Bonds

Municipals were weaker on the long end of the curve, largely ignoring the U.S. Treasury rally where yields fell double-digits Thursday, while outflows from municipal bond mutual funds returned. Equities made gains. Triple-A yields were cut up to three basis points while UST saw yields fall 12 to 16 basis points 10-years and in. Muni

The U.S. Court of Appeals for the First Circuit ruled Puerto Rico must pay $400 million eminent domain claims in its bankruptcy, despite the Oversight Board’s arguments to the contrary. The ruling will not affect the amount bondholders are legally owed but will affect how much money the Puerto Rico government has to make the

Prescott Valley, Arizona-based nonprofit charter school operator Park View School filed for bankruptcy protection July 21 following years of financial mismanagement and a federal enforcement action targeting a fraudulent municipal bond offering. Bond holders have a lien on the school, which listed $9.4 million in liabilities and $9.7 million in assets, according to court documents.

Pennsylvania has revamped its law governing public-private partnerships in the wake of a court decision that struck down a high-profile P3 bridge program. The new law voids the Pennsylvania Department of Transportation’s ability to impose tolls to pay for the $2.5 billion Major Bridge P3 Initiative. It also reduces the department’s ability to impose user

A rise in interest rates since last year will mean heftier-than-expected charges on electricity bills for Oklahoma ratepayers in the wake of the first of four state-sanctioned utility securitizations related to 2021’s Winter Storm Uri. The $761.6 million taxable bond sale through the Oklahoma Development Finance Authority closed on Wednesday, just days after a state

Federal Reserve Chair Jerome Powell recently sold more than $1 million of municipal bonds issued by various entities across the U.S. as tough new ethics rules took effect for central bank officials in the wake of a trading scandal last year. The 22 separate transactions on June 30, with a total value ranging from about

Riders are not returning to New York City’s public transportation system as fast as expected and this may place the Metropolitan Transportation Authority in a difficult financial position as federal funds dry up, according to a report. Even as the drop in riders has left revenue well below pre-pandemic levels of 2019, the MTA has

Though the fortunes of state pension plans made a 180-degree turn as the stock market fell this year, only a handful appear to be at risk of insolvency over the next few decades. “Most public plans are fragile, not distressed,” said Anthony Randazzo, executive director of Equable, a bipartisan non-profit that works with public retirement

All municipal bond insurers wrapped $18.306 billion in the first half of 2022, a decrease from the $20.842 billion of deals done in the first six months of 2021, according to Refinitiv data, but the overall insured market rate was 8.8%, higher than the 8.4% for the first half of 2021. The figures align with the

The Puerto Rico Oversight Board said it opposes a just-enacted law that walks back some pro-employer rules put in place five years ago and demanded the governor suspend enforcement of it, arguing it will harm economic growth and island revenues. Gov. Pedro Pierluisi rejected the board’s request to publicly announce suspension of Act 41’s enforcement,

The Municipal Securities Rulemaking Board will continue its efforts to improve post-trade transparency, as it plans to discuss a potential request for comment on Rule G-47 on time of trade disclosures during its quarterly meeting July 27-28. “The Board will discuss the status of its ongoing retrospective rule review and consider authorizing a new request

Municipals were steady to firmer in spots in lighter secondary trading amid an active primary while U.S. Treasuries were range-bound and equities were in the black. Muni to UST ratios were at 62% in five years, 80% in 10 years and 95% in 30 years, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services

Hospitals will need to raise rates, cut costs and implement “transformational” change to combat inflationary-driven pressures that are damaging margins and setting back the sector’s COVID-19 pandemic recovery, according to a Fitch Ratings report. “Not-for-profit hospital operating margins, which declined during the pandemic, will see further erosion due to ongoing inflationary pressures of elevated labor,

Climate mitigation efforts in cities with high risks of flooding will pay less in bond and insurance premiums if measures are taken to curb such activity. That’s according to a recent paper by Anya Nakhmurina, assistant professor of accounting at Yale School of Management and Shirley Lu, assistant professor at Harvard Business School’s accounting and

Fresh off a whirlwind of visits to investors and meetings with rating agencies, Florida officials are confident the state’s finances will remain in good shape no matter what the future holds. In a yearly deep dive into its finances, Florida officials met with analysts at Moody’s Investors Service, S&P Global Ratings and Fitch Ratings as

Despite resolving the largest bankruptcy in municipal market history, issues with the local government and questions over economic growth cloud Puerto Rico’s future, analysts and Oversight Board officials say. The Puerto Rico Oversight, Management, and Economic Stability Act helped restructure Puerto Rico’s debt and made some progress in budget reform, Center for a New Economy

Municipals were steady to weaker in spots Tuesday as the $800-million-plus general obligation bond deal from the state of Washington took focus in the primary. U.S. Treasuries were weaker and equities rallied. Triple-A yields rose a basis point while UST saw yields rise again, as much as five to six, with larger losses on the

Final financing deals are nearly complete for two long-planned commuter rail projects billed as transformational for the Northwest Indiana corridor that sits in the shadow of Chicago along the Lake Michigan shoreline. Both Northern Indiana Commuter Transportation District projects achieved major milestones in June. The Indiana Finance Authority closed on a $203.3 million federal Railroad

Municipal bond fund flows have a direct impact on borrowing decisions made by issuers held in the fund, argues an academic paper presented Tuesday at Brookings Municipal Finance Conference that sheds light on the little-studied question. But the relationship may appear less clear in the real-world experiences of some market participants. The impact, if any,

Local governments plan to spend the majority of their Infrastructure Investment and Jobs Act funds on roads, with water and broadband projects also getting high priority. That’s according to a joint survey by the National League of Cities and Polco, in which 82% of respondents said they intended to spend federal dollars on roads, bridges