Bonds

Highlighted by Hurricane Ian, which wreaked havoc in the Caribbean and now threatens Florida, the U.S. public power sector faces challenges that are unprecedented but not insurmountable, according to speakers at a recent annual public power community conference in Manhattan. Inflation, the reliability of power grids and the impact of environmental social and governance requirements

With federal approval in hand, states are poised to begin work on the buildout of a 75,000-mile, coast-to-coast national electric vehicle charging network. The U.S. Department of Transportation Tuesday gave approval to the final 17 states’ EV charging station plans, and announced that now all 50 states, the District of Columbia and Puerto Rico have

Edward Bedore steered Chicago’s finances under both mayors with the Daley name, had a hand in milestone city projects and spearheaded creation of the Chicago Summer Business Institute to give inner city students an introduction to finance careers. He died earlier this month. He was 84.   Bedore served several stints with the city, first as

Meredith Hathorn will be taking over for Patrick Brett as chair of the Municipal Securities Rulemaking Board Oct. 1, bringing her nearly forty years of public finance experience to the role. “What I really want to do is highlight the value of being an SRO (self-regulatory organization), and continuing to earn the public trust,” said

Federal Reserve Bank of Atlanta President Raphael Bostic said he backs raising rates by a further 1.25 percentage points by the end of this year to counter inflation that has been worse than he expected. “The lack of progress thus far has me thinking much more now that we have to get to a moderately

Municipals were mixed Wednesday as a large primary calendar led by deals from the Texas Water Development Board and state of Illinois took the focus away from the secondary, while outflows ramped up to $2.7 billion, the largest figure since late June. U.S. Treasuries rallied hard with yields falling up to a quarter-point and equities

Puerto Rico bankruptcy Judge Laura Taylor Swain said she would approve a three-pronged approach to advancing the more than five-year-old Puerto Rico Electric Power Authority bankruptcy with a plan confirmation due by June 2023. Swain said there should be litigation on two key issues, the development of a plan of adjustment with several versions, and

Massachusetts plans to bring $2.7 billion of taxable business-tax backed special obligation revenue bonds with a social designation, marking the largest environmental, social and governance deal to date in the municipal market. The deal is also one of the larger taxable deals in 2022 in a year that has seen a significant drop in taxable

Los Angeles International Airport received a $50 million grant from the federal infrastructure bill for terminal road improvements, among the largest dispersed from the $1 billion allocated to 85 airports nationally. The grants are the first allotment in a five-year, $5 billion airport terminal grant program funded by the Infrastructure Investment and Jobs Act, Transportation

The Supreme Court decision in Carson v. Makin may render unconstitutional issuer statutes that prohibit the use of bond proceeds for religious purposes. The court ruled last month that if a state chooses to subsidize private education, it cannot disqualify some private schools solely because of religious affiliation. The ruling could change the way some

Municipals were mixed to close out a quiet summer Friday session ahead of a larger new-issue calendar that sees several billion-dollar deals. Triple-A benchmark yields once again largely ignored a selloff in U.S. Treasuries after a robust jobs report indicated the Federal Reserve will likely hike interest rates another 75 basis points at its next

Puerto Rico’s economic activity index increased 0.5% in May from April and 3.3% from May 2021. , according to data released from the Economic Development Bank for Puerto Rico Thursday. Over the last six months the index has gone up four times from month to month, stayed the same once, and gone down once.  May was

Municipals were steady to firmer in secondary trading Thursday as a large airport revenue bond offering from the City and County of Denver, Colorado, and the Triborough Bridge and Tunnel Authority’s MTA deal took the focus. Municipals continued to ignore the movements of U.S. Treasuries, which saw yields rise for the second day, while equities

Calling climate change New York City’s biggest environmental threat, Mayor Eric Adams released a plan Thursday that aims to help the Big Apple prepare for extreme rainfall in the future. “While we continue to invest in resiliency and infrastructure projects to protect us for generations to come, the Rainfall Ready NYC action plan will help every New

Municipals rallied Wednesday, ignoring a selloff in U.S. Treasuries, after the Federal Open Market Committee meeting minutes reiterated the Fed’s position it would raise rates 50 to 75 basis points at its July meeting to stave off inflation. Equities ended slightly up.. Municipals were in their own lane Wednesday and triple-A yields fell four to

The New York Metropolitan Transportation Authority is debuting a new sales tax-backed credit as it prices $700 million of “capital lockbox” city sales tax revenue bonds. Goldman Sachs & Co. is lead underwriter on the deal, which was offered to retail investors Wednesday via the Triborough Bridge and Tunnels Authority. The bonds nabbed a AAA

Municipal yields fell for the third session in a row following the flight-to-safety bid in U.S. Treasuries as recession concerns continue to grow. Equities were mixed. Triple-A benchmark yields were bumped three to six basis points Tuesday with the strongest moves out long. Falling yields over the past two weeks have been “a welcome sigh

Pennsylvania’s Commonwealth Court on June 30 squashed the state’s ambitious plan to use public private partnerships and tolling to repair or replace nine major bridges across the state. The state had already tapped Macquarie Infrastructure Developments LLC as private partner on the program. Judge Ellen Ceisler also called into question the constitutionality of the state’s

Elizabeth Reich, who wrapped up her final day as Dallas chief financial officer on Thursday, will be joining Dallas Area Rapid Transit starting July 18. DART announced on Friday that Reich, as its new CFO, will be a key member of the executive team, reporting to President & CEO Nadine Lee and leading the agency’s

Denver International Airport returns to the municipal market next week to complete financing for its current capital improvement plan, boosted by a rating upgrade as it continues to recover from passenger and revenue losses due to the COVID-19 pandemic. The $1.5 billion deal consists of $1.375 billion of senior lien bonds subject to the alternative