Bonds

New Jersey sued the federal government to block a plan to charge drivers entering midtown Manhattan, claiming the green light the US gave New York’s congestion pricing proposal was ill-considered and missed numerous risks to Garden State residents. The challenge came Friday morning in a federal lawsuit the state filed against the US Department of Transportation and

BondWave LLC’s portfolio analytics suite, Effi, has introduced a new feature, Rules, where users can filter attributes of bonds in their portfolios.  Michael Ruvo, BondWave’s CEO, described Rules as an “overlay” to each portfolio, where users can apply criteria including 20 different portfolio constraints and almost 20 different objectives.  Through Rules, users can filter for

The House overwhelmingly passed a bill reauthorizing the Federal Aviation Administration for the next five years and granting $4 billion per fiscal year to the Airport Improvement Project. The bill, the Securing Growth and Robust Leadership in American Aviation Act, was passed in a 351-69 bipartisan vote, and will now move on to the Senate

New Jersey Transit’s newly passed fiscal 2024 budget includes no new fare hikes and increased spending year-over-year, in the face of a looming fiscal cliff. NJ Transit’s board passed a $2.86 billion operating budget on Wednesday that’s 4.1% bigger than fiscal 2023’s, with 60% of costs associated with labor and fringe benefits and 31% linked

The Sacramento County Department of Airports launched efforts to completely reimagine the airport earlier this year — and is now working out the details on how it will finance the project. To limit the amount of debt the airport would need to issue through long-term revenue bonds, airport leaders are working creatively to construct a

Munis continued to show strength Wednesday as several large new issues priced to good demand, with New York City Transitional Finance Authority seeing yields fall as much as of 14 basis points from Tuesday’s retail scales and Salt Lake City upsizing its deal. U.S. Treasuries improved and equities ended in the black. Triple-A yields were

The state of Florida has paid down $400 million of the state’s liabilities through its new Debt Reduction Program, Gov. Ron DeSantis said Wednesday, saying the move saved taxpayers millions of dollars. In June, DeSantis signed the $116.5 billion budget for fiscal 2023–24, which established the debt reduction program within the Division of Bond Finance.

Municipals continued to improve Tuesday in constructive secondary trading while a retail pricing of $950 million for the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were slightly firmer out long and equities rallied. Triple-A yields fell up to four basis points, depending on the curve, while U.S. Treasuries were

Owners of some defaulted revenue bonds issued in 2018 for a senior living community in Plano, Texas, reached a binding settlement with the project’s bankrupt owner that calls for the re-issuance of debt. The agreement involves nearly $57.3 million of Series A and B senior bonds sold through the New Hope Cultural Education Facilities Finance

Municipals were slightly firmer to start off the week as a larger new-issue calendar looms, while U.S. Treasury yields fell and equities ended the session up. Triple-A yields fell one to two basis points while UST fell two to three. Munis started off last week at “extremely rich valuations throughout most of the curve after

Salt Lake City International Airport (SLC) snagged two rating upgrades ahead of its upcoming trip into the municipal bond market to continue financing a $5.135 billion project to replace its facilities. The $429 million of general airport revenue bonds scheduled to price Wednesday through BofA Securities and J.P. Morgan will mark the fourth debt sale

The Indiana Finance Authority will head into the market as soon as Tuesday with Indianapolis-based water and wastewater utility refundings using a tender and forward delivery structure popular in the current market to achieve savings. The Indiana Finance Authority serves as conduit the CWA Authority Inc. in an offering of an $80.7 million first-lien wastewater

Municipals were slightly firmer in spots Friday while U.S. Treasuries saw losses, snapping a two-day rally, following stronger-than-estimated consumer sentiment data. Equities were mixed. Municipals largely ignored the moves in Treasuries after underperforming the rally throughout the week. Some of the outperformance municipals have shown over the past few weeks is due to a dearth

UBS Financial Services has been granted preliminary approval to settle a class action lawsuit against it with bondholders for $2.5 million. The settlement stems from charges that UBS allegedly reported tax information incorrectly and cost investors millions, according to the suit.  The bank is accused of not reporting amortizable bond premiums on tax forms that

The Texas Legislature took final action Thursday on a massive property tax cut after beating back attempts in the House to include teacher pay increases and other measures in the bill. Senate Bill 2, which passed the Senate in a 31-0 vote, cleared the House in a 133-4 vote. Texas Gov. Greg Abbott, who advocated

New York City’s capital program will be getting a much-needed bond boost as the New York City Transitional Finance Authority readies a sale of $1.08 billion of future tax-secured subordinate debt. Proceeds from the sale will be used to fund infrastructure projects in the city’s $164.8 billion 10-year capital plan. The fiscal 2024 executive capital

Benjamin S. Wolfe of Short Hills, New Jersey, a former public finance banker passed away on Saturday, July 8, 2023. He was 85. He was born on Aug. 18, 1937, in Newark, New Jersey, to Bertha and Milton Wolfe. He grew up in Newark and graduated from Weequahic High School before earning a bachelor’s degree

Municipals improved again Thursday as U.S. Treasuries extended their rally on more disinflationary economic data while equities were in the black as well. Triple-A yields were bumped two to five basis points, depending on the scale, while UST yields fell as much as 15 basis points at three years. The moves once again led to

California lawmakers are in negotiations on a bill that would ask voters for $15.5 billion of bond authority to help fill a gap in the state’s plans to spend $54 billion over five years to tackle climate change. The state Senate approved Senate Bill 867 on May 31on a 33-5 vote. The bill, currently in

Nashville, Tennessee received a series of upgrades from S&P Global this week. The credit agency on Monday boosted Metropolitan Nashville and Davidson County’s long-term general obligation debt rating to AA+ from AA. The upgrades also apply to obligations supported by its non-tax revenue. The outlook is stable. The action reflected Nashville’s efforts to “strengthen its