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Parties in the Puerto Rico Electric Power Authority bankruptcy showed themselves to be further apart than ever before, with the Oversight Board offering little beyond the current plan’s 4% recovery for non-settling bond parties and some bond parties suggesting they should get 100% of what they say is at least an $8.5 billion claim and

The Illinois state comptroller reported a 55% year-over-year increase in the end-of-year general revenue fund cash balance as her office paid the state’s bills in a timely manner, a departure from recent years when the state’s unpaid bill backlogs topped $10 billion. Illinois ended the fiscal year with a $1.7 billion balance in the general

Fitch Ratings affirmed Los Angeles International Airport’s AA rating and stable outlook despite ongoing delays on its automated people mover. The airport’s AA issuer rating reflects “LAX’s superior credit characteristics, including a strong underlying air trade service area, significant operational activity supported by a diverse mix of domestic and foreign-flag carriers, favorable rate agreements with

Municipals were slightly firmer, underperforming U.S. Treasuries, which saw gains up to 10 basis points on the short end, after a better-than-expected jobs report kept a Federal Reserve rate cut in September in play. Equities ended up. While the numbers still suggest a healthy labor market, “this report absolutely keeps the probability of a September

California’s presidential election ballot in November will include $20 billion dollars of statewide bond measures, with $20 billion more in one regional bond election. At the state level, lawmakers reached agreements last week on two $10 billion general obligation bond measures that were heading toward approval in floor votes this week. The measures were put

Reinvestment demand will remain strong in July, as large redemptions will support technicals and lead to positive returns. June saw $42.4 billion of redemptions, the highest redemption figure since August 2023, helped the muni market as new-issue buying last month was “pretty strong,” said Pat Luby, head of municipal strategy at CreditSights. Net supply for

California’s controversial high-speed rail project cleared a major milestone Thursday when the authority overseeing the project approved final environmental clearance for the final, and possibly the most challenging, segment of the route. The California High-Speed Rail Authority’s approval of a Final Environmental Impact Report/Environmental Impact Statement during a two-day meeting last week marked the last

Municipals were a tad firmer ahead of the Fourth of July holiday, as U.S. Treasury yields fell and equities ended mixed. The Federal Open Market Committee meeting minutes released after the early market close signaled the Fed is in no hurry to cut rates. FOMC members saw inflation “diminishing” but still needed more evidence it

When the west abutment on Minnesota’s Rapidan Dam partially failed last week, officials initially feared a total collapse.  The dam did not collapse, but storms caused water to overflow it, debris to clog parts of it and the flood flows to ultimately generate so much erosion that waters ultimately went around the dam. For days,

Municipals were steady Tuesday as U.S. Treasury yields fell and equities ended higher. The muni market will see few deals this week as issuers usually “take a breather” on coming to market during holiday-shortened weeks, noted senior vice president and director of strategic planning and fixed income research at SWBC Chris Brigati. Along with the

Michigan’s $82.5 billion fiscal 2025 budget — which Gov. Gretchen Whitmer is expected to sign — includes investments in roads and bridges financed by the $700 million final tranche of Rebuilding Michigan Plan bonds, which will be issued later this year. According to a press release from the governor’s office, projects funded by the bonds