Bonds

Ohio formally put an end to the $1 billion ratepayer bailout for two nuclear power plants owned by then-bankrupt FirstEnergy Solutions Corp. at the center of a $60 million pay-to-play scheme that led to the arrest of Ohio House Speaker Larry Householder on federal corruption charges. Tainted House Bill 6, enacted in July 2019, bolstered

Investors welcomed a flurry of new deals from diverse credits, including four competitive deals that pushed triple-A benchmarks richer as the minutes from the recent Federal Open Market Committee meeting were released with more of the same story: rates will stay low with “transitory” inflation increases. The Investment Company Institute reported another week of inflows,

Kansas City, Missouri, heads back into the market with an appropriation-backed issue this week as city officials deliberate how best to use $195 million of new federal aid to weather the COVID-19 fiscal storm that last month drew a rating downgrade. The city will receive the money in two tranches over the next year under

Municipal primary deals repriced to lower yields, competitive deals saw lower coupon structures and strong demand, and both helped push yields lower on triple-A benchmarks as U.S. Treasuries made gains on Tuesday. Gilt-edged Forsyth, North Carolina, general obligation bonds came competitively with 4% coupons through triple-A 5% levels in some maturities, and 2s in 2041

Greenberg Traurig, P.A., announced that it has expanded its public finance and infrastructure practice by hiring municipal veteran Brian Crumbaker for its office in Tallahassee, Florida. Crumbaker, formerly with Hopping Green & Sams, has extensive experience representing bondholders and corporate trust companies in cases related to distressed or defaulted high-yield tax-exempt bonds. At Greenberg Traurig,

San Diego has been emboldened by recent California state court rulings to seek certification of a hotel tax that passed with lower than a two-thirds supermajority. Measure C, a hotel tax that would provide funding for the convention center, services for homeless people, and street repairs, garnered 65.24% of the vote on March 3, 2020,

The deadline for bond insurer withdrawal of support for the Puerto Rico central government bond Plan Support Agreement was pushed back to 5 p.m. April 5 from 5 p.m. March 31. The relevant PSA covered general obligation and Public Building Authority bonds. It is a key component of the overall plan of adjustment. The Puerto

A comprehensive list of the public finance tax changes the Biden administration supports are expected to be released simultaneously with the proposed 2022 federal budget later this month. In the meantime, President Biden said Wednesday he plans to finance his $2 trillion American Jobs Plan by reversing some of the tax cuts congressional Republicans enacted

The Puerto Rico Aqueduct and Sewer Authority may refund more high-yield debt. The authority is considering refunding its $1.8 billion of Series 2012A and Series 2012B bonds, according to a Wednesday evening posting on the Municipal Securities Rulemaking Board’s EMMA website. This would follow its successful high-yield 2008A and B refunding on Dec. 9, when

Many states are taking advantage of federal aid and higher than projected revenues by putting the money to work on infrastructure. The pandemic hit all issuers differently. In the case of Florida, the state faced a total shortfall of $4 billion over two years because of the pandemic, Ben Watkins, Florida’s director of the Division

California will have extensive resources to improve its high-speed internet connectivity if a coalition of statewide organizations gets its way. The cross-sector coalition penned a letter to California lawmakers asking that they include $8 billion in one-time funding in the fiscal 2021-22 budget to improve the state’s high-speed broadband infrastructure. The COVID-19 pandemic has underscored

U.S. employers added the most jobs in seven months with improvement across most industries in March, as more vaccinations and fewer business restrictions supercharged the labor market recovery. Nonfarm payrolls increased by 916,000 last month and February employment was revised up to a 468,000 gain, according to a Labor Department report Friday. The unemployment rate

Municipals were steady to slightly stronger Thursday as the market opened with news of an unexpected rise in the weekly jobless claims number and ended by preparing for a long holiday weekend. The bond markets will close Friday at noon ET, ahead of the Easter weekend. The triple-A benchmark scale was mostly stronger across the

The United States Supreme Court on Thursday ruled unanimously for Georgia over Florida in a dispute about how the Apalachicola River Basin’s water should be divided up between them. Justice Amy Coney Barrett delivered the opinion. It was not the first time the Supreme Court heard arguments about the case. In 2018 it sent the

Municipals were little changed Wednesday with a firm tone as few deals priced, more inflows were reported and markets began digesting President Joe Biden’s massive infrastructure plan. The $2 trillion proposal, combined with the shortened week and the arrival of the second quarter, are overshadowing the market, according to Anthony Valeri, director of investment management