In 2023 several municipal issuers made tender offers for their not-yet-callable high coupon tax-exempt bonds. In most cases, the intended goal was to refund and save interest. These tenders turned out to be remarkably unsuccessful — the average acceptance ratio was only around 30%. There was a dearth of the usual press releases reveling about
Month: February 2024
In this article NYCB Follow your favorite stocksCREATE FREE ACCOUNT The New York Community Bank (NYCB) headquarters in Hicksville, New York, US, on Thursday, Feb. 1, 2024. Bing Guan | Bloomberg | Getty Images Embattled lender New York Community Bank disclosed a litany of financial metrics in the past 24 hours in a bid to
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s consumer prices fell at the fastest rate in 15 years in January, missing analysts’ forecasts and underlining the challenges for policymakers trying to revive investor confidence in the world’s second-largest economy. The country’s consumer
An active primary market was the focus Wednesday with the New York City TFA pricing for institutions with small changes to yields from its Tuesday retail offering, Massachusetts upsizing its GO refunding deal and Wisconsin selling green bonds in the competitive market. Triple-A muni yield curves were mostly little changed to a basis point of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Israeli Prime Minister Benjamin Netanyahu has rejected as “delusional” Hamas’s conditions for a deal to release the hostages it holds in Gaza, warning that accepting the terms would lead to “another massacre”. In a press
In this article BTC.CM= CLSK Follow your favorite stocksCREATE FREE ACCOUNT An array of bitcoin mining units inside a container at a Cleanspark facility in College Park, Georgia, U.S., on Friday, April 22, 2022. Elijah Nouvelage | Bloomberg | Getty Images Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new
Municipal bonds are part of an Illinois city’s plan to help the local casino build a bigger venue at a new location. In its current form, Aurora’s Hollywood Casino occupies a barge tethered near downtown on the Fox River. The city wants to build a brand new casino resort about five miles away, near an
Thianchai Sitthikongsak | Moment | Getty Images Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Homebuyers in particular are pulling back. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was all due
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Uber is courting one of its oldest foes, the London black-cab driver, as it looks to add a new taxi option to its fleet in the UK capital next year. San Francisco-based Uber has begun
The focus shifted fully into the primary market Tuesday as the secondary took a backseat to large new-issues pricing in both negotiated and competitive markets while U.S. Treasuries halted its two-day sell off to see gains on the day. Equities ended mixed. Munis were little changed Tuesday, as UST yields fell six to nine basis
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A 737 Max jet left a Boeing factory missing four bolts designed to secure a door panel that blew off in mid-flight last month, according to a preliminary report by a US regulator. The National
It was not long ago that the Tax Cuts and Jobs Act (TCJA), a historic tax-reform package, came together seemingly overnight and reshaped the U.S. tax code while also reshaping the municipal bond market by eliminating tax-exempt advance refundings. Once the dust settled, a retrospective review illuminated further near disasters, with Senate Republicans saving private
In this article WE Follow your favorite stocksCREATE FREE ACCOUNT Adam Neumann, Founder and former CEO of WeWork. Eduardo Munoz | Reuters Billionaire Adam Neumann is trying to buy back bankrupt real-estate company WeWork, which he founded in 2010 and was ousted from in 2019, DealBook reported Tuesday. Neumann, his startup Flow and Dan Loeb’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is the author of ‘Chip War’, a professor at the Fletcher School, a nonresident senior fellow at the American Enterprise Institute and a partner at Greenmantle On a recent quarterly earnings call, the
Guam’s latest proposed budget was hailed by analysts who said its approach should be copied by other U.S. territories. Gov. Lourdes Leon Guerrero proposed a 5.9% bigger general fund budget for fiscal 2025 days after Moody’s Investors Service raised the territory’s general obligation bonds to investment grade (Baa3) from speculative grade (Ba1); the first time
Stay informed with free updates Simply sign up to the Private equity myFT Digest — delivered directly to your inbox. US private equity firms are rushing to take advantage of lower borrowing costs by loading debt on to their portfolio companies and then using the cash to pay dividends to themselves and their investors. Corporate
Repair needs for the New York Metropolitan Transportation Authority MTA will cost at least $43 billion over the next several years, according to a new report issued by state comptroller Thomas DiNapoli. DiNapoli said the estimates by his office of the 2025 to 2029 period don’t include any new priorities to address accessibility, resiliency or
Some insurance companies are pulling back coverage from fire- and flood-prone areas, leaving homeowners with limited affordable options. This trend may even affect the property value of American homes, experts say. The nation’s largest homeowner’s insurance company, State Farm, stopped accepting new applications for policies on property in California in May. Allstate announced in November
Stay informed with free updates Simply sign up to the Global inflation myFT Digest — delivered directly to your inbox. A rapid fall in US inflation has opened the way for interest rate cuts within months, the OECD said, but it warned that Britain would suffer from the G7’s fastest price growth. The OECD’s interim
The Biden administration will not be appealing to the Supreme Court an Eleventh Circuit ruling in favor of states, who’ve challenged the American Rescue Plan Offset Provision that bars states from using federal aid dollars to fund tax cuts, in what may be an end to those state challenges. That decision was communicated in a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. As Iran’s best-known moderate Hassan Rouhani was being blocked from the powerful body with responsibility to appoint the country’s supreme leader, his hardline successor as president, Ebrahim Raisi, was handed a clear run at the
In this article RIVN NFLX Follow your favorite stocksCREATE FREE ACCOUNT The Netflix logo is shown on one of the streaming giant’s Hollywood buildings in Los Angeles on July 12, 2023. Mike Blake | Reuters The U.S. stock market continues to be volatile due to the uncertainty surrounding when the Federal Reserve will start to
The Education Finance Council is turning up the pressure on the Internal Revenue Service for clarifications on bond rules that have gone unanswered for four years. The trade group, which represents state-based and nonprofit higher education finance organizations, is asking the agency via a letter to clarify requirements listed in Section 144(b) of the Internal
Sneksy | E+ | Getty Images Rent prices are coming down in some areas, but not at the pace needed to relieve tenants struggling to pay rent. Half of renters in the U.S. spent more than 30% of their income in 2022 on rent and utilities, according to the new America’s Rental Housing report by
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US authorities have indicted nine individuals in connection with alleged schemes to smuggle Iranian oil, marking Washington’s latest salvo against Tehran as military tensions escalate between the two countries. The US Department of Justice on
Los Angeles International Airport had the private-activity bonds supporting its people mover train downgraded to junk with Fitch Ratings citing continuous and ongoing delays and a strained relationship between the developer and the airport. The $1.2 billion in PABs issued through the California Municipal Finance Authority for the project were downgraded to BB-plus from BBB-minus
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US forces have carried out a second phase of air strikes in response to the deaths of three American troops in Jordan last weekend, this time hitting targets in Yemen where Iranian-backed Houthi rebels have
In this article BP.-GB Follow your favorite stocksCREATE FREE ACCOUNT A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom. John Keeble | Getty Images News | Getty Images Company: BP plc BP provides energy products and services to its customers. The company’s segments include
A small-town southwest Missouri hospital is scrambling to restructure after its bond trustee declared it to be in default. In a special meeting Friday, the board of Nevada Regional Medical Center agreed to hire Stroudwater Associates’ Jason McCormick as its chief restructuring officer. The hospital had been searching for someone to fill that role after
In this article MAA AVB CPT JBGS EQR Follow your favorite stocksCREATE FREE ACCOUNT A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes. “We’ve been told as tenants by employees of Equity that the software takes empathy of the equation. So they can charge whatever the