Bonds

Buoyed by strong economic growth, Washington will sell $733.4 million of general obligation bonds competitively next week to support school construction, highway projects and a hybrid electric ferry. Ratings analysts pointed to the strength of the state’s economy and its ability to manage through the pandemic in affirming investment grade ratings of Aaa from Moody’s

The top bond counsel firms combined for a total of $220.03 billion in 6,077 transactions in the first half of 2021, up from the $191.51 billion in 5,124 deals in the first half of 2020. Only one firm remained in the same spot they were at this point last year, the rest of the rankings

Increasing attention to whether inflation is a problem for the U.S. economy and financial markets isn’t resolved easily by looking at the most recent economic and financial market data. COVID-19-related economy and market adjustments continue to confound market observers and policy makers. Inflation likely will surprise on the upside, Treasury Secretary Janet Yellen reminds us,

eMerge Americas, a venture-backed platform focused on changing Miami into the tech hub of the Americas, closed a round of investment led by Florida Funders, the firm announced on Tuesday. Florida Funders is a a venture capital fund and an angel investor network, and its investment in eMerge Americas is aimed at helping Miami’s tech

The National Federation of Municipal Analysts has completed work on a white paper calling for targeted emergency event disclosures from state and local governments. The document, dated June but announced earlier this month by NFMA, is the final draft of a paper first floated in March. While the paper focuses on COVID-19 disclosure, NFMA has

Municipals underperformed a flight-to-safety rally in U.S. Treasuries as COVID-19 and its variants surge around the globe, pushing edgy investors to flee the stock market, as some contemplate the idea the economic recovery has peaked, and will potentially regress from the virus’ effects. Municipal triple-A benchmarks were pushed to lower yields by one to three

The New Jersey Educational Facilities Authority and Princeton University have appointed certified minority business enterprise Ramirez Asset Management as a subadvisor on the proceeds of the university’s Series 2021B and 2021C bonds. The appointment marks the first time the 54-year-old authority has collaborated with an investment manager — PFM Asset Management — and a client

Connecticut Treasurer Shawn Wooden grew up in Hartford’s impoverished North End. “I know how the cycle of poverty helped push people back,” he said. That helped shape his push for his “passion project” for the past legislative session — CT Baby Bonds. The program, which Wooden calls first in the nation, took effect June 30

Florida has seen 14 straight months of job growth, gaining 69,300 private sector jobs in June, the state’s Department of Economic Opportunity said Friday. June’s increase was more than double the May gain of 34,600 jobs and the largest rise of the year. Since the height of the pandemic in April 2020, Florida has gained

The Metropolitan Pier and Exposition Authority of Illinois trimmed its spread penalties in the first primary outing of an Illinois-linked borrower to reap the benefits of the state’s positive rating momentum. The agency that manages Chicago’s downtown convention center campus priced $811 million of refunding bonds Thursday. It saw a 98 basis point spread to

Chicago is searching for a financial advisor to help assess development proposals as it looks to stake out a share of the casino gambling market with the promise of a roughly $200 million annual jackpot. The city launched a request for qualifications for an advisor July 14 to help evaluate proposals it receives from a

Municipals ended the week steady along with U.S. Treasuries ahead of one of the more diverse and chunky calendars the summer has seen while supply still simply isn’t keeping up with demand, which should keep municipal yields in a tight range. The total potential volume for next week is estimated at $9.033 billion, up from total

Richard “Dick” L. Weill, 78, a pioneer in the financial guaranty insurance industry and former vice chairman of MBIA Insurance Corporation, died on July 4. With over 40 years of experience in the municipal bond industry, Weill was a former partner and municipal bond attorney at Kutak Rock before joining MBIA in 1989 as general

U.S. Treasury Secretary Janet Yellen said the question of whether to nominate Federal Reserve Chair Jerome Powell for a second term is a conversation for her and President Joe Biden, declining to give her opinion in a televised interview. “That’s a discussion I’m going to have with the president,” Yellen said Thursday on CNBC. The

The high level of incarceration in the U.S., especially among Americans of color and indigenous people, constrains the labor market and the economy’s ability to reach its full potential, Federal Reserve Bank of Atlanta President Raphael Bostic said. “Incarceration is a drag on our ability achieve our maximum-employment goal,” Bostic said Tuesday at the start

Between 2016 and 2020, green, social and sustainability bond issuance grew by an average of 72% a year in the United States, according to a report issued Tuesday by the Climate Bonds Initiative. Green municipal bonds issued by local government authorities and state-backed government entities made up 23% of total volume of annual issuance in

The California Public Employees’ Retirement System reported a 21% net return on investments in the fiscal year ended June 30. The double-digit return will trigger a reduction in the discount rate used to calculate employee and member contributions to 6.8% from 7%. This was the first time CalPERS Funding Risk Mitigation Policy has been triggered,

New Jersey received its second upward outlook revision in three months from Moody’s Investors Service, which on Tuesday lifted its outlook on the state’s general obligation debt to positive from stable. The move affects $40 billion of rated debt. “The state has responded to a brightening revenue and liquidity picture with several actions reflecting a

Municipals were little changed Tuesday, ignoring another rise in U.S. Treasuries and a weaker stock market, with the focus on the primary which saw deals bumped in repricings. Another day of UST weakness after less-than-stellar auctions and municipals stayed in their own lane. Some participants said without the UST rise in yields, municipal benchmarks likely

Lagging attendance at the home of the King of Rock and Roll continues to batter the tourist-tax municipal bonds that were issued to gussy it up. The bonds were sold in 2017 for a development project at Graceland, the former residence and now resting place of Elvis Presley, which has become a worldwide tourist attraction