Bonds

The public-private partnership between Red River Valley Alliance and the Metro Flood Diversion Authority won The Bond Buyer’s 21st annual Deal of the Year award for its bonds issued through the Public Finance Authority to reduce local flooding risk.  The issuance, which was the Deal of the Year in the P3 category, was one component

As the 117th Congress heads into its final weeks, negotiations are heating up over major bills that may affect municipal market priorities like bond subsidies, new financial disclosure requirements and disaster funding. Government funding under the current continuing resolution is set to run out Dec. 16, and lawmakers are haggling over terms of a fresh

For the second time this year, the trustee of bonds issued for the American Dream Mall in New Jersey drew down a reserve account to make a debt payment on $800 million of tax-exempt municipal bonds. Trustee U.S. Bank said in a notice to bondholders posted on the Municipal Securities Rulemaking Board’s EMMA bond disclosure

Salem, Oregon, officials plan to ask a judge to validate an infrastructure bond measure approved by voters in November’s election, that is in limbo because an essential paragraph explaining how bonds would be repaid was left off the ballot measure. City leaders revealed Thursday that the sentence required by statute was missing from the ballot

Municipals were little changed Friday as U.S. Treasuries pared back losses to end the day mixed after the morning shock of the hotter-than-expected jobs report sent them selling off. Equities ended mixed. The three-year muni-UST ratio Wednesday was at 62%, the five-year at 69%, the 10-year at 74% and the 30-year at 97%, according to

Flood-stricken Kentucky counties still struggling to repair water networks are set to receive $10.6 million in federal assistance to help turn the taps back on, Gov. Andy Beshear said in a press conference Thursday. “Water and sewage infrastructure will be the largest cost of rebuilding,” Beshear said, revealing the state’s most recent damage assessment for

A top-rated Texas program that guarantees public school bonds may be nearing a shutdown after its projected available capacity fell to just $653 million at the end of October.  The big drop from $3.52 billion at the end of September comes amid a huge wave of voter-approved school debt in the state. The Texas Permanent

Puerto Rico Electric Power Authority fuel line lenders reached a deal with the Oversight Board that would give them priority over bondholders’ treatment in the authority’s debt restructuring. The fuel line lenders’ $700 million claim would receive new PREPA bonds, the board said Thursday night in announcing the deal. “The principal to be paid on

As the federal government’s emergency COVID-19 aid dwindles, the New York Metropolitan Transportation Authority is looking at ways to restore its fiscal health in the face of a variety of challenges both new and old. The MTA’s proposed $19.2 billion budget for 2023 and its four-year financial plan both note that the $15 billion in

The Oklahoma Turnpike Authority willfully violated the state’s Open Meeting Act when it failed to disclose a $5 billion, bond-financed extension plan on meeting agendas earlier this year, according to the first major ruling in litigation seeking to derail the project. Cleveland County District Court Judge Timothy Olsen ruled Thursday that OTA agendas for January

Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain approved a one-week delay of Thursday night’s deadline for an Oversight Board proposed plan of adjustment. The mediators in the Puerto Rico Electric Power Authority bankruptcy asked earlier on Thursday for the delay, citing a lack of data and analyses they were seeking from the

Tribal governments have begun putting the $20 billion received from the American Rescue Plan’s State and Local Fiscal Recovery Funds to work, investing in 344 infrastructure and affordable housing projects consisting of a mix of clean water, water and sewer, broadband infrastructure and construction and rehabilitation of affordable housing. These and many other projects are

Puerto Rico government agencies and authorities completed their approval of extending LUMA Energy’s operation of the island’s electrical transmission and distribution system Wednesday. LUMA took over the system in June 2021 based on a short-term supplementary agreement that was supposed to be replaced by a 15-year Operating and Maintenance agreement on Thursday. However, that agreement

As the effect of the Infrastructure Investment and Job Act continues to infiltrate into efforts to rebuild the nation’s roads and bridges and stand up an electric vehicle support network, a certain amount of confusion may be restricting the flow of some of the funds. “Well intended new requirements such as the expansion of Buy

Municipals were firmer Tuesday in a constructive secondary market while two large new-issues from the New Jersey Transportation Trust Fund Authority and the Commonwealth of Massachusetts led the primary. U.S. Treasuries were weaker, and equities ended down. Triple-A benchmark yields fell up to seven basis points on the short end, depending on the scale, while

Anchorage, Alaska, received two rating downgrades ahead of plans to sell $105 million in general obligation bonds competitively on Dec. 6. Fitch Ratings downgraded the city’s issuer default rating to AA from AA-plus Nov. 22,maintaining a stable outlook; and S&P Global Ratings downgraded the city to AA from AA-plus Nov. 23, maintaining a negative outlook.

Municipals were better to start the week in constructive secondary trading while U.S. Treasuries pared back earlier gains to close the session mixed and equities ended in the red. Triple-A yields fell three to five basis points along the curve while UST were little changed to weaker by a basis point on the short end.

Baird has wooed three senior public finance bankers away from Oppenheimer & Co. as it continues to add strength to its municipal banking bench. The new hires — Chris Morse, Steve Simpson and Carlo Fitti — will work out of the employee-owned firm’s Philadelphia and Boston offices. The trio bring expertise in credit analysis with

Municipals saw healthy secondary trading on the short-end of the yield curve Wednesday, while U.S. Treasuries saw larger gains out long and equities improved after the Federal Open Market Committee minutes showed an expectation of slowing rate hikes. The improved tone continued Wednesday, with triple-A muni yields falling up to nine basis points on the

The U.S. higher education sector is pressured by declining enrollment and inflation-adjusted tuition revenue declines, according to Moody’s Investors Service and Fitch Ratings. In the current fiscal year median enrollment is expected to decline by 0.4% for private universities and by 1.3% for public ones compared to the preceding fiscal year, said Moody’s Senior Credit