Bonds

The public-private partnership between Red River Valley Alliance and the Metro Flood Diversion Authority won The Bond Buyer’s 21st annual Deal of the Year award for its bonds issued through the Public Finance Authority to reduce local flooding risk.  The issuance, which was the Deal of the Year in the P3 category, was one component

Municipals were little changed to a basis point or two firmer in spots Tuesday, while U.S. Treasuries made gains and equities were rattled by comments from large bank CEOs warning of tough economic times ahead. Munis were again better in the belly of the curve while UST made larger gains out long. The three-year muni-UST

Municipals were firmer in spots Monday, outperforming U.S. Treasuries, which sold off following higher-than-expected service sector data sparking more Fed rate hike fears. Equities also ended in the red. Triple-A yields were bumped two to four basis points in the belly of the curve while UST saw yields rise by up to 15 on the

For the second time this year, the trustee of bonds issued for the American Dream Mall in New Jersey drew down a reserve account to make a debt payment on $800 million of tax-exempt municipal bonds. Trustee U.S. Bank said in a notice to bondholders posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure

The Oklahoma Turnpike Authority willfully violated the state’s Open Meeting Act when it failed to disclose a $5 billion, bond-financed extension plan on meeting agendas earlier this year, according to the first major ruling in litigation seeking to derail the project. Cleveland County District Court Judge Timothy Olsen ruled Thursday that OTA agendas for January

Puerto Rico Electric Power Authority fuel line lenders reached a deal with the Oversight Board that would give them priority over bondholders’ treatment in the authority’s debt restructuring. The fuel line lenders’ $700 million claim would receive new PREPA bonds, the board said Thursday night in announcing the deal. “The principal to be paid on

A top-rated Texas program that guarantees public school bonds may be nearing a shutdown after its projected available capacity fell to just $653 million at the end of October.  The big drop from $3.52 billion at the end of September comes amid a huge wave of voter-approved school debt in the state. The Texas Permanent

Flood-stricken Kentucky counties still struggling to repair water networks are set to receive $10.6 million in federal assistance to help turn the taps back on, Gov. Andy Beshear said in a press conference Thursday. “Water and sewage infrastructure will be the largest cost of rebuilding,” Beshear said, revealing the state’s most recent damage assessment for

Municipals were little changed Friday as U.S. Treasuries pared back losses to end the day mixed after the morning shock of the hotter-than-expected jobs report sent them selling off. Equities ended mixed. The three-year muni-UST ratio Wednesday was at 62%, the five-year at 69%, the 10-year at 74% and the 30-year at 97%, according to

As the federal government’s emergency COVID-19 aid dwindles, the New York Metropolitan Transportation Authority is looking at ways to restore its fiscal health in the face of a variety of challenges both new and old. The MTA’s proposed $19.2 billion budget for 2023 and its four-year financial plan both note that the $15 billion in

Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain approved a one-week delay of Thursday night’s deadline for an Oversight Board proposed plan of adjustment. The mediators in the Puerto Rico Electric Power Authority bankruptcy asked earlier on Thursday for the delay, citing a lack of data and analyses they were seeking from the

Tribal governments have begun putting the $20 billion received from the American Rescue Plan’s State and Local Fiscal Recovery Funds to work, investing in 344 infrastructure and affordable housing projects consisting of a mix of clean water, water and sewer, broadband infrastructure and construction and rehabilitation of affordable housing. These and many other projects are

Puerto Rico government agencies and authorities completed their approval of extending LUMA Energy’s operation of the island’s electrical transmission and distribution system Wednesday. LUMA took over the system in June 2021 based on a short-term supplementary agreement that was supposed to be replaced by a 15-year Operating and Maintenance agreement on Thursday. However, that agreement

The Rhode Island Health and Educational Building Corporation has sold $3.1 million of bonds on behalf of the Paul Cuffee School, a Providence-based, kindergarten through 12th-grade public charter school. “RIHEBC’s mission is to help Rhode Island’s health and educational institutions meet their facilities needs, and that’s exactly what this $3.1 million bond issue will do,” said

Municipals were firmer Tuesday in a constructive secondary market while two large new-issues from the New Jersey Transportation Trust Fund Authority and the Commonwealth of Massachusetts led the primary. U.S. Treasuries were weaker, and equities ended down. Triple-A benchmark yields fell up to seven basis points on the short end, depending on the scale, while

The public agency that owns the stadium built for the former St. Louis Rams votes this week on an agreement to divvy up a $790 million settlement over the team’s 2016 departure, setting the stage for debate over how to put the funds to use. The tentative agreement to distribute the settlement reached with the

Municipals were better to start the week in constructive secondary trading while U.S. Treasuries pared back earlier gains to close the session mixed and equities ended in the red. Triple-A yields fell three to five basis points along the curve while UST were little changed to weaker by a basis point on the short end.

A proposed $2.1 billion development that includes an arena for the National Hockey League’s Arizona Coyotes and municipal bond financing is scheduled for a vote by the Tempe City Council Tuesday evening. If approved, the developer will need to woo residents, who will have the final say on whether it will be built. The mostly

Chicago’s O’Hare International Airport Monday won final federal approval to launch construction on a global terminal project that is a centerpiece of the airport’s 10-year, $12.1 billion capital plan.   O’Hare is “an absolute powerhouse that in turn makes Chicago and Chicagoland a powerhouse for the American economy,” Transportation Secretary Pete Buttigieg said Monday when

Hawaii Gov. David Ige released a list of $392 million in capital improvement projects Monday that will be paid for with funding approved by lawmakers earlier this fall. The projects — that will be administered by the appropriate state departments — support priorities Ige said he has advocated for during his eight years as governor.

Despite a negative return in the latest quarter, New York State’s retirement fund is “built to weather the ups and downs of the markets,” even with an investment environment termed “challenging,” according to New York State Comptroller Thomas DiNapoli. The New York State Common Retirement Fund’s estimated value at the end of the second quarter

Increased activity at Houston airports led S&P Global Ratings to boost certain ratings by a notch as the city eyes debt issuance for the three-airport system in the first quarter of 2023. The rating agency raised the system’s subordinate-lien general airport revenue bond rating to A-plus from A with a stable outlook affecting about $2.2

A non-profit Texas corporation that defaulted on bonds sold to purchase two senior living facilities in Oklahoma aims to sell those assets through its recent bankruptcy filing. Leading Life Senior Living, Inc., which filed for Chapter 11 bankruptcy Nov. 18 in U.S. Bankruptcy Court for the Northern District of Texas, sold $30.275 million of tax-exempt

As revenue projections inch toward pre-pandemic norms, the Port Authority of New York and New Jersey plans on more capital spending heading into new year, according to its recently proposed fiscal 2023 budget. “We are laser-focused on building a future that benefits all users of our facilities and supports the entire region’s economy,” Port Authority

The U.S. higher education sector is pressured by declining enrollment and inflation-adjusted tuition revenue declines, according to Moody’s Investors Service and Fitch Ratings. In the current fiscal year median enrollment is expected to decline by 0.4% for private universities and by 1.3% for public ones compared to the preceding fiscal year, said Moody’s Senior Credit

Municipals saw healthy secondary trading on the short-end of the yield curve Wednesday, while U.S. Treasuries saw larger gains out long and equities improved after the Federal Open Market Committee minutes showed an expectation of slowing rate hikes. The improved tone continued Wednesday, with triple-A muni yields falling up to nine basis points on the

Puerto Rico Electric Power Authority bondholders, insurers and the PREPA bond trustee defended their lien on authority revenues in a bankruptcy adversary proceeding. Responding to the Oversight Board’s filing in the lien adversary proceeding, bondholders said their liens extend beyond money in the Sinking Fund and Self-Insurance Fund to revenues generally including future revenues and

Municipals were firmer Tuesday on the short end, while U.S. Treasury yields saw larger gains five years and out. Equities closed in the black as the markets digested more Fedspeak. While Federal Reserve members have continued to emphasize the need to continue tightening, comments from San Francisco Fed President Mary Daly indicated a “pause is

Municipals were little changed in light trading Monday as a holiday-shortened week with lackluster supply kept it steady for the asset class, while U.S. Treasuries were mixed and equities ended down. The three-year muni-UST ratio on Monday was at 64%, the five-year at 70%, the 10-year at 76% and the 30-year at 92%, according to

The U.S. Supreme Court declined to consider a teachers’ union appeal of the Puerto Rico plan of adjustment, rejecting the petition for certiorari Monday morning. The plan of adjustment, which went into effect in March, freezes future accruals under the teachers’ defined retirement benefit plan held by those in the plan prior to August 2014