Bonds

The Louisiana Public Facilities Authority expects to price $1.33 billion in Baa3-rated toll bonds next week, in a public-private partnership to replace the Calcasieu River Bridge, but with the bonds backed by toll revenues, there remains some concerns about drivers using alternate routes to avoid the charge. JPMorgan and Wells Fargo will manage the deal.

Municipals were steady, underperforming U.S. Treasuries after the Federal Reserve held rates, as expected. Equities ended up. Wednesday was about setting market participants up for a policy change in September, said Jeff MacDonald, executive vice president and head of fixed-income strategies at Fiduciary Trust International. The muni yield curve has “remained stubbornly inverted” throughout most

When the Federal Emergency Management Agency rejected Gov. Gretchen Whitmer’s disaster declaration request July 23, it upset the four counties Whitmer had sought assistance for: Branch, Cass, Kalamazoo and St. Joseph. “The damage from this event was not of such severity and magnitude as to be beyond the capabilities of the state, affected local governments

Municipals were little changed Tuesday as U.S. Treasuries were firmer and equities were mixed toward the end of the session. Muni yields remain near levels seen at the start of summer last year, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. Yields may move lower after the Federal

The bond markets have undergone significant transformations in recent months, as new technology like artificial intelligence and the shifting economic landscape force issuers and investors alike to navigate new frontiers in debt financing. Between the predictions of industry professionals, and proposed changes in regulations, many firms are forging ahead. Trading strengthened on July 16 following

Municipals were little changed Monday as U.S. Treasuries were firmer and equities ended mixed. While munis have been steady over the past several trading sessions, changed no more than a basis point or two, munis “continue to rally [this month] as yields have fallen an average of 15 basis points across the curve,” said Jason

The Chicago Public Schools board of education unanimously approved the $9.9 billion fiscal 2025 budget Thursday.  The vote came on the heels of a report from the Civic Federation of Chicago, a nonprofit fiscal watchdog, that warned the budget “presents a temporary solution to a long-term structural financial problem.”  The budget represents an increase of

Private equity giant KKR is buying Philadelphia-based broker-dealer Janney Montgomery Scott LLC. Janney, which dates to 1832, operates as a full-service wealth management, investment banking, and asset management firm. KKR announced Tuesday that it will acquire the firm from The Penn Mutual Life Insurance Company, its owner since 1982. After the deal closes, Janney, which

Karl Knight was appointed chief executive officer of the U.S. Virgin Islands Water and Power Authority Thursday, effective July 29. The last permanent CEO, Andrew Smith, resigned on June 1 after two and a half years in the position. Since then, Ashley Bryan, who had been the head of electrical operations, has served as interim

California Gov. Gavin Newsom issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties and asked local governments to use the “substantial funding” provided by the state to take similar action. The executive order issued Thursday comes a month after the U.S. Supreme Court’s sweeping Grants Pass decision

Municipals were little changed ahead of a smaller $6.6 billion new-issue calendar. U.S. Treasuries were firmer and equities rallied. The two-year muni-to-Treasury ratio Friday was at 65%, the three-year at 66%, the five-year at 67%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE

S&P Global Ratings revised the outlook on Arizona’s AA issuer rating to positive from stable, citing the state’s “robust” economic growth, as well as its financial management. The move points to an expectation of a one-in-three chance of a rating upgrade over the next two years, according to the rating agency.  Arizona Gov. Katie Hobbs

A coalition organized by New York City Comptroller Brad Lander has filed three lawsuits to allow the launch of congestion pricing.  Lander and his allies hope the lawsuits will force the defendants — New York Gov. Kathy Hochul, state Department of Transportation Commissioner Marie Therese Dominguez, and the Metropolitan Transportation Authority — to begin the

Municipals were mixed Thursday, while U.S. Treasuries were firmer five years and out and equities ended mixed after data showed the economy grew at a hotter-than-expected pace in the second quarter. “News that U.S. economic growth accelerated faster than expected in the second quarter has sent market participants on a roller-coaster ride,” said José Torres,

Municipals were a basis point or two weaker out long Wednesday as U.S. Treasuries were mixed and equities sold off. The muni market is “well positioned” to start the third quarter, said Daniel J. Close, head of municipals at Nuveen. Supply “increased meaningfully” in the second as issuers came to market with long-delayed deals “due

The Louisiana State Bond Commission approved three bond issues totaling more than $3 billion on Wednesday. The commission approved a $1.33 billion to $2 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge, a state general obligation bond of up to $1 billion, and gave preliminary approval to a state gas

First Eagle Investments hired Purva Patel as managing director and senior investment specialist on its high-yield municipal credit team. Patel started July 18 and is based in Chicago.  Patel joins First Eagle from Nuveen Investments, where she was senior vice president for over two decades and managing director since 2019.  Patel’s hire boosts First Eagle’s

Municipals were little changed in secondary trading Tuesday as the busy primary market took focus, led by two billion-dollar-plus deals from the Texas Transportation Commission and South Carolina Public Service Authority. U.S. Treasuries were firmer and equities were up toward the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 65%, the

Oregon Gov. Tina Kotek has invoked the Emergency Conflagration Act at least six times in the past several days in response to rampant wildfires that have hit the state. The state experienced thousands of lightning storms resulting in 100 new fires last week, Kotek said during a press briefing on Friday. Three of the blazes

On the heels of President Joe Biden’s departure from the presidential race, munis were mixed Monday. U.S. Treasuries gave back some early gains, ending the day slightly weaker, while equities ended up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year

The Dormitory Authority of the State of New York sold $1.2 billion of revenue bonds last week to good demand, with spreads coming in tighter compared to a DASNY negotiated deal that priced last year. “Overall the bond sale was a success,” said DASNY spokesperson Jeffrey Gordon. “[Last week’s sale] benefited from a calm market

Lack of capacity at state transportation departments share some of the blame for infamously high infrastructure costs in the U.S. compared to other countries. On the other hand, procurement practices that increase competition among contractors help bring down costs, said Will Nober, an economics doctoral student at Columbia University, Zachary Liscow, a professor at Yale

The Board of Directors of the Municipal Securities Rulemaking Board will try to iron out some thorny issues when they meet on July 24-25, for their final quarterly gathering this fiscal year. Establishing priorities for the next fiscal year and approving the FY 2025 budget to advance its strategic plan are among the agenda items.

California voters consider environmental policy so important, according to a recent poll, that it could influence who they support for president. Most favor a $10 billion bond measure proposed to pay for flood control and climate resiliency projects, and the majority plan to cast their ballots for President Joe Biden in the deep blue state.

Municipals were little changed Friday ahead of another week of healthy issuance. U.S. Treasuries were weaker and equities ended down. Tax-exempts, aided by rallying USTs, are “enjoying a relatively strong start” to the second half, said Barclays strategists Mikhail Foux and Clare Pickering. Investment-grade and high-yield returns “have been remarkably similar, though — on the

An Oklahoma judge on Friday issued a permanent injunction against the enforcement of a 2022 state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes.  Oklahoma County District Court Judge Sheila Stinson took the action “based upon the act being unconstitutionally

Financed with a mix of bonds, general revenue funds and some federal funding, Missouri this month kicked off a major expansion of Interstate 70, which runs parallel to the Missouri River and links St. Louis with Kansas City. The project, which spans 200 miles from Blue Springs to Wentzville, involves repairing the existing four lanes

Short-term munis were slightly firmer Thursday as muni mutual funds saw continued inflows and the primary market slowed. U.S. Treasuries yields rose and equities sold off. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal

The threat of cybercrime perpetrated against municipalities continues to mutate into more sophisticated and life-threatening schemes.  “If I had to tell you what keeps me up at night, it’s not necessarily the garden variety ransomware,” said Omid Rahmani, an associate director for U.S. public finance at Fitch Ratings “It’s the advanced, nation-state, havoc-based attacks. These

Municipals were little changed Wednesday as the primary market saw another busy day, led by an upsized $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. U.S. Treasuries were slightly firmer and equities were mixed toward the close. The two-year muni-to-Treasury ratio Wednesday