Bonds

Butler Snow LLP has added 22 lawyers and an office in Huntsville, Alabama, its third in the state, to expand on economic growth there, the firm’s chair said. Butler Snow is “striving for strategic expansion” into an area brimming with new economic activity, Chair Christopher Maddux said in an interview. The Huntsville office is the

Municipals were firmer in spots, while U.S. Treasury yields rose 10 years and in ahead of Wednesday’s consumer price index report. Equities ended mixed. Triple-A yields were bumped up to three basis points Tuesday while UST yields rose up to two basis points 10 years and in, moving municipal-UST ratios near their 12-month lows, according

Municipals were little changed to start the week, while U.S. Treasuries were slightly weaker and equities were mixed. The two-year muni-Treasury ratio was at 56%, the three-year at 57%, the five-year at 59%, the 10-year at 61% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the

Puerto Rico Electric Power Authority bondholders want 100% of what they are owed and the Oversight Board working on the power authority’s bankruptcy plan offers a dramatically lower repayment percentage, court filing show. In a filing late on Friday, the bondholders said even if one assumed their claim was “unsecured,” they would still have a

Competing visions for the future of New Jersey’s corporate tax system emerged in the wake of changes proposed by Gov. Phil Murphy. As part ofa $53.1 billion fiscal year 2024 budget proposed in late February, Murphy said he intended to let a corporate business tax surcharge instituted in 2020 in response to COVID-related budget gaps,

Citing “rollbacks in the face of myopic right-wing pushback against responsible fiduciary investing,” New York City Comptroller Brad Lander said Wednesday that two of the city’s pension funds have established new plans to reach net zero emissions in their investment portfolios by 2040.  “If the cynical war of political distraction waged by red-state politicians at the

The Securities and Exchange Commission has settled with Roberto Mejill-Tellado for his role in acting as an unregistered investment advisor for the City of Mayaguez, Puerto Rico, where he and six others were accused of defrauding the city of $9 million. In June 2022, Mejill-Tellado pleaded guilty to one count of conspiracy to commit wire

The Internal Revenue Service is examining a $338.4 million 2015 bond issuance by the Clark County School District in Nevada and asking questions about federal tax compliance, according to a letter the district received from the IRS that was disclosed on EMMA. According to the disclosure filing, the IRS is asking for copies of specified

The Biden administration has announced it planned to spend $585 million to fix aging water systems in the West, more than half going to California. The funding announced Wednesday during an event at the Imperial Dam on the Colorado River in Yuma, Arizona, will go to 83 projects across 11 states. California will receive $308

Municipals were firmer Thursday in a relatively quiet trading session as investors waited to see how many nonfarm payroll jobs were added in March. U.S. Treasuries and equities were mixed. The two-year muni-Treasury ratio was at 60%, the three-year at 60%, the five-year at 62%, the 10-year at 64% and the 30-year at 90%, according

Moody’s Investors Service upgraded New Jersey’s issuer rating and general obligation bonds to A1 from A2 Thursday. The upgrade “incorporates a solid economic recovery, with job gains leading the region and driving employment above the state’s pre-pandemic peak,” Moody’s said. The rating agency said the upgrade is supported by the state’s commitment to full, actuarial

The U.S. Virgin Islands Senate postponed voting on a bill that would address the Water and Power Authority’s debt to its fuel supplier after raising concerns about the islands’ own financial obligations for it and a lack of advance notice of it. . The Senate on Wednesday postponed considering a bill for a letter of

A decision by the California State Treasurer’s Office to cover bond payments for a flood-damaged agriculture lab supports Fitch Ratings’ view that issuers “will repay abatement lease debt, even if they technically have the option not to do so,” according to the rating agency. The California State Public Works Board filed an event notice March

Muni yields continued to fall along with U.S. Treasuries Wednesday as weaker-than-expected private payrolls for March led to supportive bond prices and a market rally. Equities ended mixed. California priced its $2.6 billion general obligation deal for institutions with double-digit bumps from Tuesday’s retail offering. Municipal to UST ratios on the short end remain rich.

Municipals were firmer in secondary trading Tuesday following U.S. Treasuries after weaker jobs data sent signals of a slowing economy. Triple-A yields fell two to six basis points while USTs rallied up to 15 basis points on the short end following fewer-than-expected job openings data, according to Roberto Roffo, managing director and portfolio manager at

Tennessee will turn to tolls and public-private partnerships to meet the mounting costs of managing its roadways. Gov. Bill Lee’s Transportation Modernization Act cleared its last legislative hurdle Thursday as theGeneral Assembly approved his $3.3 billion package allowing for the use of P3s for highways for the first time in the state’s history. “Tennessee is

Municipals were firmer in spots to kick off the week, while U.S. Treasury yields fell and equities ended mixed. Triple-A yields fell one to four basis points Monday while USTs were stronger by up to 10 basis points to close the session. The two-year muni-Treasury ratio was at 60%, the three-year at 61%, the five-year

The Puerto Rico Oversight Board said Puerto Rico Electric Power Authority bondholders are making “unreasonable” demands in their discovery in the agency’s bankruptcy. “The bondholders’ approach to discovery in this case has been marked by unreasonable demands and timelines,” the board said through its attorney in a response filed late Friday in the bankruptcy. “The

Walt Disney Co. pushed through changes limiting the powers of the municipal authority that governs its Florida theme parks ahead of a controversial takeover by representatives of Gov. Ron DeSantis. The changes were quietly approved last month by the outgoing board of the Reedy Creek Improvement District, the entity that provides fire protection, electricity and

March municipal bond issuance dropped 30% year-over-year, as issuers this month dealt with Silicon Valley Bank collapse-induced volatility in the U.S. Treasury market, rising interest rates and an uncertain outcome for Federal Open Market Committee meeting. Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion in 985 issues a