Bonds

Just past the two-year anniversary of the Inflation Reduction Act, states have captured an average of 7% of the Biden administration’s signature climate legislation potential funding opportunities. That’s according to an Aug. 13 report from clean energy think tank RMI, which adds that the small number “makes sense” since use of the tax credits that

Municipals were little changed Friday ahead of the holiday weekend as U.S. Treasuries lost ground while stocks rallied. Triple-A yields closed the week little changed while USTs saw yields rise three to five basis points. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 64%, the five-year at 65%, the 10-year at 69%

The South Carolina Transportation Infrastructure Bank’s revenue bonds were upgraded to Aa2 from Aa3 by Moody’s Ratings, following a change in the rating agency’s methodology. It was one of 225 credits Moody’s placed on review for possible upgrade July 25 when it released a revised rating methodology for “certain debt instruments supported by a pledge

Fitch Ratings revised the outlook to positive from negative on $1.2 billion in private-activity bonds issued to pay for Los Angeles World Airport’s people mover project. Fitch also affirmed the BB-plus rating on the two series of senior lien revenue bonds issued through the California Municipal Finance Authority for LINXS, the consortium of private companies

August saw an increase in supply for the eighth consecutive month as pent-up demand and front-loaded issuance led issuers to tap the capital markets, leading to the highest monthly total volume for August on record. August’s volume reached $49.174 billion in 873 issues, up 25% from $39.33 billion in 827 issues in 2023. August’s total

Federal Reserve chair Jerome Powell said in a speech in Jackson Hole, Wyo., in August that inflation has been cooling to the point where the central bank is willing to cut the Federal Funds Rate for the first time in four years. Bloomberg News Inflation continued to show signs of easing in the Federal Reserve’s

A proposal to help solve California’s property insurance crisis would tap the bond markets and could involve billions of dollars in debt issuance. The debt would be issued through the California Infrastructure and Economic Development Bank. Assembly Bill 2996 authored by Assemblymember David Alvarez, D-San Diego, would help stabilize the insurance marketplace by bolstering the

A business group filed a lawsuit Thursday challenging the constitutionality of a 2021 Texas law that punishes banks and other financial firms for “boycotting” the fossil fuel industry. The case, brought by the American Sustainable Business Council against Texas Comptroller Glenn Hegar and Attorney General Ken Paxton in federal court in Austin, claims the law

Municipals were little changed while U.S. Treasury yields rose and equities ended mixed. Municipal bond mutual funds saw inflows as investors added $1.047 billion to funds after $512.9 million of inflows the week prior, according to LSEG Lipper. This marks nine straight weeks of inflows. <img src=”https://public.flourish.studio/visualisation/19228117/thumbnail” width=”100%” alt=”chart visualization” /> High-yield continued to show

The Municipal Electric Authority of Georgia’s $373 million of subordinated bonds are scheduled to price on Sept. 5. The bonds are rated A2 by Moody’s Ratings and A-minus by both S&P Global Ratings and Fitch Ratings. The ratings have stable outlooks. BofA Securities will serve as senior manager and Goldman Sachs and Wells Fargo Securities

The Colorado Legislature wrapped up a special session Thursday with the passage of a bill to circumvent property tax cut initiatives on the Nov. 5 ballot that troubled the state’s municipal bond market. House Bill 1001 incorporates a deal with Initiative 50 and 108 backers, who agreed to remove the measures from the ballot and

Nebraska Gov. Jim Pillen last week signed into law a package of bills that includes caps on spending authority for local cities and counties. Their signing follows a concerted push by Pillen to pass property tax reform by calling a special session of the legislature on July 25.  The governor’s plan originally was to secure

Municipals were mostly steady Wednesday as the largest deals of the week priced and the Investment Company Institute reported more than $1 billion of inflows into municipal bond mutual funds. U.S. Treasuries were little changed throughout most of the curve and equities ended down near the close. The two-year muni-to-Treasury ratio Wednesday was at 63%,

A class-action lawsuit filed Monday by Austin, Texas, property taxpayers against the city seeks the elimination of $187 million in property tax revenue allocated in the 2024 tax year for a light-rail project. The litigation is the latest salvo in a legal battle over the ability of the Austin Transit Partnership, a nonprofit corporation created

A San Diego County joint powers authority plans to issue $433.3 million in tax-exempt interim notes to provide construction financing for an advanced water purification project. The East County AWP Joint Powers Authority plans to price the notes on Sept. 4 in two parts: $369.6 million and $63.6 million. Truist Securities is senior manager and

Fitch Ratings downgraded Guilford County, North Carolina’s issuer default rating and general obligation debt to AA-plus from AAA on Friday afternoon, reflecting a material increase in its debt load and “midrange” demographic and economic developments. Simultaneously, Fitch downgraded the county’s lease obligations to AA from AA-plus. The outlook is stable. The county had $673 million

Municipals were steady Monday as U.S. Treasuries were slightly weaker and equities ended mixed. The two-year muni-to-Treasury ratio Monday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year at 71% and the 30-year at 87%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year

Federal Reserve Chair Jerome Powell’s speech in Jackson Hole Friday removed any uncertainty of a rate cut at the Fed’s September meeting, pushing U.S. Treasury yields lower on the short end, with municipals following suit, while stocks rallied on the news. “Powell has rung the bell for the start of the cutting cycle,” said Seema

The end is near for a 52-year public-private partnership that built a managed lanes toll road project in the Houston area, with the Texas Department of Transportation announcing Friday the state intends to take over the project’s operation in October. The move came after financing for the P3 termination was cleared Thursday by the Texas

Major infrastructure improvements will aid the U.S. Virgin Islands Water and Power Authority’s finances in the coming months and years, officials said. WAPA is under extreme financial pressure, according to board members, and its electric system revenue bonds were rated CC, before Fitch Ratings withdrew the rating in December. The Federal Emergency Management Agency approved