Bonds

The Philadelphia region saw a 21% increase in tourists last year as more than 36 million people visited the region, according to Philadelphia Convention and Visitors Bureau. The city and the bureau said Wednesday the increase shows tourism is rebounding in the region as the COVD-19 pandemic continues to ease. While the sector saw year-over-year

The U.S. economy will probably fall into a recession as the Federal Reserve combats multidecade-high inflation, Randal Quarles, the Fed’s former vice chair for supervision, said. “Given the intensity of inflation, the degree to which unemployment has been driven down — to bring that back into an equilibrium, it’s unlikely the Fed is going to

States are contemplating creative public-private partnerships and other methods as they wrestle with how to leverage the $550 billion Infrastructure Investment and Jobs Act into the trillions needed for infrastructure projects across the country. Nevada expanded and activated the State Infrastructure Bank to help leverage private investment, Treasurer Zach Conine said during an interview Monday

The Fed’s choreographed rate-raising exercise may well tail off by year’s end, several prominent asset managers said Monday. The managers were speaking at the Milken Institute Global Conference Beverly Hills. . “I think the Fed will turn dovish by the end of the year and that will lead to a lot of opportunity on the

Texas ballots are bursting with a record $18.5 billion of bonds Saturday as cities and school districts ask voters to approve 207 debt issues to accommodate in many cases the state’s ballooning population.   The amount of debt tops the previous record of $15.45 billion that was put to voters in November 2019 — of which

Oregon filed amended offering documents Thursday for a recent lottery bond deal after the state Court of Appeals reversed a $1 billion verdict against the state in a dispute over forest management. The Department of Administrative Services had priced $217.7 million in lottery revenue bonds in two tranches of taxable and tax-exempt debt two weeks

Municipal issuance dropped 7.5% year-over-year in April, again owing to a drop in taxable and refunding volumes in the face of continued market volatility and rising interest rates. The $34 billion figure is slightly up from the 10-year average of $33.612 billion. Total April volume was $34.329 billion in 729 deals versus $37.105 billion in

The Municipal Securities Rulemaking Board plans to issue a request for comment on a retrospective review of its Rule G-14 in hopes of cutting down the standard 15 minute time of trade reporting window that has been in place since 2005. That was decided at the MSRB’s quarterly board meeting which concluded Thursday. The MSRB

S&P Global Ratings revised the outlook on the Reedy Creek Improvement District to developing from stable due to the uncertainty as to what will happen next in the economic/political saga playing out in Florida. “The outlook revision to developing reflects our view that there is at least a one-in-three chance that the credit profile securing

Municipals were mixed Friday, outperforming larger losses in U.S. Treasury ahead of the Federal Open Market Committee meeting next week where the Fed is expected to implement another rate hike. Equities sold off led by tech stocks. Triple-A benchmarks were cut up to two basis points, depending on the scale, while UST yields rose seven

Sen. Joe Manchin, D-W.Va. questioned a key Biden Administration energy policy Thursday when he called tax credits for electric vehicles “ludicrous” amid strong consumer demand and a lack of American production of EV batteries.   “There’s a waiting list for electric vehicles with the fuel price at $4. But they still want us to throw

Challenges to the Puerto Rico Plan of Adjustment heard by the Court of Appeals for the First Circuit Thursday will not impact the terms for bondholders, but may affect the government’s ability to pay debt service. Puerto Rico credit unions argued Puerto Rico’s central government engaged in fraud by pressuring them to buy nearly $1

Vermont’s largest city has until May 9, 2022 to respond to the Internal Revenue Service’s request to substantiate its use of project proceeds in relation to a 2010 bond issuance or lose out on the refundable tax credits associated with the Qualified School Construction Bonds program. The City of Burlington received that notice related to

Oklahoma is poised to follow in the footsteps of Texas in preventing banks from participating in municipal bond deals if they “discriminate” against the firearm industry or “boycott” fossil fuel energy companies with two bills nearing final legislative approval this week. On the gun front, House Bill 3144, which passed the state Senate in a

Chicago is counting on future casino tax revenue to avoid reverting to bad fiscal practices or raising property taxes as it seeks to structurally balance its books, the city’s chief financial officer warned City Council members at a hearing this week.   Mayor Lori Lightfoot’s administration last month narrowed a list of five casino development

The Puerto Rico Oversight Board rejected several local government initiatives, including the governor’s proposed fiscal 2023 budget. The board sent a letter on Friday to Gov. Pedro Pierluisi rejecting the budget he submitted on March 16, and two separate letters to Juan Zaragoza Gómez, Senate Finance Committee president, rejecting three Senate bills relating to firefighters

Illinois Gov. J.B. Pritzker signed legislation that gives the Metropolitan Water Reclamation District of Greater Chicago $600 million in pension obligation bonding authority at it looks to reach a funded goal of 65% by the end of 2026. The special-purpose district responsible for treating wastewater and providing stormwater management for Chicago and 128 suburbs closed

Municipals were steady to firmer in spots Monday but underperformed U.S. Treasuries that saw yields fall further while equities ended in the black led by tech stocks. Triple-A yield curves saw one to two basis point bumps while UST ended the session four to nine better after falling double-digits earlier in the day. Muni-UST ratios

Columbus heads into the market this week with a $423 million deal riding tailwinds from a rebounding revenue picture and the resolution of a lawsuit tied to 2020 remote work income tax collections. The triple-A-rated city will take indications of interest on $98 million of taxable bonds in two series on Monday with pricing to

Fitch Ratings and S&P Global Ratings both downgraded not-for-profit-hospital chain Providence this week, following a Moody’s Investors Service cut earlier in April. For its downgrade to A-plus from AA-minus Wednesday, Fitch analysts said the action “predominately reflects Providence’s operational trajectory, and to a lesser extent, the separation of Hoag Memorial Hospital Presbyterian from the Obligated