Bonds

Peter Delahunt, who helped build Raymond James’ municipal team over 26 years with the firm, has been wooed out of retirement to do the same for StoneX. The global firm has a large fixed-income team and had made a decision to go big on munis seeing opportunity in the sector at the height of the

California Treasurer Fiona Ma unveiled a new online program to teach local government and school board members about the ins and outs of issuing debt. The program created through the California Debt and Investment Advisory Commission, which Ma chairs, has an educational mandate. “What we are about to unveil will be the first of its

We sell a short competitive refunding. The financial advisor informs us of the low bid, and we make the award. Then, the FA resizes the maturities for the coupons on the winning bid. Because it is a competitive bid, we know we got the best deal available, the only problem is, we didn’t. What went

New York Gov. Kathy Hochul threw down a marker when she leaned on the Port Authority of New York and New Jersey to reconsider the $2.1 billion LaGuardia AirTrain project. Her move comes amid wider debate about regional infrastructure. Municipal bond analyst Joseph Krist called it “the first significant capital project to fall victim to

Chicago plans to return to the market in force over the next year to tap a portion of $4.66 billion of existing borrowing authority and $4.4 billion of newly requested capacity in a mix of new money and refunding deals under its general obligation, securitization, and revenue-backed credits. A tender offer is also under consideration.

Muni issuers and borrowers should be considering climate risks and disclosing them in offering documents, a process that requires an important legal analysis. That was a major takeaway from a Wednesday discussion at the National Association of Bond Lawyers’ The Institute conference. Climate risk disclosures have been singled out by Securities and Exchange Commission Chairman

The Puerto Rico Oversight Board offered to eliminate further pension cuts for current pensioners from the Plan of Adjustment and to make funding promises if the local government approved laws, including new bonds, that would support the plan. The board sent a letter signed by Chairman David Skeel on Thursday to Gov. Pedro Pierluisi, Senate

Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed

Puerto Rico bankruptcy Judge Laura Taylor Swain denied motions for bondholders and wage claimants to have until Oct. 25 or beyond to cast their vote on the proposed Plan of Adjustment. On Wednesday, Swain rejected bondholder Peter Hein’s motion to extend the deadline for retail bondholders. The motion would have extended the voting period from

The Puerto Rico Oversight Board said the legislation proposed by the House and amended by the Senate would force it to withdraw its proposed Plan of Adjustment because thecosts are “impossible.” “The outrageous costs of the [Senate] amendments to House Bill 1003 taken together would make the confirmation of the 7th Amended Plan of Adjustment

The municipal 10-year triple-A bond hit a high for the year Friday at 1.18%, beating the yield reached in the March selloff. Municipals were weaker Friday, playing catch-up to another day of U.S. Treasury losses as participants await an $8 billion calendar and a more uncertain market sentiment with the pullback from mutual funds hanging

When COVID-19 hit in 2020, many concerned New York City residents fled the city, trading their cramped urban apartment lives for the wide-open and relatively safe spaces of suburbia and exurbia. As the pandemic took its toll, many people — especially the wealthier ones — began moving out, along with their tax dollars, at an

Municipal advisors’ most common examination deficiencies are maintaining books and records, travel and entertainment expenses, and service contracts, officials from the Securities and Exchange Commission said in a virtual conference on Thursday. Karla Serna, a senior staff accountant at the SEC’s Chicago regional office said that one of the largest problems municipal advisors face in

Municipals were mostly steady on a day when U.S. Treasuries sold off and equities rallied in a risk-on trade from debt-ceiling news in Washington while Refinitiv Lipper reported a mere $37 million of fund inflows and a near half-billion of high-yield outflows. Triple-A benchmarks were little changed on the day with Refinitiv MMD cutting the

Pension cuts and spending measures remain an obstacle to restructuring Puerto Rico’s debt, with the president of the Puerto Rico House of Representatives asking the Oversight Board to provide written commitment to support no pension cuts and a slew of spending measures before he would sign off on a bond restructuring. “Until some accommodation can

Municipals were a touch weaker as U.S. Treasuries and equities seesawed throughout the day on debt ceiling news out of Washington while new issues in the primary were in high demand and repriced to lower yields. Triple-A benchmarks saw cuts of one to two basis points. Refinitiv MMD cut two on the 10-year and one

California Gov. Gavin Newsom started the week with a trio of proclamations: to aid schools impacted by wildfires, to aid the Orange County beach areas affected by a massive oil spill, and to support the state’s ongoing response to the COVID-19 pandemic. The order related to schools ensures continuity in education for displaced students and includes waivers

The Puerto Rico Oversight Board objected to a Puerto Rico bondholder request to further extend the retail bondholder Plan of Adjustment voting deadline. In response to requests by the Retirees Committee, Unsecured Creditors Committee, and bondholder Peter Hein, Puerto Rico bankruptcy Judge Laura Taylor Swain on Sept. 27 extended the voting deadline on the plan

Top bond underwriters are backing away from Texas after they were targeted by a law to protect the firearms industry. Three of the state’s top five underwriters in the first half of 2021 — JPMorgan, Citi, and Bank of America — accounted for $6.4 billion of deals, according to Refinitiv. Those firms and Wells Fargo

The Municipal Securities Rulemaking Board expects to spend $43.3 million during the fiscal year that began Friday, releasing a FY 2022 budget highlighting investments in technology and a focus on upholding the public trust. “Informed by extensive engagement with our stakeholders, we are making strategic investments focused on strengthening the capital market that facilitates economic

The Puerto Rico House of Representatives approved a bond restructuring bill Thursday night contingent on there being no cuts to government pensions. On Monday, the Puerto Rico Oversight Board said it was willing to raise the threshold for pensions to be cut to $2,000 or more per month from its previous threshold of $1,500 or

Michigan entered fiscal 2022 Friday with a new budget director and a $70 billion budget after Gov. Gretchen Whitmer signed the final pieces that were negotiated with lawmakers amid a flood of federal relief and surging state tax revenues. On Thursday, Whitmer named Christopher Harkins, director of the Michigan Senate Fiscal Agency, to replace outgoing

The municipal secondary was quiet after a volatile week that moved municipal rates higher and ratios into a range that investors say are a more satisfactory level to engage in the asset class following months of stagnant rates. Triple-A benchmarks were little changed Friday while U.S. Treasuries ended the week at lower yields — sub

Federal authorities dropped the hammer Thursday on the former head of fixed income trading at the now defunct Atlanta-based IFS Securities Inc. for allegedly engaging in unauthorized and speculative trading activity that bankrupted the firm. The U.S. Attorney’s Office for the Northern District of Illinois and the Securities and Exchange Commission filed criminal and civil

Colleagues at the New York City Housing Development Corp. and elsewhere remembered Rich Froehlich as an affordable housing champion. “He connected people and ideas. There was never a problem too complicated for him to untangle and to guide us all through,” HDC President Eric Enderlin said after Froehlich, the agency’s chief operating officer and first

Tarrant County, Texas, will be authorized to issue $400 million of transportation bonds if voters approve the proposal Nov. 2. The bond issue by the fast-growing county that includes Fort Worth and its booming suburbs would be its first for transportation since 2006. Proposition A splits the $400 million into two categories. A scene from

Municipal yields rose as much as seven basis points in spots along the curve Tuesday as municipal investors rode the rapid rise in U.S. Treasuries and a volatile equity market as a time to move the asset class into a higher-yield environment. Triple-A benchmark yield curves cut levels by two to seven basis points. Selling

State and local governments would be encouraged to consider public-private partnerships for complicated projects like rural broadband or large transportation developments under the bipartisan infrastructure bill being debated by Congress this week. The legislation doubles private activity bond volume for surface transportation projects to $30 billion from $15 billion, a central financing tool for P3

One bond underwriter undertook a unique two-pronged approach aimed at tackling the lack of affordable housing in the Southeast. KeyBanc Capital Markets priced the Clayton County Housing Authority, Georgia’s $41 million of tax-exempt bonds for the Villas at Mt. Zion and the Flats at Mt. Zion. Separately, KeyBank Real Estate Capital secured a $28.1 million

Plans to increase the commercial paper authorization for Los Angeles wastewater projects advanced this week. The city council’s budget and finance committee approved a request Monday to increase the city’s commercial paper program to $400 million from $250 million to support $2.2 billion in planned wastewater system projects. City Administrative Officer Matt Szabo submitted the