Virginia Beach tapped the municipal bond market to help fund a surf park development backed by multi-Grammy award winning artist Pharrell Williams. The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing the construction of a 3,500-person entertainment venue, parking facilities and land acquisitions, as
Bonds
Municipals were steady to slightly weaker in spots ahead of a $12 billion-plus calendar, while U.S. Treasury yields rose and equities were mixed near the close There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week’s largest negotiated deal from Harris County, Texas, with $950 million of
A Senate Finance Committee hearing led by Sen. Ron Wyden, D-Oregon, contemplated ways to smooth funding for rural hospitals as the number in the red has spiked in recent years. Rural hospitals and clinics across the U.S., including in Oregon, have been particularly hard hit by the challenges facing healthcare over the past several years.
States are casting around for solutions to a drop in gas tax revenues which includes hiked registration fees and the expansion of toll roads, which remains politically sensitive. “Various projections from state DOTs, think tanks, and economists show that gas tax revenue, which is the largest source of revenue for state transportation trust funds, is
The median audit time for all municipal bond sectors rose nearly 10.5% from 2011 to 2022, according to a new report from the University of Illinois-Chicago and Merritt Research Services. The report also found a direct correlation between audit timeliness and credit rating for all governmental bond sectors and a majority of revenue bond sectors.
The Federal Reserve’s delay of interest-rate cuts in a bid to temper inflation runs the risk of falling behind the curve, according to Mohamed El-Erian. “The Fed pivoted on the basis of data. It was the opposite of the pivot that they did in December — now they have to do a U-turn,” El-Erian, the
California Gov. Gavin Newsom is seeking to halt the trend of property insurers exiting the state, citing losses, by expediting how quickly they can increase rates. Newsom announced plans to draft a trailer bill to speed up work done by the state’s Insurance Commissioner Ricardo Lara during Friday’s briefing on May revisions to his proposed
Municipal bonds saw a touch of weakness in spots as the last large issues of the week priced while municipal bond mutual fund flows show retail engaged and high-yield continuing to outperform the broader investment-grade market. U.S. Treasuries faced some pressure on a slew of economic data and Fed speak that gave participants pause on
Exchange-traded funds have seen inflows over the past several weeks as demand grows, showing improved retail investor sentiment and a better market environment overall. LSEG Lipper reported muni ETFs saw $91 million of inflows for the week ending Wednesday after $922 million of inflows the week ending May 8, while the Investment Company Institute reported
Texas Capital is starting a public finance business in Texas, hiring a former UBS Financial Services investment banker, the company announced Wednesday. The move by the Dallas-based financial services firm comes as the ranks of underwriters in Texas have thinned under state laws that prohibit contracts with companies that “boycott” or “discriminate” against the fossil
The judge in the Puerto Rico Electric Power Authority bankruptcy rejected a bond party request that she consider new evidence of the authority’s ability to pay back debt. U.S. District Judge Laura Taylor Swain released her three-paragraph ruling Wednesday afternoon. Swain said the bondholders who asked her to consider new LUMA Energy projections of electricity
Sales at New Jersey’s municipal bond-financed American Dream mega mall soared in the first quarter as consumers demonstrated continued demand following the busy holiday shopping period. Gross sales for the mall’s retail, attractions, entertainment, dining and parking rose 27% to just under $148 million in the first quarter compared to the same period a year
The municipal finance market is rallying behind legislation that Rep. Terri Sewell, D-Ala., introduced this week that hits all the market’s top priorities: restoring tax-exempt advance refunding, creating a new taxable direct-pay tool and lifting the cap for small borrower bank-qualified bonds. Sewell, a former public finance attorney and senior member of the House Committee
After nearly a year of negotiations and four short-term extensions, and a week after the Senate passed it, the House Wednesday approved a bipartisan $105 billion Federal Aviation Administration bill, sending it to President Joe Biden’s desk two days before the agency’s spending runs out. The 387-26 vote passed a bill that features a solid bump
Wood-pellet manufacturer Enviva Inc.’s bankruptcy has pushed $353 million of municipal bonds along with a wider $2.6 billion pot of debt into a Chapter 11 corporate reorganization. The municipal bonds are the $252 million in outstanding Series 2022 Industrial Development Authority of Sumter County Exempt Facilities revenue bonds in Alabama and $101 million in outstanding
Fitch Ratings last week upgraded Milwaukee’s issuer default rating and general obligation rating to A-plus from BBB-plus. The outlook is stable. Milwaukee benefited from Fitch’s new rating criteria, rolled out last month, which incorporate most of the credit factors that Fitch has considered historically but include additional analytical factors and now assign specific weightings to
Municipals were slightly firmer Wednesday as the New York City Transitional Finance Authority came to market with a $1.8 billion deal with small bumps from its retail offering and inflows into exchange-traded funds topped $1 billion. U.S. Treasuries and equities rallied following the consumer price index report that came in softer than expected. April’s CPI
How much the federal government can contribute to rebuilding the originally bond-financed Francis Scott Key Bridge is now a concern for the House Committee on Transportation and Infrastructure. “Hours after the collapse, President Biden announced his intention for the federal government to pay for the entire cost of reconstructing the Key Bridge,” said Committee Chair
Local leaders are already looking toward reauthorization of federal infrastructure funds as the Biden administration’s infrastructure law nears its halfway point with a focus on preserving the law’s substantial direct funding to cities, counties and regional governments as well as strengthening assistance to smaller entities that have faced challenges snagging some of the grant funding.
John Sheldon, a veteran broker-dealer, was appointed deputy treasurer of public finance by California Treasurer Fiona Ma. Ma announced Tuesday Sheldon had been named to replace Juan Fernandez, who retired in late February. Sheldon, who has more than 30 years of experience, was sworn in on Tuesday. “This position requires an experienced financial practitioner with
Brightline West is providing a road map for rail projects looking for federal funding as their planned route from Los Angeles to Las Vegas includes union labor, train sets built in the U.S. and teaming up with Uncle Sam to get the financing done. “Governments have a superpower as it relates to expediting these projects,”
- 1
- 2
- 3
- …
- 119
- Next Page »