Bonds

Hawaiian Electric Industries Inc. pegged losses from estimated accrual of liabilities stemming from one of the worst wildfires in US history at $1.7 billion and issued a going-concern warning.  Hawaiian Electric said Aug. 2 that it had agreed to pay almost $2 billion as part of a $4 billion settlement to resolve hundreds of lawsuits

California Republican Rep. Mike Garcia last week unveiled a bill that would block federal funds for the state’s controversial high-speed rail project. “After 15 years and billions of your hard-earned tax dollars spent, California’s high-speed rail has delivered zero results,” said Garcia in a statement announcing H.R. 9308, the No Frankenrail Act. “This so-called high-speed rail

Municipals were little changed Friday and U.S. Treasuries were better while equities closed the week in the black, regaining much of the losses that hit Monday. Municipal issuance is expected to fall to about $7.4 billion next week as issuers take pause amid the market volatility. The 10-year AAA fell 30 basis points for the

As governor of Minnesota, Tim Walz has proposed some sweeping investments, including a $3.3 billion bonding bill that would have been the largest in the state’s history, and a $1 billion infrastructure package earlier this year. Some who’ve watched the evolution of the governor’s approach say the new Democratic nominee for vice president is a

Houston Independent School District will seek bond authorization for the first time in 12 years after its board of managers voted late Thursday to place a two-part, $4.4 billion debt package on the Nov. 5 ballot. The 9-0 vote came after a lengthy public comment period during which many speakers repeated “No trust, no vote”

When Northeastern University announced its intentions to merge with Mills College in 2021, students attending Mills responded with protest and a series of campaigns to halt what they called an “acquisition” of their beloved institution.  Mills College, a small, historically women’s private school, had announced its intention to close after years of declining enrollment and

California and Oregon are experiencing yet another record-setting year of wildfires. The still-raging Park Fire in northern California, the largest of 12 active fires, has consumed more than 426,000 acres, and is the state’s fourth-largest fire in the past two decades. More than two weeks after an arsonist started the conflagration, it is only 34%

Municipals were weaker Thursday as U.S. Treasury yields rose and equities rallied. Triple-A yields rose by two to seven basis points while USTs rose four to five as volatility in both markets continued. The past several trading sessions have seen “crazy volatility,” said Jennifer Johnston, director of research of municipal bonds at Franklin Templeton. <img

BayCare Health System, Florida, plans to price $1.3 billion in bonds the week of August 19 through the Hillsborough County Industrial Development Authority. The authority approved the bonds earlier this month. Bond proceeds will reimburse BayCare for prior capital expenditures, fund future capital projects and pay for capitalized interest and costs of issuance. The authority

Arizona reactivated a bond program to help rural communities and tribal governments finance infrastructure projects.  The Greater Arizona Development Authority (GADA), which had been dormant for nearly 10 years, began offering financial assistance this month, Gov. Katie Hobbs announced this week.   “By reinvigorating this tool, we are providing an opportunity to leverage existing funds to

Municipals were weaker Wednesday, as U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Wednesday was at 66%, the three-year at 67%, the five-year at 67%, the 10-year at 66% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at

Congressional Republicans launched fresh salvos in the partisan battle over environmental, social and governance investment polices last week and Treasury waded into the issue as the debate continues to simmer among the states. The House Republican ESG Working Group on Aug. 1 released a 37-page report titled “The Failure of ESG: An Examination of Environmental,

Following a three-day extended rally, municipals reversed course and were mostly weaker five years and out Tuesday in secondary trading as the primary market took focus with several large deals. U.S. Treasuries sold off and equities rallied. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 66%, the five-year at 66%, the 10-year

As the market lurches from the effects of possible rate cuts to a less than stellar employment report, some industry leaders are dubious about negative forecasts for the near future. “Many economists on the street are now penciling in a 50-basis point fund rate cut in September and November, with 25 point cuts thereafter,” said

Puerto Rico Electric Power Authority bond parties asked the U.S. Court of Appeals for the First Circuit Monday to reject the Oversight Board’s request to rehear the court’s June decision that bondholders have a lien on the authority’s net revenues. While the board’s request delays the bankruptcy, it “has the positive effect of clarifying, in

A weaker-than-expected jobs report Friday kicked off fears of an impending recession, sending equities on a downward spiral, while bonds rallied. But economists say the economy remains strong, and while the jobs report missed projections, more than 100,000 jobs were added … not a shabby gain. “U.S. economic growth data have been surprising to the

Municipals extended their rally Friday, underperforming U.S. Treasuries which saw yields plummet up to nearly 30 basis points on the short end after a weaker-than-expected nonfarm payrolls report. Equities sold off. Muni yields were bumped nine to 14 basis points, depending on the scale, while UST yields fell 17 to 29 basis points, pushing two-,

Following the receipt of $12 billion from the Biden administration in July of this year, the Gateway Development Commission is seeking to execute an additional $3.8 billion Federal State Partnership grant agreement from the Federal Railroad Administration.   The additional funds will provide the GDC with a cushion with which to facilitate advance payments, as well

Williams College, the liberal arts school sprawled across 450 acres of the Berkshire highlands in Massachusetts, is out to show municipal bond investors the greater value of some higher education debt. The alma mater of former President James Garfield and current U.S. Rugby Olympian Kristi Kirshe plans to sell $108 million of bonds next week

The Federal Deposit Insurance Corporation board shocked the municipal bond market on Tuesday with a proposal that would switch out CUSIP numbers with Financial Instrument Global Identifiers, a marker based on standards developed by Bloomberg.  “It was an opaque process, but we did hear of efforts behind closed doors to expand the scope of FDTA to include