Bonds

Oregon’s third-largest city is about to lose its only hospital, illustrating the fallout of pressured health-care systems across the country.  Operator PeaceHealth announced last week its plan to shutter University District hospital because of underutilization. The hospital in Eugene, which is home to the University of Oregon, loses an average of $2 million a month,
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Pension obligation bonds may be on a list of options for Dallas officials as they tackle a persistent funding problem in the city’s retirement system. During a presentation to the city council last month on debt capacity for a 2024 general obligation bond referendum, Dallas Chief Financial Officer Jack Ireland said $400 million of available
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Although Oregon’s tax collections have stabilized after several quarters of unexpectedly rapid growth, the state expects to pay out a record-breaking $5.6 billion through its “kicker” rebate, according to state economists, while lawmakers expect to have more to spend on infrastructure and social programs. The previous record kicker was $1.9 billion in 2022. Taxpayers will
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Municipals were steady to firmer in spots to close out August as inflows returned to muni mutual funds. U.S. Treasury yields fell and equities were mixed ahead of Friday’s employment report. Triple-A benchmarks were bumped up to three basis points, depending on the scale, while UST yields fell three to four basis points. The two-year
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The Department of Health and Human Services has sent a letter to the Drug Enforcement Agency recommending that marijuana be reclassified to Schedule III, down from Schedule I, and if passed, the change could have an impact on how local governments collect taxes on cannabis businesses. That’s the latest in the Biden Administration’s efforts towards
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Municipals had a slightly firmer tone Wednesday while U.S. Treasuries were little changed and equities ended up. Triple-A yields fell one to three basis points, depending on the curve, while UST maintained levels in a subdued session. While munis underperformed UST Tuesday, “there has been firmness in the muni market throughout the past week,” said
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The Federal Aviation Administration is granting more money to airports that could help reduce the industry’s reliance on debt financing for making infrastructure improvements.   Airport infrastructure projects are financed through a combination of funding including bonds and the FAA’s Airport Improvement Program, which carries restrictions about what the money can be used for.  Funding from
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Bond parties in the Puerto Rico Electric Power Authority bankruptcy are appealing a ruling that has barred a receiver from being appointed in the case. Syncora Guarantee and GoldenTree Asset Management Monday filed an appeal notice of a ruling of U.S. District Judge Laura Taylor Swain that rejected their request for a removal of a
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Municipals were firmer in spots Tuesday, underperforming a U.S. Treasury rally. Equities ended in the black. Over the last month or so there’s been some volatility in the muni market driven by the Treasury side, said Daryl Clements, municipal portfolio manager at AllianceBernstein. USTs, which continue to be affected by Fed and related market expectations,
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Municipals were steady to start the week as U.S. Treasuries were firmer and equities ended the trading session up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had
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Municipals were steady Friday ahead of a smaller new-issue calendar, while short-term Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the
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On Wednesday the Internal Revenue Service issued a notice of proposed adverse determination to the Port of Port Arthur Navigation District of Jefferson County, Texas, indicating that a 2017 $55 million bond issuance will be considered taxable, though attorneys caution that such situations nearly always resolve without impact to the investors. According to the notice posted on
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Municipals saw some weakness in spots Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose and equities sold off ahead of Fed Chairman Jerome Powell’s Friday Jackson Hole speech. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 65%, the five-year at 67%, the 10-year at 70% and the 30-year
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