Bonds

Munis yields rose Thursday, following and outperforming a U.S. Treasury sell-off on the heels of strong-than-expected economic data. Equities ended down. Thursday’s “economic data offers the latest evidence that the U.S. economy is weathering the fastest rate hikes in a generation without much damage to the major gear-works of the economy,” said Wells Fargo Securities

The life and legacy of Bond Buyer reporter Yvette Shields was honored Tuesday with a proclamation introduced on the floor of the Illinois Senate. Introduced by Sen. Rob Martwick, D-Chicago, the proclamation pays homage to Shields as a “celebrated and beloved financial reporter” who “left behind an indelible mark on the public finance industry in

Munis were steady to weaker in spots Wednesday, while U.S. Treasuries were firmer after the Fed hiked rates 25 basis points and signaled more may come this year. Equities ended the session in the red. The Fed just “delivered a 25bps hike and by holding firm to their data dependent rhetoric and are trying to

A bigger basketball arena is being pushed by Oklahoma City’s mayor, who wants to put a plan that would include public and team funding before voters this year. Mayor David Holt spent most of his state of the city address last week laying out his case for replacing the city-owned Paycom Center, contending “no tax

Municipals were little changed in secondary trading Tuesday as the focus was on the primary where the state of Washington sold large general obligation bond deals ahead of the FOMC rates decision. Treasury yields rose a basis point or two throughout most of the curve and equities ended the session in the black. The two-year

The National Federation of Municipal Analysts has released best practices on Clean Water and Drinking Water State Revolving Funds, its first on the subject, which provides a roadmap for state and local governments as these investments become more essential to improving the infrastructure and quality of life around the country. “SRFs were selected because they

The Massachusetts Department of Transportation’s executive board last week approved a $15.7 billion capital plan for 2023 to 2028. Approximately 60% of capital spending called for is “focused on improving the reliability and resiliency” of the existing infrastructure, MassDOT chief Gina Fiandaca wrote in an introduction to the plan, with an additional 23% going towards

Abundant oil and natural gas-related taxes continue to flow into the coffers of Southwest states, which are positioned to weather volatile energy prices amid slower growth in overall tax revenue. Fitch Ratings in a recent report said it doesn’t expect any negative rating implications for energy producing states directly resulting from short-term declines in oil

The bond market was quiet to end the week, with munis and U.S. Treasuries little changed ahead of next week’s Federal Open Market Committee meeting. Equities were up near the close. The two-year muni-to-Treasury ratio Friday was at 59%, the three-year at 61%, the five-year at 62%, the 10-year at 65% and the 30-year at

Parties in a bankruptcy case involving a bond-financed Arizona participant sports venue objected to a motion to either appoint an independent Chapter 11 trustee or dismiss the case, arguing either move would be detrimental or premature. Legacy Cares, the venue’s owner, which filed for bankruptcy May 1 in Arizona federal court, along with bond trustee

State departments of transportation are breathing a sigh of relief after the Federal Highway Administration resolved the bulk of a nearly 20-year-old accounting glitch that threatened $3.5 billion of infrastructure funds. The resolution of $2.5 billion of the $3.5 billion discrepancy between two accounting systems used by the federal government frees up the money for

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