Bonds

Munis saw a weaker tone Wednesday as muni yields were cut up to five basis points, depending on the scale, marking a second day of selling pressure, as few deals priced in the primary. U.S. Treasuries were slightly firmer across most of the curve and equities were mixed. “Much like other periods in recent years

Rice Financial Products Co. was sued by a former employee who claims she was fired for raising concerns about the firm’s work on a federal program that provides low-cost loans to historically black colleges and universities. Gyliane Morgan alleges the company retaliated against her in 2020 after she pointed to the firm’s oversight failings —

The bankruptcy of Iowa City’s Mercy Hospital is closer to an end with the resolution last week of a dispute between the committee of unsecured creditors, which had filed a complaint on March 25, and trustee Computershare Trust and bondholder representative Preston Hollow Community Capital.  The plan support agreement reached raised the estimated dollar amount

Cornell University plans to bring two deals totaling $1.11 billion, almost half of it taxable corporate CUSIP securities, this week and next. The university is expected to bring the $500 million Series 2024B taxable bonds to market Thursday. It will mature on June 15, 2034, with an option to redeem with a make whole call/par

Munis were little changed Monday as U.S. Treasuries sold off and equities ended mixed. Following the conclusion of the first quarter, munis are seeing losses for the year with the asset class returning negative 0.39% for the year and March returns were at 0.00%, noted Jason Wong, vice president of municipals at AmeriVet Securities. The

The U.S. Department of Energy announced a $1.5 billion loan to re-start a closed Michigan nuclear reactor, which if finalized would mark the nation’s first recommissioned plant as part of the Bidens administration’s goal of reaching 100% clean energy electricity by 2035 and net-zero emissions by 2050. The loan, which received conditional approval from the

With tax season in full swing, the muni market is underperforming and facing selling pressure as investors move out of short-term paper to pay tax blls. However, these dynamics have not made the asset class an undesirable option for investors and most expect demand to remain strong. Munis are returning negative 0.06% month-to-date, while USTs

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a

A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property.  The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural

Hawaii Gov. Josh Green claims the state is making headway toward reducing recovery costs by getting people displaced by fires out of hotels and into permanent housing. Green has faced criticism from lawmakers for not having a cogent housing plan or coherent budget for the costs associated with the August 8 Lahaina wildfires. Lawmakers are

Municipals were steady to weaker in spots Thursday ahead of a smaller new-issue calendar while municipal bond mutual funds saw more inflows. U.S. Treasury yields rose 10 years and in and equities ended mixed. LSEG Lipper reported fund inflows of $447 million for the week ending Wednesday following $63.8 million of inflows the prior week.

The Purdue University Trustees priced $72.43 million of student fee bonds Tuesday, joining other issuers in refunding some of the university’s outstanding Build America Bonds. Lead managers Jefferies and Ramirez & Co. priced the deal Wednesday, with Wells Fargo Securities serving as co-manager. The municipal advisor is Blue Rose Capital Advisors. Bond counsel is Ice

A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. On Wednesday,

Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields

A Washington state hospital district’s ratings fell further into junk territory and were placed on review for further downgrade, reflecting what Moody’s Ratings called “severe and immediate liquidity challenges.” Moody’s downgraded to B1 from Ba3 Whidbey Island Public Hospital District’s Series 2013 unlimited tax general obligation (GOULT) bonds affecting $43.9 million in debt. Moody’s also

A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and

During a 35-year career climbing from a trading desk to Oppenheimer & Co. Inc’s head of public finance, Elizabeth Coolidge has seen, and helped foster, an improved atmosphere for women across the public finance industry. Starting out in 1988 at a trading desk, “you had to have a really thick skin,” Coolidge said. “The things

Municipals were steady as investors await several larger new-issues, including $2.68 billion of California GOs, which were offered to retail investors Monday, while U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Monday was at 61%, the three-year at 61%, the five-year at 58%, the 10-year at 58% and the 30-year at

TD Securities has hired Andrew Nakahata, former head of UBS’ western public finance region to lead its expansion efforts on the west coast. The investment bank has been building its California public finance business for six years and has a San Francisco office opening April 1. The new office will house TD-Cowen Securities, as TD