Bonds

Municipals were mixed Thursday in the secondary market as a $765 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries were weaker 10 years and in, and equities ended lower. The three-year muni-UST ratio was at 59%, the five-year at 63%, the 10-year at 69% and the 30-year

Federal Reserve Bank of Kansas City President Esther George said the U.S. central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down. “I have raised my forecast over 5%,” George said Thursday in an interview on CNBC television, referring to her projection for the

Munis rallied Wednesday as outflows lessened and U.S. Treasury yields fell in lockstep even as minutes from the Federal Open Market Committee meeting showed participants agreeing rate cuts are not expected in 2023. Equities ended up. Triple-A benchmark yields were bumped four to 15 basis points, depending on the curve, while U.S. Treasury yields fell

Despite opposition from various municipal bond market experts and interest groups, Congress has now instructed the Securities and Exchange Commission to develop machine-readable standards for EMMA filings. As implementation of the Financial Data Transparency Act (FDTA) begins, it is important to clear up some misunderstandings about this legislation. Opponents of FDTA expressed concern that a

Passenger counts at the three Port Authority of New York and New Jersey airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison. Air travel was up 2% when compared to the same time period in 2019, as Newark Liberty International Airport, John F. Kennedy International Airport,

Most analysts are willing to commit to a slowdown in inflation in 2023, but a recession remains a trickier call.  “I think the bond market is right, a recession is coming,” said Liz Young, head of investment strategy at SoFi, “and the economic indicators reinforce that message.” The debate over the likelihood of a recession

The municipal bond market shrank, retail continues to access it, and broker-dealer holdings have grown, the latest Federal Reserve data show. Fed data show the outstanding universe of munis shrinking in the third quarter in terms of both par basis and market value, said Matt Fabian, a partner at Municipal Market Analytics. The value of

The Brent Spence Bridge Corridor Project has been awarded $1.6 billion in federal funding grants, Kentucky Gov. Andy Beshear and Ohio Gov. Mike DeWine announced Thursday. The approval of the funds will let the improvement project move into the construction phase in 2023. Kentucky and Ohio were seeking the grants under the Infrastructure Investment and

The Securities and Exchange Commission’s Public Finance Abuse Unit’s recent and relatively novel pursuit of firms accused of violating the limited offering exemption has securities lawyers expecting more focus on that area in the coming year, even likening it to one of the most significant muni enforcement initiatives of the past decade. In September, the

The U.S. Virgin Islands would privatize its only two airports under a process launched Thursday that would mark the second long-term lease for a U.S.-based airport asset. The Virgin Islands Port Authority Thursday released an RFQ outlining a relatively fast-paced process that aims to select a final team by the end of 2023 with groundbreaking

Against the backdrop of a persistent drought, Arizona made an initial move toward the possibility of piping desalinated water from the Gulf of California in Mexico to the land-locked state’s growing population. The Arizona Water Infrastructure Finance Authority approved a resolution Dec. 20 allowing the agency to evaluate a proposal from Israel-based IDE Technologies that envisions

Municipals finished out the last trading day of the year little changed in an abbreviated session that saw Treasury yields rise and equity prices fall. “Bond investors bid a not-so-fond farewell to 2022 as they look forward to a much more attractive 2023,” said Bryce Doty, senior vice president at Sit Investment Associates. The markets

Total 2022 municipal bond sale volume plunged 21% from 2021, as issuers were flush with cash and rising interest rates stymied refundings and taxable issuances. December municipal bond issuance, at $17.165 billion, also disappointed, dropping 58.1% from the same period a year earlier. The muni market saw $384.086 billion of debt issued in 2022, nearly

The Army Corps of Engineers approved a wetlands work permit for the land in Georgia where electric vehicle maker Rivian plans a 16-million-foot battery and vehicle production plant. Over the last few months, the Corps and federal and state environmental agencies led a review of Rivian’s plans for a factory on 2000 acres of rural

Municipals were weaker in spots Thursday as outflows from mutual funds lessened. U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the

Municipals were weaker in spots Wednesday as outflows from mutual funds continued. U.S. Treasuries were mixed and equities ended down. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while UST yields fell up to five basis points out long. The three-year muni-UST ratio was at 60%, the five-year at

Tennessee Gov. Bill Lee’s plan to expand the scope of the state’s restrictive public-private-partnership laws has met mixed reaction from state lawmakers, who reconvene in January. The governor’s “Build With Us” plan proposed in early December includes provisions that would allow for P3 toll lanes on existing highways in the state, which now has no

Municipals were weaker Tuesday, outperforming a U.S. Treasury sell-off, while equities were mixed. Municipals were cut up to six basis points, depending on the scale, while UST yields rose as much as 12 basis points. Muni-UST ratios were steady Tuesday. The three-year muni-UST ratio was at 59%, the five-year at 64%, the 10-year at 67%

Texas state agencies expect to issue about $14.42 billion of debt in fiscal 2023, which would be a $6.37 billion or 79.1% increase over projections for fiscal 2022, according to a report from the state’s Bond Review Board.  The state ended fiscal 2022 on Aug. 31 with total outstanding debt of $64.4 billion, up from

The Michigan Department of Transportation has delayed plans to sell $1.9 billion of trunk line road bonds as it confronts “project cost changes and other pressures.” In September, the departmentsaid it would tap all $1.9 billion of its remaining borrowing authority under the $3.5 billion Rebuilding Michigan road program with an eye to entering the

Puerto Rico Electric Power Authority bondholders objected to the Oversight Board’s proposed plan of adjustment and asked that the discovery process begin immediately. “There is no conceivable benefit to interested parties or the court from forcing all parties to sit on their hands for more than two months before plan-related discovery begins, only then to

The New York Metropolitan Transportation Authority Board approved a $19.2 billion budget for 2023 and a four-year financial plan. The budget includes a 5.5% fare increase for next year and envisions a 4% increase in 2025. “I’ve been talking about the financial crisis facing the MTA for many months,” MTA Chair and CEO Janno Lieber said

Abundant oil and natural gas taxes are pouring into New Mexico’s general fund, boosting revenue projections and sparking concerns over the fiscal impact of a future downturn in the state’s fossil fuel industry.  The state’s latest consensus forecast lifted general fund revenue for fiscal 2023, which began July 1, $928 million above an August forecast

The Puerto Rico Oversight Board defended its latest actions in the Puerto Rico Electric Power Authority bankruptcy and rejected bondholder and unsecured creditor challenges to its proposals. The urgent motion filed Dec. 16 was “purely administrative in nature,” requesting the scheduling of a disclosure statement hearing, deadlines for briefing on the disclosure statement and the

Georgia backers of an economic development deal with electric automaker Rivian are meeting continued resistance from a group of residents suing to stop its planned factory. In October, a county judge denied validation of the up to $15 billion in payment in lieu of taxes revenue bonds planned as part of the incentive structure for

Municipals were steady Friday ahead of a week with no new deals slated. U.S. Treasuries sold off out long and equities were up near the end of the session. Muni-UST ratios were steady Friday. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 92%, according

West Virginia municipalities will receive fresh federal funds to address dated waste infrastructure networks long overdue for upgrades. The U.S. Department of Agriculture’s Rural Development Program will provide $2.2 million for “18 critical projects across West Virginia,” the state’s two senators said Tuesday in a news release, supporting efforts ranging from upgrades to telecommunications technology

Municipals were little changed Thursday, while U.S. Treasuries were weaker and equities sold off. The three-year muni-UST ratio was at 61%, the five-year at 65%, the 10-year at 69% and the 30-year at 94%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%, the five at 66%, the 10

Placer County, California, has been a leader in creating public finance solutions. Much of that, according to public finance professionals and county leaders, can be attributed to one person: Jenine Windeshausen, the county’s long-serving treasurer-tax collector, who is retiring at year-end. “Jenine gained a reputation for bringing creative financial solutions, and innovative entrepreneurial programs and

Sen. Pat Toomey, R-Pa., introduced legislation Wednesday that would eliminate more than half of the regional Federal Reserve banks and subject the remaining banks to additional federal rules and restrictions. The bill, titled the Federal Reserve Accountability Act, would reduce the number of regional Federal Reserve banks from 12 to five; require bank presidents to