Bonds

Puerto Rico bankruptcy Judge Laura Taylor Swain designated the mediators and named the participants in the debt resolution process for the Puerto Rico Electric Power Authority but excluded the legislature from the list of participants. On Friday morning she named U.S. Bankruptcy Judge for the Southern District of New York Shelley Chapman to lead the

House Speaker Nancy Pelosi Thursday threw cold water on measures to suspend the federal gas tax, warning the move would deplete the Highway Trust Fund and not necessarily translate into savings at the pump. Pelosi called the idea of a federal gas tax holiday “very showbiz” and said it would mainly benefit the oil companies,

Improved state revenue collections and federal COVID-related relief funds enabled Washington lawmakers to add $5 billion in spending to the supplemental budget signed by Gov. Jay Inslee Thursday. The $64.1 billion supplemental budget builds off of the $59 billion, two-year spending plan adopted by the Legislature last year. It includes $2 billion toward a 16-year,

Larry Wiemer II took over last month as executive director of the Wisconsin Health and Educational Facilities Authority after three decades working in key financial roles for healthcare providers and other not-for-profits. The agency conducted a national search to fill the shoes of Dennis Reilly who spent 26 years at the state conduit including the

Municipals were mostly steady to close out the week, but the 30-year U.S. Treasury ended lower than the entire short end of the curve,increasing fears about the rising possibility of a recession, while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST ended higher

The Senate Thursday was close to a deal for a $10 billion COVID bill that appears to avoid a claw back of unspent pandemic funds sent to the states last year. Utah Republican Sen. Mitt Romney, the chief Republican negotiator, said Thursday that the bill relies on unspent dollars in the $1.9 trillion American Rescue

Municipals were better Thursday as triple-A benchmark yields fell while U.S. Treasuries were mostly steady and equities ended down. Triple-A municipal yield curves saw one to four basis point bumps. . Muni to UST ratios were at 82% in five years, 94% in 10 years and 104% in 30, according to Refinitiv MMD’s 3 p.m.

Puerto Rico Gov. Pedro Pierluisi called for a 20% increase in payroll spending in his annual state of the territory speech delivered to the local legislature Tuesday. Pierluisi also said his proposed budget would cut spending on outside professional services by 13%. The governor is proposing a $12.573 billion general fund budget for fiscal 2023,

Municipals were steady to firmer in spots with triple-A benchmark yields falling for the first time since March 17 and large new issues saw bumps in repricings as conditions improved. U.S. Treasuries strengthened, but parts of the yield curve remained inverted, while equities sold off. Triple-A municipal yield curves saw bumps up to five basis

About $918 million of U.S. Virgin Islands bonds are expected to price Wednesday after eligible matching fund bondholders agreed to tender about 75.2% of their bonds. The refunding bonds are an attempt to prevent its pension system from running out of money, something the U.S. Virgin Islands actuary has said could happen in 19 months.

Municipals were weaker on Tuesday, most pronounced on the short end again, while U.S. Treasuries pared back some losses but the curve remained inverted while equities rallied after Ukraine and Russia signaled they are open to talks. Triple-A municipal yield curves saw cuts up to five basis points on the short end while the three-year

Washington University in St. Louis is eyeing inclusion of a 100-year maturity in its $1 billion taxable revenue bond sale expected to price this week. The deal, being issued with a corporate CUSIP, tentatively offers $350 million maturing in 2122, $325 million due in 2053, and $325 million maturing in 2063. “A 100-year bond is

Municipals were weaker Monday, moving the five-year muni above 2% while the U.S. Treasury curve inverted and equities ended in the black. Triple-A municipal yield curves saw cuts up to six basis points on the short end while the three- and five-year UST ended higher than the 30-year. Muni to UST ratios were at 78%

Four and half years after hurricanes Maria and Irma battered Puerto Rico, followed by the COVID-19 pandemic, federal reconstruction aid is still ramping up and analysts say that money could be structured to do more for the territory’s economy as it emerges from bankruptcy. The federal government has allocated $71.5 billion of hurricane reconstruction funds

In 2008, a consortium of private firms offered Pennsylvania $12.8 billion for a 75-year lease of the Pennsylvania Turnpike. Then-Gov. Edward Rendell favored the deal, saying it would mean $1 billion annually for the state’s aging roads and bridges over the next decade. But many lawmakers, voters and the Pennsylvania Turnpike Commission opposed the deal.

Ten states reached full pre-pandemic employment levels in January, according to Fitch Ratings. Five of these states are in the Southeast — Florida, Tennessee, North Carolina, Georgia and Arkansas — while Montana, Utah, Idaho, Texas and Arizona also hit the milestone during the first month of the year, Fitch said in a report released Thursday.

Investors could face a run on money market funds in the coming months as interest rate increases and liquidity concerns begin to mount, potentially impacting the market for certain types of municipal debt. The threat was articulated in the Federal Reserve Bank of New York’s March 2022 report on money market fund vulnerabilities. “From their

The Puerto Rico Oversight Board conditionally approved renewable energy agreements that are projected to save the Puerto Rico Electric Power Authority millions and expand its reliance on renewables. On Friday the Puerto Rico Oversight Board said it conditionally approved 18 power purchase and operating agreements between the Puerto Rico Electric Power Authority and 15 companies

Municipal yields rose Friday to close out a rough week, with the short end of the curve again seeing the brunt of the damage, with double-digit cuts to triple-A scales. U.S. Treasuries yields rose another 14-15 basis points on the short end, while equities ended mixed. Munis saw up to 12 basis point cuts on

Illinois in on track to put $2.7 billion of its American Rescue Plan Act relief toward paying down a $4.5 billion federal loan needed to cover the COVID-19-induced spike in unemployment claims. Bonds, unemployment insurance premiums and benefit cuts are the subjects of negotiations with business and labor about how to cover the balance. Senate