Bonds

Municipals were a bit stronger Friday as traders geared up to see a rather healthy slate of new issues head to market during a holiday-shortened trading week. Volume for the upcoming week is estimated at $8.34 billion, consisting of $6.30 billion of negotiated deals and $2.04 billion of competitive sales. The biggest deal of the

A question mark looms large this year over whether hospitals and health systems will see sufficient recovery from 2022’s operating wounds to spare them from rating and outlook deterioration, rating agencies warn. The not-for-profit hospital sector suffered bruising margin wounds last year as it confronted inflationary costs along with ongoing supply-chain issues, labor shortages and

The Municipal Securities Rulemaking Board’s revenues took a hit in 2022, reflecting a tough year for the municipal bond business as underwriting fees fell sharply.  That’s according to the MSRB’s 2022 Annual Report, which showed the board’s total assets in 2022 drop to $68 million, down from $78.5 million in 2021 and $83.1 million in

Plans for a youth sports destination in Arizona to refinance its way out of financial trouble have yet to come to fruition, and the clock appears to be ticking. Bell Bank Park, which opened on schedule in January 2022 and publicly claims to be a smash success, with 4.3 million guests in its first year,

New York City’s $102.7 billion fiscal 2024 budget is balanced and maintains a record level of reserves while holding spending in check even as economic uncertainty casts a shadow over the city’s recovery from the COVID-19 pandemic. Still analysts bemoaned the lack of additional monies for the rainy-day fund, especially with potential budgetary challenges from

Moody’s Investors Service upgraded southern New Jersey’s Cooper Health System to A3 from Baa1. The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating. The upgrade comes as the nonprofit hospital operator, marketed as Cooper University Health Care, begins to carry out a $2 billion ten-year

Municipals were firmer Thursday as inflows into muni mutual funds returned and triple-A benchmarks continued to fall, underperforming a U.S. Treasury rally after the consumer price index report showed inflation is cooling. Equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 62%, the 10-year at 68% and the 30-year at 91%,

Muni leaders are airing disagreements and concerns about the Financial Data Transparency Act and other recent developments, highlighting some long-simmering tensions over how issuers disclose information to the market. The multi-pronged discussion on FDTA and other hot topics occurred Thursday at the Richard Ravitch Public Finance Initiative Launch Symposium sponsored by the Volcker Alliance and

Federal Reserve Bank of Philadelphia President Patrick Harker said the central bank should lift interest rates in quarter-point increments “going forward” as it approaches the end point in its most aggressive tightening campaign in decades. “I expect that we will raise rates a few more times this year, though, to my mind, the days of

Federal Reserve Bank of Boston President Susan Collins said she’s leaning toward supporting a quarter-point interest rate hike at the central bank’s next meeting ending Feb. 1 as officials near a peak in borrowing costs. Downshifting to a smaller move from the more aggressive rate increases the Fed rolled out last year would give officials

The top municipal underwriters accounted for $359.725 billion in 7,896 issues in 2022, down from $457.080 billion in 11,860 transactions in 2021. BofA Securities remained in the top spot despite accounting for considerably fewer transactions and market share than in 2021. Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with only Barclays

Municipals were slightly firmer in spots, while U.S. Treasuries were weaker and equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 61%, the 10-year at 66% and the 30-year at 89%, according to Refinitiv MMD’s final 3 p.m. ET read. ICE Data Services had the three at 58%, the five at

Texas is forecasting a record $32.7 billion budget surplus as a surge in sales taxes boosts the government’s revenue by billions more than what analysts had estimated.  The expected surplus, also called a cash carryover balance, is the largest on record for the Lone Star State and 21% more than the $27 billion forecast in July, Comptroller

South Carolina Gov. Henry McMaster’s $36 billion budget proposal for fiscal year 2024 seeks to raise capital spending without adding debt and bolster reserves. McMaster told lawmakers in a letter last week he wants to take full advantage of the state’s unexpected $3.8 billion budget surplus ahead of a potential recession. “South Carolina’s booming economy

Municipal yields fell Friday ahead of a heavier new-issue calendar while U.S. Treasuries and equities rallied after the latest jobs report offered signs that may suggest inflation will be cooling. Triple-A benchmark yields fell six to 15 basis points, depending on the scale, pushing the 10-year muni below 2.50% and the 30-year muni below 3.50%.

In her inaugural address, Massachusetts Gov. Maura Healey affirmed her administration’s commitment to overhauling the state’s public transportation infrastructure. “The state of our trains and roads and bridges today is unacceptable,” Healey said Thursday, adding there was an “urgency” for capital development of the state’s neglected transportation infrastructure as she took office. Her plan calls

Chicago sent a $242 million supplemental payment to its pension systems, making good on a funding policy adopted as part of the 2023 budget that helped lift its one junk rating back into investment-grade territory. Efforts to better align expenses with recurring revenues, shed one-time maneuvers like scoop-and-toss debt restructuring, and complete a move to

The crisis that has engulfed Republican House leadership this week, whatever the outcome, could complicate the public finance agenda in the 118th Congress. For issuers, an emergent ultra-conservative influence in the House could raise the risk of a government shutdown and bring fresh scrutiny to key topics like the so-called PAYGO waiver for tax subsidies,

A federal judge’s dismissal of former Arizona Gov. Doug Ducey’s lawsuit challenging the Biden administration’s request that the state stop spending federal relief money on schools that do not have mask mandates won’t impact the state’s other litigation related to clawbacks of relief money used for tax cuts. The move follows Ducey’s motion for dismissal,

Public finance banking industry veteran Sean Boyea has joined Siebert Williams Shank & Co. as a managing director in Sacramento. Boyea brings more than three decades of public finance experience to the minority- and women-owned heavyweight, and will launch its office in California’s state capital. “SWS has a rich history for being opportunistic during economic