Bonds

The Puerto Rico Oversight Board filed suit against Gov. Pedro Pierluisi regarding a labor law it says reduces the island’s economic growth and government revenues. The board is challenging Act 41-2022, which Pierluisi signed earlier this summer. It filed the suit Thursday night in U.S. District Court for Puerto Rico as part of the central

What should be a full pipeline of national projects supported by an influx of federal infrastructure funds is being stymied by a “severe” labor shortage in the construction sector, and government on all levels need to do more to address the problem. That’s the message from the Associated General Contractors of America on the heels

Oregon economists predicted both moderate revenue growth and the possibility of a recession during their September forecast. Economists told lawmakers this week that either way the heady days of overflowing coffers are over. Under the rosier outlook, residents get that kicker rebate if the state forecast of $600 million more revenues than what was forecast

The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge.  The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled

Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward

Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years

Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local

Mediators for the Puerto Rico Electric Power Authority restructuring asked the judge to extend the deal deadline from Sept. 9. The mediators asked PREPA bankruptcy Judge Laura Taylor Swain Thursday afternoon to extend the mediation, and deadline for a proposed deal, to 11:59 p.m. Atlantic Standard Time, Sept. 16, with the possibility of a further

Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum

Chicago O’Hare International Airport’s $1.77 billion sale drew about 39 new investors to the table Tuesday as healthy demand for the upgraded bonds made for a soft landing despite market volatility and a flood of airport bonds this year. With $6.3 billion in orders from 107 investors, the city shaved yields in a repricing that

Academy Securities continues to expand its national public finance platform with the addition of a career-long municipal banker and advisor, the firm said this week. Anton Voinov joins the veteran-owned and operated firm’s public finance division as a director and head of Southeast banking, a position the firm has been longing to fill to complement

Municipals were steady to weaker in spots Tuesday, while U.S. Treasuries were mixed and equities ended down. The two- and three-year muni-UST ratios are around 65% to 67%. The five-year was at 71%, the 10-year at 83% and the 30-year at 102%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five

Public power agencies notched a long-sought victory with the new climate law, which for the first time grants them access to tax credits for renewable energy projects. “This will be a sea change in how states and local governments and other tax-exempt entities approach the development of new and existing technology, including wind, solar, storage

Major pension legislation was cited as Vermont’s rating outlook was raised to stable from negative by S&P Global Ratings. In a report that also affirmed the state’s AA-plus general obligation bond rating, the rating agency said Vermont currently ranked sixth highest in the nation for unfunded retiree health care benefits and eighth highest for unfunded

Municipals were steady Friday, while U.S. Treasuries were mixed and equities sold off in the aftermath of Federal Reserve Chair Jerome Powell’s promise the Fed will keep raising interest rates to combat inflation. In light of the market’s concern over Powell’s speech at Jackson Hole, BofA strategists Yingchen Li and Ian Rogow “continue to view the Fed’s hawkishness as a better

UBS voluntarily resigned as a co-manager from a Texas city bond issue that priced this week in the wake of the company’s placement on the state comptroller’s list of fossil fuel industry boycotters. Kerrville, Texas, Finance Director Julie Behrens confirmed on Friday that UBS had “voluntarily withdrawn” from the city’s $44.4 million general obligation bond

The New York Metropolitan Transportation Authority is running out of money as federal aid declines and many riders have not returned to the mass transit system in the wake of the COVID-19 pandemic. By the end of fiscal 2024, the MTA estimates federal pandemic relief funds will be exhausted and projects budget gaps of up

U.S. Virgin Islands Water and Power Authority CEO Andrew Smith said he expects a court will order WAPA to repay employee pension contributions over time despite the pension organization’s suit demanding immediate repayment. The repayment plan would be to pay off the $2.2 million in past due employee contributions to the system that WAPA owes.

Former Stifel banker James Cervantes was appointed chair of the California Housing Finance Agency’s board of directors by Gov. Gavin Newsom. Cervantes, who joined the board earlier this year, retired from Stifel in October 2020. He was a Stifel California managing director and, for a time, ran Stone & Youngberg, acquired by Stifel in 2011.

Federal authorities Thursday gave final environmental approval to Maryland’s plan to add four toll lanes to the Capital Beltway. Gov. Larry Hogan’s signature project, which he hopes to deliver as a public private partnership, can now move toward finalizing a 50-year contract with Accelerate Maryland Partners, a consortium that’s led by Australian firms Transurban and