Bonds

The District of Columbia is coming to market on Tuesday with its first public-private partnership issue, a largely tax-exempt municipal green bond deal boosted by a provision in the Infrastructure Investment and Jobs Act. The District Department of Transportation’s “Smart Street Lighting Project” will convert D.C.’s network of more than 75,000 streetlights into energy-efficient LED

New York Gov. Kathy Hochul and the state Legislature have reached an agreement on the state’s $220 billion fiscal 2023 budget, the governor announced in Albany Thursday evening. The spending plan is up more than $4 billion from the original $216.3 billion executive budget that the governor proposed in January. With the agreement in place,

155 local governments experienced losses in 2020 in connection with their public golf courses, in some cases losing enough money to be significant on a local scale. That’s according to a Reason Foundation report that found that of the 221 local governments that reported running golf courses in their 2020 financial statements, 155 experienced total

Puerto Rico Electric Power Authority debt negotiations will likely be extended as the authority was struggling with the more immediate concern of a major power outage. Puerto Rico Judge Laura Taylor Swain filed an order Friday afternoon saying the mediation will terminate on June 1 unless the mediation team choses to extend it until July

Municipals were weaker in spots Friday after another challenging week and the worst-performing first quarter since 1980. Triple-A yields rose one to three basis points amid lighter trading ahead of a smaller new-issue calendar. U.S. Treasuries saw more pronounced losses to close out the week. Muni to UST ratios were at 77% in five years,

Senate Majority Leader Chuck Schumer on Thursday teed up two of President Biden’s four Federal Reserve Board nominees for votes by the full chamber later this month.  Schumer took a procedural step before the Senate leaves for a two-week break seeking to limit debate on Lael Brainard’s nomination for vice chair, as well as Lisa

U.S. Virgin Islands government officials hailed its bond refinancing as a success in helping to solve the islands’ pension underfunding problem but skeptics remain on the islands’ future financials. Ramirez & Co. priced $955.545 million of Virgin Islands Matching Fund Special Purpose Securitization Corp. bonds on March 31 and the deal closed Wednesday and the

Municipals sold off Wednesday, with triple-A benchmarks being cut up to 12 basis points across the curve, while U.S. Treasuries strengthened on the front end but the long-bond hit year highs and equities ended in the red. The Federal Open Market Committee meeting minutes show “the doves have left the building,” said Edward Moya, senior

New Jersey state employees would be allowed to work from home up to two days a week under a test program that was approved on Wednesday. The New Jersey Civil Service Commission voted to establish the hybrid work pilot, which will let state departments and authorities create a telework program for their employees. Under the

Federal Reserve Governor Lael Brainard called the task of reducing inflation pressures “paramount” and said the central bank will raise interest rates steadily while starting balance sheet reduction as soon as next month. The Federal Open Market Committee “will continue tightening monetary policy methodically through a series of interest rate increases and by starting to

Municipals greatly outperformed a large selloff in U.S. Treasuries Tuesday with yields rising to multi-year highs in the global safety benchmark curve following Federal Reserve officials’ hawkish remarks about shrinking its balance sheet and a likely 50 basis point interest rate increase as soon as May. Equities end in the red. Munis lagged, as they

A Los Angeles County School District had mixed success on its first bond sale since the U.S. Securities and Exchange Commission brought charges against the district, its superintendent and chief business officer stemming from a $100 million general obligation bond sale. Montebello Unified School District achieved savings above its target level on the $12.2 million

Municipals were steady to firmer in spots Monday, while U.S. Treasuries strengthened inside five years but key parts of the curve remained inverted while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST were still sitting above the 10- and 30-year. More activity surfaced

COVID-19 has changed the economic as well the physical landscape of living and working in New York City, according to panelists at an symposium hosted by the Federal Reserve Bank of New York, but the city will survive and thrive. “The Future of New York City: Charting an Equitable Recovery for All,” was a day-long

Puerto Rico bankruptcy Judge Laura Taylor Swain designated the mediators and named the participants in the debt resolution process for the Puerto Rico Electric Power Authority but excluded the legislature from the list of participants. On Friday morning she named U.S. Bankruptcy Judge for the Southern District of New York Shelley Chapman to lead the

House Speaker Nancy Pelosi Thursday threw cold water on measures to suspend the federal gas tax, warning the move would deplete the Highway Trust Fund and not necessarily translate into savings at the pump. Pelosi called the idea of a federal gas tax holiday “very showbiz” and said it would mainly benefit the oil companies,

Improved state revenue collections and federal COVID-related relief funds enabled Washington lawmakers to add $5 billion in spending to the supplemental budget signed by Gov. Jay Inslee Thursday. The $64.1 billion supplemental budget builds off of the $59 billion, two-year spending plan adopted by the Legislature last year. It includes $2 billion toward a 16-year,

Larry Wiemer II took over last month as executive director of the Wisconsin Health and Educational Facilities Authority after three decades working in key financial roles for healthcare providers and other not-for-profits. The agency conducted a national search to fill the shoes of Dennis Reilly who spent 26 years at the state conduit including the

Municipals were mostly steady to close out the week, but the 30-year U.S. Treasury ended lower than the entire short end of the curve,increasing fears about the rising possibility of a recession, while equities ended in the black. Triple-A municipal yield curves were relatively stable, while the two-, three-, five- and seven-year UST ended higher

The Senate Thursday was close to a deal for a $10 billion COVID bill that appears to avoid a claw back of unspent pandemic funds sent to the states last year. Utah Republican Sen. Mitt Romney, the chief Republican negotiator, said Thursday that the bill relies on unspent dollars in the $1.9 trillion American Rescue