Parties in the Puerto Rico Electric Power Authority bankruptcy showed themselves to be further apart than ever before, with the Oversight Board offering little beyond the current plan’s 4% recovery for non-settling bond parties and some bond parties suggesting they should get 100% of what they say is at least an $8.5 billion claim and

The Washington Metropolitan Area Transit Authority is issuing $625.4 million of second lien dedicated revenue bonds by negotiated sale July 8, which should yield an enthusiastic market response.    “As the interest on the bonds will be exempt in D.C., Maryland, and Virginia, I expect strong interest from in-state buyers,” said Patrick Luby, head of Municipals,

California’s presidential election ballot in November will include $20 billion dollars of statewide bond measures, with $20 billion more in one regional bond election. At the state level, lawmakers reached agreements last week on two $10 billion general obligation bond measures that were heading toward approval in floor votes this week. The measures were put

Municipals were a tad firmer ahead of the Fourth of July holiday, as U.S. Treasury yields fell and equities ended mixed. The Federal Open Market Committee meeting minutes released after the early market close signaled the Fed is in no hurry to cut rates. FOMC members saw inflation “diminishing” but still needed more evidence it

California’s controversial high-speed rail project cleared a major milestone Thursday when the authority overseeing the project approved final environmental clearance for the final, and possibly the most challenging, segment of the route. The California High-Speed Rail Authority’s approval of a Final Environmental Impact Report/Environmental Impact Statement during a two-day meeting last week marked the last

Reinvestment demand will remain strong in July, as large redemptions will support technicals and lead to positive returns. June saw $42.4 billion of redemptions, the highest redemption figure since August 2023, helped the muni market as new-issue buying last month was “pretty strong,” said Pat Luby, head of municipal strategy at CreditSights. Net supply for

When the west abutment on Minnesota’s Rapidan Dam partially failed last week, officials initially feared a total collapse.  The dam did not collapse, but storms caused water to overflow it, debris to clog parts of it and the flood flows to ultimately generate so much erosion that waters ultimately went around the dam. For days,

Municipals were steady Tuesday as U.S. Treasury yields fell and equities ended higher. The muni market will see few deals this week as issuers usually “take a breather” on coming to market during holiday-shortened weeks, noted senior vice president and director of strategic planning and fixed income research at SWBC Chris Brigati. Along with the

Miami-Dade County, Florida, was upgraded to AA-plus from AA by Fitch Ratings, which attributed the change to its new local government ratings criteria. The outlook is stable. Fitch cited the county’s “expected resilience to cyclical and noncyclical economic stressors due to its position as the primary anchor of the Miami-Fort Lauderdale-Pompano Beach [metropolitan statistical area],

Another $289 million in Airport Infrastructure Grants is flowing to 129 airports across 40 states as air travel in the US breaks new records. “This latest round of funding will support key improvements to terminals, runways, and baggage systems and build on the work this administration is doing to modernize our aviation infrastructure,” said Transportation Secretary