Bonds

Illinois needs to address questions surrounding its Tier 2 pension benefits, and while directly fixing Tier 2’s alleged failure to meet the IRS’s minimum safe harbor standard would be credit neutral, enhancing Tier 2 benefits more broadly or erasing the distinction between Tier 1 and Tier 2 could result in a downgrade, Fitch Ratings said
0 Comments
U.S. public-private partnership activity weakened last year but the longer-term trend of a rising number of P3s held strong while the future boasts a healthy project pipeline and infrastructure funds looking to invest. The southeast region remained the frontrunner in the space, with big-ticket projects queued up in Georgia, Louisiana and Tennessee. Availability-payment P3s remained
0 Comments
Texas lawmakers held a marathon hearing last week to grill public university leaders on their compliance with a 2023 state law banning diversity, equity, and inclusion (DEI) offices at their schools or face financial consequences.  Ahead of the hearing, Republican State Sen. Brandon Creighton, who chairs the chamber’s Subcommittee on Higher Education, warned higher education
0 Comments
Municipals were weaker to start the week, as U.S. Treasury yields rose slightly and equities were mixed near the close. Muni yields rose up to nine basis points, depending on the scale, while UST yields rose up to three basis points. “While we acknowledge that the market tone is weaker [Monday], we are generally constructive
0 Comments
Should the Municipal Securities Rulemaking Board’s one minute reporting proposal go forward in any form resembling the one filed with the Securities and Exchange Commission in January, the proposal should also include a broad exception for manual trades, an in-depth examination of the rules’ affect on liquidity, transparency and market concentration, and additional relief for
0 Comments
The extended saga of budget approval in Virginia is over with some help from compromise and a stronger than expected tax collection season.   “This budget resolution was empowered by the strength of our labor market, with more Virginians working than ever before and investments by businesses large and small, that have fueled record revenues for
0 Comments
As the muni market relies on technology, there’s a school of thought that new systems and processes are favored over personal relationships, sacrificing personal touch for efficiency and automation. However, some market participants argue the contrary, believing technology only further enhances the interpersonal relationships of this highly relationship-based industry. “The industry is built on relationships,
0 Comments
The Municipal Forum of New York presented three awards to industry leaders and veterans at its annual awards and leadership fellows fundraising dinner.  Recipients included Marjorie Henning, retired deputy comptroller for public finance for the New York City Comptroller’s office; Albert Simons, retired partner at Orrick, Herrington & Sutcliffe; and New York City Budget Director
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments