Bonds

Nebraska is likely to use a public private partnership to finance completion of its expressway system now that the Legislature has passed a law authorizing transportation P3s. “The expressway system is the reason we introduced this bill,” said Amanda Callaway, legislative aide to state Sen. Lynne Walz, who sponsored LB 1016. The bill allows the

Proceeds from sales of about $1.3 billion in bonds would benefit cities and towns across Massachusetts under legislation Gov. Charlie Baker filed on Thursday. The bill, called the Future Opportunities for Resiliency, Workforce, and Revitalized Downtowns, or FORWARD, would authorize the use of $2.3 billion in funding from the federal American Rescue Plan Act and

Municipals were steady to weaker in spots Friday ahead of a large new-issue calendar, while U.S. Treasuries were mixed and equities sold off upward of 2.5%. Investors will be greeted Monday with a big uptick in supply, with the new-issue calendar reaching $9.251 billion with $6.572 billion of negotiated deals and $2.679 billion of competitive

Utah’s top elected officials demanded on Thursday that S&P Global Ratings cease applying environmental, social, and governance (ESG) factors to the state through the use of what they called a politicized rating system based on indeterminate factors.  A letter to S&P signed by Gov. Spencer Cox, Treasurer Marlo Oaks, other state constitutional officeholders, legislative leaders,

The U.S. Supreme Court reversed the decision of two lower courts that had declared Puerto Ricans eligible for federal Supplemental Security Income benefits. The Supreme Court released its 8-1 decision in the United States v. Vaello Madero case on Thursday. Justice Sonia Sotomayor wrote the a dissent. The SSI program provides financial assistance to disabled

The Municipal Securities Rulemaking Board intends to discuss the preliminary themes in the comments it received as part of its request for information on environmental social and governance factors, in its first meeting since the comment period closed in March. The board will discuss that along with the efforts to update trade reporting rules in

The Puerto Rico House of Representatives voted to end the commonwealth’s contract with LUMA Energy — under which it handles the electrical transmission and distribution grid — in the aftermath of a several-day long blackout. The House voted 29-16 with one abstention for the measure Tuesday. Members of the pro-statehood New Progressive Party provided the

Veteran bond lawyer Steven Washington joined Chicago-based Chapman and Cutler LLP this week in a move the firm sees as strengthening its municipal platform. Washington started Monday as a partner, bringing to the table two decades of working in both the public and private sectors. He most recently worked at Ice Miller LLP where he

Municipals sold off Tuesday, with triple-A benchmarks seeing cuts up to 11 basis points and the 30-year topping 3% on some scales. U.S. Treasuries were weaker, experiencing double-digit cuts on the short end, and equities rallied. Triple-A muni yields rose nine to 11 basis points, depending on the scale, while UST yields rose 10 to

Oklahoma hopes to close on a federal loan this summer for rural highway construction and improvements that would tap into $200 million of borrowing authorized by a 2021 state law. Andrew Messer, the state’s deputy treasurer for policy and debt management, said the Oklahoma Capitol Improvement Authority and the state’s transportation department have been working

Jerome Powell wants to put the Federal Reserve at “the forefront of technological changes” in the financial sector. The central bank is beefing up its tech acumen to get there. Calling it imperative to “evolve with the rest of the financial system,” the Fed chair said during an event hosted by the Bank for International

Merger and acquisition activity among not-for-profit and for-profit hospitals dropped off in the first quarter compared to the same period last year, according to Kaufman Hall. The 12 announced transactions in the first quarter marked the lowest since 2016 when Kaufman Hall began tracking the activity, according to the Quarterly Mergers and Acquisitions Report the

While lawmakers in California and other states are still debating the merits of cutting gas taxes amid soaring prices spurred by Russia’s war on Ukraine several East Coast states have already implemented gas tax holidays prompting ratings analysts to weigh in. Moody’s Investors Service analysts said in a report Wednesday that the tax “holidays” are

New York State’s $220 billion fiscal 2023 budget focuses on environmental, social and governance issues while remaining in balance. Gov. Kathy Hochul said the budget, approved by the Legislature on April 8, balances social goals with fiscal responsibility. The budget raises the state’s reserves to a record high 15% of state operating funds spending by

Rising interest rates, inflation and geopolitics have put pressures on the municipal market since the start of 2022. These challenges come as the world also is still managing the COVID-19 pandemic’s lingering effects. The Federal Reserve is beginning to raise interest rates, in the midst of inflation concerns and supply chain issues, putting pressure on

Russia’s invasion of Ukraine has sparked even greater uncertainty amid markets jolted by the pandemic and expected interest rate hikes. Wealth managers now face fresh questions on how to navigate rapidly shifting equity and bond markets and the fallout on retirement portfolios. Points we’ll discuss: • The hit to the overall global and U.S. economies

As the West isolates Russia with sanctions in response to its invasion of Ukraine, policymakers are using the global financial system as a weapon to help stop the war. What will the impact be on banks? How is the federal government thinking about policy options to force Russia to end the war? What financial tools

Municipals were steady to weaker in spots before the holiday weekend, outperforming a U.S. Treasury sell-off with a double-digit rise in yields as traders continued to weigh the impact of inflation. Equities ended in the red. Triple-A muni yields were cut a basis point, depending on the scale, while UST yields rose 11 to 14

Demonstrating a commitment to environmental, social and governance factors can broaden the investor pool for not-for-profit healthcare bonds but organizations should tread cautiously as disclosure practices evolve, Kaufman Hall’s Lisa Goldstein wrote. “ESG has already become a significant consideration for investors in taxable debt,” Goldstein, a senior vice president and member of the advisory firm’s

Municipals were mixed as U.S. Treasury yields fell for the second straight session, while the Investment Company Institute reported $4.8 billion of outflows, the highest since March 2020. Triple-A muni yields rose up to four basis points, depending on the scale, while UST yields fell two to six on bonds 10 years and in. Muni-UST