Bonds

Cook County, Illinois, extended the deadline by one week for eligible local governments to participate in a $300 million borrowing program that provides no-interest loans to manage a months-long delay in second installment property tax collections. The bridge loan program announced in July will spare suburban taxing bodies from having to issue tax anticipation notes

The Securities Industry and Financial Markets Association announced Wednesday that Saima S. Ahmed has been appointed executive vice president and general counsel of the organization, a key legal position for one of the muni industry’s leading advocacy groups. She will be leading a team of lawyers focused on compliance, litigation, and regulatory issues while overseeing

Municipals were weaker to kick off the holiday-shortened week, but outperformed a U.S. Treasury selloff that saw the 30-year UST yield hit just shy of 3.5%, while equities saw losses. Triple-A benchmark yields rose up to seven basis points, while UST yields rose 11 to 15 bps with the largest losses on the long bonds,

The Puerto Rico economic activity index has fallen three of the past four months on a month-to-month basis but remains above year-ago levels. The Puerto Rico Economic Development Bank said July’s index reading of 124.2 was down 0.1% from June and 1.1% from the March reading of 125.6, which was the highest since COVID-19 hit

An Alabama ballot measure would allow local governments to use voter-approved special tax authority that is now reserved for bonds to finance projects on a pay-as-you-go basis. Amendment 6 is one of twelve proposed changes to the state constitution voters will decide Nov. 8. Backers said it would give municipal officials the option to finance

Municipals were steady Friday ahead of a holiday-shortened week where investors will be greeted by two large deals from the states of California and Pennsylvania in an otherwise lackluster new-issue calendar. U.S. Treasuries rallied on the front end of the curve. On Friday the two- and three-year muni-UST ratios are around 67%. The five-year was

The Puerto Rico Oversight Board filed suit against Gov. Pedro Pierluisi regarding a labor law it says reduces the island’s economic growth and government revenues. The board is challenging Act 41-2022, which Pierluisi signed earlier this summer. It filed the suit Thursday night in U.S. District Court for Puerto Rico as part of the central

What should be a full pipeline of national projects supported by an influx of federal infrastructure funds is being stymied by a “severe” labor shortage in the construction sector, and government on all levels need to do more to address the problem. That’s the message from the Associated General Contractors of America on the heels

Oregon economists predicted both moderate revenue growth and the possibility of a recession during their September forecast. Economists told lawmakers this week that either way the heady days of overflowing coffers are over. Under the rosier outlook, residents get that kicker rebate if the state forecast of $600 million more revenues than what was forecast

The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge.  The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled

Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward

Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years

Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local

The state of California will price a $2.5 billion new money and refunding general obligation bond deal right after Labor Day weekend in the first big deal to start its regular fall bond sale calendar. California typically prices debt in big chunks in March and April, after the release of the governor’s budget proposal in

Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum

Miami-Dade County is looking to a long-term public private partnership to transform a swath of underused county-owned downtown Miami into a high-density new neighborhood complete with a transit terminal, schools and parks. The county floated a draft Request for Proposals two weeks ago outlining potential terms. The MetroCenter redevelopment spans 17 acres and could total

Municipals were steady to weaker in spots Tuesday, while U.S. Treasuries were mixed and equities ended down. The two- and three-year muni-UST ratios are around 65% to 67%. The five-year was at 71%, the 10-year at 83% and the 30-year at 102%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five

Public power agencies notched a long-sought victory with the new climate law, which for the first time grants them access to tax credits for renewable energy projects. “This will be a sea change in how states and local governments and other tax-exempt entities approach the development of new and existing technology, including wind, solar, storage

Major pension legislation was cited as Vermont’s rating outlook was raised to stable from negative by S&P Global Ratings. In a report that also affirmed the state’s AA-plus general obligation bond rating, the rating agency said Vermont currently ranked sixth highest in the nation for unfunded retiree health care benefits and eighth highest for unfunded

Municipals were steady Friday, while U.S. Treasuries were mixed and equities sold off in the aftermath of Federal Reserve Chair Jerome Powell’s promise the Fed will keep raising interest rates to combat inflation. In light of the market’s concern over Powell’s speech at Jackson Hole, BofA strategists Yingchen Li and Ian Rogow “continue to view the Fed’s hawkishness as a better