current law that denies Supplemental Security Income benefits to Puerto Rico residents but he called on congress to amend the Social Security Act to extend those benefits. The U.S. Court of Appeals for the First Circuit ruled in April 2020 that the prevailing federal practice of