Bonds

Against the backdrop of a persistent drought, Arizona made an initial move toward the possibility of piping desalinated water from the Gulf of California in Mexico to the land-locked state’s growing population. The Arizona Water Infrastructure Finance Authority approved a resolution Dec. 20 allowing the agency to evaluate a proposal from Israel-based IDE Technologies that envisions

The U.S. Virgin Islands would privatize its only two airports under a process launched Thursday that would mark the second long-term lease for a U.S.-based airport asset. The Virgin Islands Port Authority Thursday released an RFQ outlining a relatively fast-paced process that aims to select a final team by the end of 2023 with groundbreaking

The Securities and Exchange Commission’s Public Finance Abuse Unit’s recent and relatively novel pursuit of firms accused of violating the limited offering exemption has securities lawyers expecting more focus on that area in the coming year, even likening it to one of the most significant muni enforcement initiatives of the past decade. In September, the

The Brent Spence Bridge Corridor Project has been awarded $1.6 billion in federal funding grants, Kentucky Gov. Andy Beshear and Ohio Gov. Mike DeWine announced Thursday. The approval of the funds will let the improvement project move into the construction phase in 2023. Kentucky and Ohio were seeking the grants under the Infrastructure Investment and

The municipal bond market shrank, retail continues to access it, and broker-dealer holdings have grown, the latest Federal Reserve data show. Fed data show the outstanding universe of munis shrinking in the third quarter in terms of both par basis and market value, said Matt Fabian, a partner at Municipal Market Analytics. The value of

Municipals were weaker in spots Thursday as outflows from mutual funds lessened. U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the

The Army Corps of Engineers approved a wetlands work permit for the land in Georgia where electric vehicle maker Rivian plans a 16-million-foot battery and vehicle production plant. Over the last few months, the Corps and federal and state environmental agencies led a review of Rivian’s plans for a factory on 2000 acres of rural

Republicans are set to challenge a controversial Federal Highway Administration memo outlining how states should spend their IIJA money after the Government Accountability Office ruled that the memo ventures into the realm of policy-making and is thus subject to Congressional review. Penned by former acting FHWA administrator, and current deputy director, Stephanie Pollack, the memo

Municipals were weaker in spots Wednesday as outflows from mutual funds continued. U.S. Treasuries were mixed and equities ended down. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while UST yields fell up to five basis points out long. The three-year muni-UST ratio was at 60%, the five-year at

Tennessee Gov. Bill Lee’s plan to expand the scope of the state’s restrictive public-private-partnership laws has met mixed reaction from state lawmakers, who reconvene in January. The governor’s “Build With Us” plan proposed in early December includes provisions that would allow for P3 toll lanes on existing highways in the state, which now has no

Municipals were weaker Tuesday, outperforming a U.S. Treasury sell-off, while equities were mixed. Municipals were cut up to six basis points, depending on the scale, while UST yields rose as much as 12 basis points. Muni-UST ratios were steady Tuesday. The three-year muni-UST ratio was at 59%, the five-year at 64%, the 10-year at 67%

Texas state agencies expect to issue about $14.42 billion of debt in fiscal 2023, which would be a $6.37 billion or 79.1% increase over projections for fiscal 2022, according to a report from the state’s Bond Review Board.  The state ended fiscal 2022 on Aug. 31 with total outstanding debt of $64.4 billion, up from

Municipals were steady Friday ahead of a week with no new deals slated. U.S. Treasuries sold off out long and equities were up near the end of the session. Muni-UST ratios were steady Friday. The three-year muni-UST ratio was at 60%, the five-year at 64%, the 10-year at 68% and the 30-year at 92%, according

Georgia backers of an economic development deal with electric automaker Rivian are meeting continued resistance from a group of residents suing to stop its planned factory. In October, a county judge denied validation of the up to $15 billion in payment in lieu of taxes revenue bonds planned as part of the incentive structure for

The Puerto Rico Oversight Board defended its latest actions in the Puerto Rico Electric Power Authority bankruptcy and rejected bondholder and unsecured creditor challenges to its proposals. The urgent motion filed Dec. 16 was “purely administrative in nature,” requesting the scheduling of a disclosure statement hearing, deadlines for briefing on the disclosure statement and the

Abundant oil and natural gas taxes are pouring into New Mexico’s general fund, boosting revenue projections and sparking concerns over the fiscal impact of a future downturn in the state’s fossil fuel industry.  The state’s latest consensus forecast lifted general fund revenue for fiscal 2023, which began July 1, $928 million above an August forecast

The New York Metropolitan Transportation Authority Board approved a $19.2 billion budget for 2023 and a four-year financial plan. The budget includes a 5.5% fare increase for next year and envisions a 4% increase in 2025. “I’ve been talking about the financial crisis facing the MTA for many months,” MTA Chair and CEO Janno Lieber said

West Virginia municipalities will receive fresh federal funds to address dated waste infrastructure networks long overdue for upgrades. The U.S. Department of Agriculture’s Rural Development Program will provide $2.2 million for “18 critical projects across West Virginia,” the state’s two senators said Tuesday in a news release, supporting efforts ranging from upgrades to telecommunications technology

Municipals were little changed Thursday, while U.S. Treasuries were weaker and equities sold off. The three-year muni-UST ratio was at 61%, the five-year at 65%, the 10-year at 69% and the 30-year at 94%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%, the five at 66%, the 10

Puerto Rico Electric Power Authority bondholders objected to the Oversight Board’s proposed plan of adjustment and asked that the discovery process begin immediately. “There is no conceivable benefit to interested parties or the court from forcing all parties to sit on their hands for more than two months before plan-related discovery begins, only then to