Bonds

Increased activity at Houston airports led S&P Global Ratings to boost certain ratings by a notch as the city eyes debt issuance for the three-airport system in the first quarter of 2023. The rating agency raised the system’s subordinate-lien general airport revenue bond rating to A-plus from A with a stable outlook affecting about $2.2

A non-profit Texas corporation that defaulted on bonds sold to purchase two senior living facilities in Oklahoma aims to sell those assets through its recent bankruptcy filing. Leading Life Senior Living, Inc., which filed for Chapter 11 bankruptcy Nov. 18 in U.S. Bankruptcy Court for the Northern District of Texas, sold $30.275 million of tax-exempt

The U.S. higher education sector is pressured by declining enrollment and inflation-adjusted tuition revenue declines, according to Moody’s Investors Service and Fitch Ratings. In the current fiscal year median enrollment is expected to decline by 0.4% for private universities and by 1.3% for public ones compared to the preceding fiscal year, said Moody’s Senior Credit

Municipals saw healthy secondary trading on the short-end of the yield curve Wednesday, while U.S. Treasuries saw larger gains out long and equities improved after the Federal Open Market Committee minutes showed an expectation of slowing rate hikes. The improved tone continued Wednesday, with triple-A muni yields falling up to nine basis points on the

As revenue projections inch toward pre-pandemic norms, the Port Authority of New York and New Jersey plans on more capital spending heading into new year, according to its recently proposed fiscal 2023 budget. “We are laser-focused on building a future that benefits all users of our facilities and supports the entire region’s economy,” Port Authority

Municipals were firmer Tuesday on the short end, while U.S. Treasury yields saw larger gains five years and out. Equities closed in the black as the markets digested more Fedspeak. While Federal Reserve members have continued to emphasize the need to continue tightening, comments from San Francisco Fed President Mary Daly indicated a “pause is

Chicago’s O’Hare International Airport Monday won final federal approval to launch construction on a global terminal project that is a centerpiece of the airport’s 10-year, $12.1 billion capital plan.   O’Hare is “an absolute powerhouse that in turn makes Chicago and Chicagoland a powerhouse for the American economy,” Transportation Secretary Pete Buttigieg said Monday when

The U.S. Supreme Court declined to consider a teachers’ union appeal of the Puerto Rico plan of adjustment, rejecting the petition for certiorari Monday morning. The plan of adjustment, which went into effect in March, freezes future accruals under the teachers’ defined retirement benefit plan held by those in the plan prior to August 2014

Maryland’s new Democratic Gov.-elect Wes Moore will take center stage in the fate of outgoing Gov. Larry Hogan’s signature project, a $5 billion public-private partnership to build express toll lanes. The state transportation department last week gave the private consortium, Accelerate Maryland Partners, until March 21 of next year to submit its plans, a 10-month

PFM this week hired Nathaniel Singer, whose career spans nearly four decades in the municipal derivatives and advisory space, as a senior director and financial advisor. Singer, who started Wednesday, reports to Dan Hartman, chief executive officer of PFM. Singer will collaborate with professionals and practice groups across the firm and focus on all financial

Despite the impact from Hurricane Ian in Florida, the state’s labor force increased by 36,000 in October with Florida’s private sector adding 35,000 of those jobs. This was the 30th straight month that jobs were created in Florida, while private-sector job growth has exceeded the national pace for the past 19 months, the Department of

Construction will begin early next year on a public-private partnership to build a $4.2 billion terminal at John F. Kennedy International Airport after the team locked in financing and federal environmental approvals this week. “This has been a long and difficult road,” said Port Authority of New York and New Jersey Executive Director Rick Cotton

Triple Five, owner of the American Dream mall in New Jersey, has struck a deal with a group of creditors led by JP Morgan that grants the developer a four-year extension on overdue construction debt. The agreement has the potential to ease pressure on $1.1 billion of tax-exempt bond debt taken on separately to finance

Municipals were steady to firmer in spots Friday ahead of a holiday-shortened week and a light new-issue calendar. U.S. Treasuries closed out weaker and equities ended the week with small gains. Triple-A yields were little changed to bumped by up to four basis points, depending on the curve, while U.S. Treasuries saw yields rise by

Evidence shows that the states are collecting and spending more money due to federal action and a tax collection boon, a trend that started two years ago. “Over the past two years total state spending has been heavily impacted by federal COVID-19 aid and rising state tax collections,” said Brian Sigritz, director of State Fiscal

Municipals improved again Thursday pushing the 10-year triple-A yield firmly below 3% while inflows into municipal bond mutual funds returned after 14 consecutive weeks of outflows. U.S. Treasuries saw losses and equities ended down after Federal Reserve officials tempered expectations of a slowdown in rate hikes. Triple-A yields fell by three to six basis points,

The Municipal Securities Rulemaking Board has filed a proposed rule change with the Securities and Exchange Commission on MSRB Rule G-27, extending the COVID-19 related relief in order to give dealers additional time to comply with supervisory obligations. The board is currently working with the SEC and the Financial Industry Regulatory Authority to consider if

Municipals rallied across the yield curve Wednesday, outperforming U.S. Treasuries and seeing the greatest gains out long after stronger retail sales data signaled the Fed’s tightening is not yet over, pushing equities into the red. Retail sales increased 1.3% in October, slightly above the consensus forecast of 1.0% and a significant improvement from the flat

The demise of the cryptocurrency exchange platform FTX hit Miami-Dade County and the Miami Heat basketball team right in the arena. In 2021, Miami-Dade County commissioners approved a 19-year, $135 million deal naming rights deal with FTX to change the name of the American Airlines Arena to FTX Arena. County commissioners at the time said the

The Puerto Rico Electric Power Authority fuel line lenders said they have a document to stop the Oversight Board from getting its proposed restructuring approved. The document, the board’s agreement with former PREPA fuel provider Vitol for its support of the restructuring, will make it very difficult for the judge to accept Vitol as a