Bonds

The extended saga of budget approval in Virginia is over with some help from compromise and a stronger than expected tax collection season.   “This budget resolution was empowered by the strength of our labor market, with more Virginians working than ever before and investments by businesses large and small, that have fueled record revenues for

The median audit time for all municipal bond sectors rose nearly 10.5% from 2011 to 2022, according to a new report from the University of Illinois-Chicago and Merritt Research Services.  The report also found a direct correlation between audit timeliness and credit rating for all governmental bond sectors and a majority of revenue bond sectors.

States are casting around for solutions to a drop in gas tax revenues which includes hiked registration fees and the expansion of toll roads, which remains politically sensitive.  “Various projections from state DOTs, think tanks, and economists show that gas tax revenue, which is the largest source of revenue for state transportation trust funds, is

A Senate Finance Committee hearing led by Sen. Ron Wyden, D-Oregon, contemplated ways to smooth funding for rural hospitals as the number in the red has spiked in recent years. Rural hospitals and clinics across the U.S., including in Oregon, have been particularly hard hit by the challenges facing healthcare over the past several years.

Municipals were steady to slightly weaker in spots ahead of a $12 billion-plus calendar, while U.S. Treasury yields rose and equities were mixed near the close There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week’s largest negotiated deal from Harris County, Texas, with $950 million of

Virginia Beach tapped the municipal bond market to help fund a surf park development backed by multi-Grammy award winning artist Pharrell Williams.  The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing the construction of a 3,500-person entertainment venue, parking facilities and land acquisitions, as

The Federal Reserve’s delay of interest-rate cuts in a bid to temper inflation runs the risk of falling behind the curve, according to Mohamed El-Erian. “The Fed pivoted on the basis of data. It was the opposite of the pivot that they did in December — now they have to do a U-turn,” El-Erian, the

Municipal bonds saw a touch of weakness in spots as the last large issues of the week priced while municipal bond mutual fund flows show retail engaged and high-yield continuing to outperform the broader investment-grade market. U.S. Treasuries faced some pressure on a slew of economic data and Fed speak that gave participants pause on

Sales at New Jersey’s municipal bond-financed American Dream mega mall soared in the first quarter as consumers demonstrated continued demand following the busy holiday shopping period.  Gross sales for the mall’s retail, attractions, entertainment, dining and parking rose 27% to just under $148 million in the first quarter compared to the same period a year

Fitch Ratings last week upgraded Milwaukee’s issuer default rating and general obligation rating to A-plus from BBB-plus. The outlook is stable.  Milwaukee benefited from Fitch’s new rating criteria, rolled out last month, which incorporate most of the credit factors that Fitch has considered historically but include additional analytical factors and now assign specific weightings to

John Sheldon, a veteran broker-dealer, was appointed deputy treasurer of public finance by California Treasurer Fiona Ma. Ma announced Tuesday Sheldon had been named to replace Juan Fernandez, who retired in late February. Sheldon, who has more than 30 years of experience, was sworn in on Tuesday. “This position requires an experienced financial practitioner with

Municipals were little changed in secondary trading Tuesday as a large new-issue calendar took focus in the primary, led by a $1.5 billion retail order from the New York City Transitional Finance Authority. U.S. Treasuries were firmer across the curve and equities were up near the close. The two-year muni-to-Treasury ratio Tuesday was at 64%,

With passenger volume expected to keep growing, Phoenix Sky Harbor International Airport is aiming to build its first new terminal in decades, while spending billions of dollars in the interim to address aging infrastructure.  Airport officials told the city council last week the terminal would be built on the site of two previously demolished terminals

Municipals were little changed Monday as the market awaits another heavy new-issue calendar and an upcoming inflation report. U.S. Treasuries were slightly firmer and equities were mixed near the close. While muni yields were steady Monday, yields fell last week, with 10-year notes falling seven basis points to end the week at 2.65%, said Jason

California budget watchers, who were bracing for another series of cuts to close the state’s now $44.9 billion deficit, saw those fears realized when the governor released his May budget revisions. The state needs to solve deficits projected for the next two years, not just this year, California Gov. Gavin Newsom said Friday during his

The long-planned Kentucky-Ohio Brent Spence Bridge won environmental approval from the Biden administration Friday, a “major milestone” for the bistate project that’s been in planning for more than 10 years. “This is an important step forward in bringing efficiency to our nation’s supply chain,” said said Republican Ohio Gov. Mike DeWine. “The project will address one

Chicago’s iconic lakefront is also its portal to water supplies from Lake Michigan, serving not only the city but 120 of its suburbs. But Chicago’s top suburban customer and Illinois’ largest water wholesaler, the DuPage Water Commission, now says it plans to strike out on its own. The commission revealed this week that it has

The Virginia General Assembly is set to pass a new budget next week after a saga that saw the state’s Republican governor and the Democratically controlled legislature clash over environmental issues, school funding, and pay-fors.     Although the budget deal still needs to be officially approved during the special session that begins Monday, Gov. Glenn

The Senate Thursday overwhelmingly passed a five-year Federal Aviation Administration authorization that features a 20% boost for major airport capital improvement projects. The bipartisan measure, which had been stalled by negotiations over an ultimately successful move to add additional flights to Ronald Reagan Washington National Airport, heads now to the House, which is expected to

Municipals were a touch weaker in spots ahead of another robust new-issue calendar. U.S. Treasury yields rose and equities were up. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 62%, the five-year at 60%, the 10-year at 60% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s 3 p.m. EST