Bonds

Federal Reserve Board Gov. Christopher Waller said climate change poses risks to banks, but not at a scale warranting new regulatory or supervisory standards. Speaking at an event on Thursday at Spanish university in Madrid, Waller said any attempt to set policies around climate change would be outside the Fed’s statutory authorities and expose the

A major sticking point in the Puerto Rico Electric Power Authority bankruptcy is the discrepancy over the size of bondholders’ claim, with the Oversight Board and bond parties $6.5 billion apart. The board, in a filing Tuesday, placed the value at 24% of principal and pre-petition interest due at time of the bankruptcy petition in

Colorado lawmakers wrapped up their legislative session this week with the last-minute passage of a plan to ease a big tax hit for property owners due to rising assessed values, with the state stepping in to replace some revenue lost by local governments and schools. Gov. Jared Polis and members of the Democrat-controlled legislature last

Several members of Congress introduced a bill to permanently raise the rum cover rate supporting some U.S. Virgin Islands and Puerto Rico bonds. The rum cover, a tax on rum sold in the 50 states, provides a revenue stream supporting USVI matching fund bonds and Puerto Rico Infrastructure Finance Authority rum bonds. The rate had

Fintech company Munichain is rolling out its workflow management tool to a larger audience. Munichain, which was formed in 2022, attempts to break down the walls between external firms through the workflow management application, said Michael Lieberman, co-founder and head of product management at Munichain. The application, also called Munichain, is a web-based tool that

Massachusetts state senators intend to leave Gov. Maura Healey’s $748 billion tax cut package intact in their redrafted budget proposal despite falling state revenues. The fate of Healey’s tax-relief plan, which features a mix of tax rate cuts and policy changes including an expanded child and family tax credit, and was a centerpiece of her

The public health care system in Texas’ biggest county is seeking $2.5 billion of bond authorization to address critical capacity problems at its two hospitals, which serve a fast-growing population. The Harris Health System Board of Trustees unanimously agreed late last month to ask Harris County commissioners to place the bonds on the November ballot,

Municipals were steady to close out the week, while U.S. Treasuries sold off on the heels of a stronger-than-expected jobs report. Equities rallied. Stronger-than-expected hiring and wage growth data on Friday caused “[UST] bond yields to climb while equities are advancing because the data is helping alleviate concerns of a potential recession,” said José Torres,

Highland Park, Michigan, would get a $20 million lifeline under an appropriation Senate Democrats put in their version of the state budget to help pay down a $24 million water and sewer debt the city has warned could drive it into bankruptcy. The city just north of Detroit owes the Great Lakes Water Authority $24

The Seattle region’s Central Puget Sound Regional Transit Authority has racked up another series of low-interest loans from the federal government, totaling $327 million. So far, Sound Transit, a light rail, commuter rail and express bus service serving the Seattle metropolitan region, is the largest beneficiary of the U.S. Department of Transportation’s Build America Bureau,

New Jersey faces the uncertain economic conditions ahead with historic reserves, a trimmed-down debt profile, and a slew of upgrades from the major bond rating agencies. The state has received six upgrades in a little over a year, including four in April alone, one from each of the four major rating agencies. The Kroll Bond

Federal Reserve Bank of St. Louis President James Bullard said he thinks the U.S. central bank can still achieve a soft landing, with inflation returning to the Fed’s 2% target without triggering a significant downturn. “Yes, the economy could go into recession, but that’s not the base case,” Bullard told the Economic Club of Minneapolis

Wells Fargo’s role as senior manager in a potential $500 million bond sale for the Oklahoma Turnpike Authority is under review after the bank landed on the state treasurer’s list of companies banned from government contracts.  The 13 financial institutions on the list released Wednesday were determined to be boycotting the oil and gas industry

Municipals improved Thursday while outflows from municipal bond mutual funds rose to more than $800 million. U.S. Treasuries were better on bonds five years and in and equities ended down as more news of troubled regional banks and the continued debt ceiling standoff in Washington hangs over markets. Triple-A benchmarks were firmer, with yields falling

Oklahoma’s state treasurer tagged three of the nation’s largest investment banks as fossil fuel industry boycotters, making them ineligible to do business, including municipal bond underwriting, with the state and local governments. Wells Fargo, JP Morgan Chase, and Bank of America are on an initial list released Wednesday of 13 financial institutions determined to be

Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s

Complimentary access to top ideas and insights — curated by our editors. A long-awaited extension and renewal of the Northeast Corridor rail link, a proposed bullet train connecting Portland and Vancouver in the Pacific Northwest, and Infrastructure Investment and Jobs Act funding for a number of large bridge projects around the country are among the

The Virginia Public School Authority plans to issue $63.2 million of School Technology and Security Notes to support the state’s capital program for school rehabilitation. The five-year, tax-exempt Series XI notes are expected to be issued by competitive sale in denominations of $5,000 on or around May 9, according to the authority. The school authority anticipates

Part one of a two-part series. Buyers of municipal bonds are mutual funds, insurance companies, banks, hedge funds and individuals. The goal of these buyers is to make a profit, and many of the institutional investors have a fiduciary duty to their shareholders to do so. Consequently, they do not take into account the impacts

Las Vegas, Nevada, had its issuer default rating upgraded to AA from AA-minus by Fitch Ratings, which cited favorable visitor trends, healthier-than-anticipated revenues and federal aid. A stable ratings outlook has been assigned. The upgrade affects the series 2004 limited tax general obligation bonds issued by the Las Vegas Special Improvement District. The special improvement