Bonds

Citing “rollbacks in the face of myopic right-wing pushback against responsible fiduciary investing,” New York City Comptroller Brad Lander said Wednesday that two of the city’s pension funds have established new plans to reach net zero emissions in their investment portfolios by 2040.  “If the cynical war of political distraction waged by red-state politicians at the

Competing visions for the future of New Jersey’s corporate tax system emerged in the wake of changes proposed by Gov. Phil Murphy. As part ofa $53.1 billion fiscal year 2024 budget proposed in late February, Murphy said he intended to let a corporate business tax surcharge instituted in 2020 in response to COVID-related budget gaps,

Muni yields continued to fall along with U.S. Treasuries Wednesday as weaker-than-expected private payrolls for March led to supportive bond prices and a market rally. Equities ended mixed. California priced its $2.6 billion general obligation deal for institutions with double-digit bumps from Tuesday’s retail offering. Municipal to UST ratios on the short end remain rich.

As NASA gets set to head to the moon again, data says the agency has had a positive economic impact here on Earth. In fiscal 2021, 27,004 jobs were created in Florida alone through space agency spending, the space agency said, adding that its activities ripple across the entire United States. On Monday, NASA and

Tennessee will turn to tolls and public-private partnerships to meet the mounting costs of managing its roadways. Gov. Bill Lee’s Transportation Modernization Act cleared its last legislative hurdle Thursday as theGeneral Assembly approved his $3.3 billion package allowing for the use of P3s for highways for the first time in the state’s history. “Tennessee is

Puerto Rico’s preliminary economic activity index in February was down 0.2% from a year earlier but most other economic statistics were positive. According to the Puerto Rico Economic Development Bank’ preliminary estimate, the index value was down 0.6% in January from a year earlier. However, on a month-to-month basis, January’s index was up 0.5% from

The Puerto Rico Oversight Board said Puerto Rico Electric Power Authority bondholders are making “unreasonable” demands in their discovery in the agency’s bankruptcy. “The bondholders’ approach to discovery in this case has been marked by unreasonable demands and timelines,” the board said through its attorney in a response filed late Friday in the bankruptcy. “The

The Securities and Exchange Commission’s Best Execution proposal is receiving significant pushback from the muni market for its overlap with existing rules at the Municipal Securities Rulemaking Board and the Financial Industry Regulatory Authority and for other concerns unique to fixed income markets that advocates say could lead to significant consequences. That’s according to comments

Puerto Rico Electric Power Authority bondholders, the bond trustee, and bond insurers asked for certification of their appeal on bondholder liens but there are signals the judge isn’t inclined to grant it. On Friday morning District Court Judge Laura Taylor Swain not only rejected considering issues bondholders wanted treated separately, but she also set deadlines

New York State lawmakers look likely to miss the deadline to have a new budget in place before the start of the state’s fiscal year on April 1. Last year the budget was approved a week late. “The governor and Legislature are discussing many important issues as they work to finalize the state budget, but

New Jersey’s wind energy industry is under fire following somemarine mammal deaths that the industry’s opponents blame on the development of offshore platforms along the state’s coastline. On Thursday, protests in Trenton calling for a moratorium on offshore platform development were followed by an announcement by Republican U.S. Representative Van Drew, whose district includes Atlantic

Municipal bonds finished trading little changed Friday as the market rode out the end of the month and the first quarter on a calm note as Treasuries strengthened and stocks surged. While munis came into March like a lamb, they went out like a lioness, calm and proud. The two-year muni-Treasury ratio was at 58%,

March municipal bond issuance dropped 30% year-over-year, as issuers this month dealt with Silicon Valley Bank collapse-induced volatility in the U.S. Treasury market, rising interest rates and an uncertain outcome for Federal Open Market Committee meeting. Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion in 985 issues a

Walt Disney Co. pushed through changes limiting the powers of the municipal authority that governs its Florida theme parks ahead of a controversial takeover by representatives of Gov. Ron DeSantis. The changes were quietly approved last month by the outgoing board of the Reedy Creek Improvement District, the entity that provides fire protection, electricity and

Idaho lawmakers resurrected and reworked a property tax relief bill that Gov. Brad Little vetoed earlier this week, saying the original legislation put a transportation bond sale in jeopardy. Little vetoed House Bill 292 because it re-ordered the priority of statutory claims on sales taxes, putting property tax relief ahead of the state’s Transportation Expansion

Michigan’s fiscal 2022 tax surge will result in a $650 million income tax cut, but it will remain in place only for 2023, state officials announced Wednesday. All signs pointed to an income tax cut when state finance officials and economic forecasters discussed the fiscal landscape at the annual February revenue estimating conference but Treasurer

Municipals were little changed throughout most of the curve in secondary trading Wednesday as the primary took focus with the sale of $1.2 billion of general obligation bonds from New York City in two deals. U.S. Treasuries were weaker and equities rallied. The two-year muni-UST ratio was at 59%, the three-year at 59%, the five-year

Hawaii had the outlook on more than $2 billion in debt for its airport system and rental car facilities revised to positive from stable by Fitch Ratings in separate actions. The rating agency on Friday boosted the outlook to positive on the bonds issued by the state’s Department of Transportation, Airport Division, for capital projects

Municipals were steady to firmer in spots Tuesday, while U.S. Treasuries were weaker and equities ended down. The two-year muni-UST ratio was at 59%, the three-year at 60%, the five-year at 61%, the 10-year at 64% and the 30-year at 89%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year

The Illinois Finance Authority, in its role as the state’s climate bank, is ramping up efforts to establish new financing options for green initiatives with a slate of federal funding applications in the works aimed at moving the state toward clean energy, climate, and equity goals. The 2021 Climate and Equitable Jobs Act package, negotiated