Bonds

The University of Arizona expects more strain on its cash flow in the coming fiscal year as it offered a peek at underlying assumptions for its next budget. In a presentation to a Arizona Board of Regents committee on Thursday, the university’s preliminary forecast of days cash on hand for fiscal 2025 showed it slipping

Struggling Pennsylvania hospital chain Tower Health plans to exchange current debt and raise additional funds as it pursues a turnaround.  The system, trustee and bondholders of about $992 million in debt are supporting an exchange of “substantially all” existing bonds, according to a May 31 agreement that Tower Health disclosed in a filing Monday on

The municipal bond market, fragmented and complex, is the original impact investment sector in US markets. If you read this newspaper for any period of time, this is not a novel statement. The idea first gained traction when a Silicon Valley startup raised millions in 2013 in part on this theme and extended into mainstream

Municipals were firmer Thursday as the primary market slowed and muni mutual fund inflows returned. U.S. Treasury yields were little changed and equities ended mixed. Triple-A yields fell another three to eight basis points, depending on the scale. The two-year muni-to-Treasury ratio Thursday was at 67%, the three-year at 67%, the five-year at 69%, the

Kentucky officials are still struggling with how to handle a troubled internet network project nine years after bonds to fund it were sold. Analysts say the KentuckyWired project has lessons on how public-private partnerships should be structured. The political wrangling in-state stands in contrast to rating agencies, who since September have issued the bonds an

Municipals were firmer Wednesday amid another heavy new-issue calendar, led by several large deals that saw yields lowered upon repricing. U.S. Treasuries yields fell further and equities ended up. Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists, led by Peter DeGroot. The negotiated calendar was led by $830 million from

St. John’s Lutheran Church sits three blocks from the Capitol in Madison, Wisconsin, in the heart of the up-and-coming East Washington corridor, where development is booming. Many of the developments cater to a well-heeled clientele, such as the Moxy Madison, a boutique Marriott hotel where weekend rates start at $341 a night. Or Archipelago Village,

A surprise primary result means Puerto Rico will have a new governor next year. Puerto Rico Resident Commissioner Jenniffer González Colón upset Gov. Pedro Pierluisi in the race for the New Progressive Party nomination for governor. The New Progressive Party supports statehood for Puerto Rico. As resident commissioner González Colón represents, without being able to

A Connecticut firm’s recent bankruptcy highlights the challenge of investing in the senior living sector, known throughout the muni market as one of the riskier areas, particularly in a post-COVID world. However, some market participants are still bullish, fueled by spread pickup, macro dynamics and demand-driven expansion.  The senior living sector has always been challenged,

The backers of a tax measure to shore up funding for ailing San Francisco regional transit providers, notably the Bay Area Rapid Transit District, pulled it amid opposition on several fronts. Sen. Scott Wiener, D-San Francisco, and Sen. Aisha Wahab, D-Hayward, who authored Senate Bill 1031, had promised further amendments as it moved to the

Connecticut is gearing up to issue $450 million of general obligation bonds aimed first to retail Monday, in a deal with many features that are popular in the current market, particularly more than half offered to taxable muni investors.  The bonds will also be buoyed by Connecticut’s brand — the state has developed a reputation

Municipal supply is set to top $14 billion next week, a high not seen in almost seven years, just as yields have hit year-to-date highs and relative value has improved. While participants expect some pressure ahead in the near-term, they also say the current yield and ratio set offers investors opportunity. The hefty primary next

Oregon economists in their June forecast predicted a 50-50 chance the state’s residents will receive a kicker tax credit in 2026 as revenues are coming in at a slow and steady pace. The state has a trigger mechanism that returns money to taxpayers every two years through a so-called kicker rebate if personal income taxes

On Tuesday, Moody’s changed its outlook on Maryland’s credit rating to negative from stable due to a depletion of the state’s general fund surplus, while affirming the state’s issuer and general obligation bond ratings at Aaa. The Maryland State Treasurer’s office isn’t showing a lot of concern.  “After hosting a successful briefing with all three

Houston Independent School District officials unveiled a massive $4.4 billion bond proposal for the November ballot that would address aging facilities, update technology, and improve security without increasing taxes. The plan, presented to the district’s Community Advisory Committee on Thursday, will be heading soon to the school board for a final vote on holding a

Issuance surged in May as Fed policy uncertainty, pent-up capital needs and mega deals helped volume top $40 billion for the month, the first time since 2016. May’s volume stood at $43.957 billion in 866 issues, up 46.9% from $29.919 billion in 802 issues in 2023. This is above the 10-year average of $35.896 billion.

Cabrera Capital Markets has hired ex-Citi banker Tom Rasmussen as a managing director to head municipal sales, trading and underwriting as it climbs up the rankings. Rasmussen, who worked at Citi for more than 33 years running and forming teams, said he couldn’t say no to the opportunity to run Cabrera’s municipal trading and sales

The Guam Power Authority plans to sell about $64 million of revenue refunding bonds in mid-July. The board of the Guam Consolidated Commission on Utilities on Tuesday approved the deal unanimously. The Guam legislature and Gov. Lourdes Leon Guerrero have already approved it. The Guam Public Utilities Commission was expected to approve it Thursday, said

Municipals sold off Wednesday following another weaker U.S. Treasury session while equities were down near the close. Muni yields rose two to 13 basis points, depending on the curve, coming on the tailwind of a market correction, said Brad Libby, a fixed-income portfolio manager and credit analyst at Hartford Funds. Mixed economic data has been

Colorado’s action to rein in rising property values are negative credit factors for some local governments, while public schools will benefit from a state funding boost, according to Moody’s Ratings.  Legislation signed into law May 14 by Gov. Jared Polis will limit annual property tax revenue growth to 5.5% starting in fiscal 2026 and make