Bonds

The Financial Industry Regulatory Authority has fined Little Rock, Arkansas-based Crews and Associates $50,000 and its former head trader and chief executive Rush F. Harding $30,000 for their roles in selling municipal bonds with markups to an affiliated bank, with Harding having violated MSRB Rule G-18 on best execution and Rule G-17 on conduct and

Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget

While most U.S. states came out of the pandemic in relatively good economic shape, some warning signs are starting to emerge as money flowing into state coffers starts to slow. Municipal bond issuers may see their revenue streams come under pressure from a variety of possible threats. Inflation obscured the impact of declining revenue in

A ruling by federal officials that could make or break New Jersey’s first major offshore wind farm project is expected this summer. On Monday, the U.S. Department of Environmental Protection’s Bureau of Ocean Energy Management released its Final Environmental Impact Statement for the $1.6 billion Ocean Wind 1 project, a state-supported plan by Danish energy

How can women execs ascend to board leadership for nonprofits — and beyond? Jill Schwartz, a senior Bank of America investment banker who sits on the Women’s Bond Club board, discusses how she became a board director and what roles women are playing on boards and in finance now, in conversation with Chana Schoenberger, American

Governor Brian Kemp of Georgia on Thursday announced the recipients of $225 million of federal health and public facilities development grants funded by the American Rescue Plan Act of 2021. The state selected142 projects from a crowded field of proposals submitted by local governments and nonprofit organizations as per federal regulation that would help “improve

Hoping to fill some of its 784 vacant positions, the Kansas state government held a virtual job fair last week that attracted 204 participants. “These are good-paying jobs with excellent benefits, and we look forward to finding high-quality candidates that are passionate about contributing their talents for the betterment of Kansas,” Lt. Gov. and Secretary

Prominent bond traders said appetite for restructured Puerto Rico bonds is high and the future will likely bring greater market acceptance. Puerto Rico’s local government, through its Fiscal Agency and Financial Advisory Authority, brought the five traders to talk about the bonds at its PRNow conference in New York City Friday. “There’s an enormous demand

Economic and interest rate uncertainties greet the Pittsburgh Water and Sewer Authority’s planned sale of $257.9 million in water and sewer bonds as the authority mixes new money and refinancing in a deal with four distinct pieces. The deal is planned the week of June 4, according to an online “roadshow” presentation for investors. BofA

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension

Michigan trimmed its revenue estimates Friday to account for tax changes that carry a multi-billion-dollar price tag. The new projections could require roughly $600 million in reduced spending over what Gov. Gretchen Whitmer proposed earlier this year in the fiscal 2024 budget that would take effect Oct. 1. It relies on available revenue from what

Muni yields climbed even higher to end the week, while U.S. Treasuries were weaker and equities ended down. Muni yields, after outperforming USTs the prior week, “have adjusted higher in a hurry this week in sympathy with the UST selloff,” said Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel. Triple-A benchmark yields rose four

Terri Velasquez is ending her term as president of the Government Finance Officers Association with a full year of accomplishments. Representing the city of Aurora, Colorado the 20-year GFOA veteran brought a toolkit full of policy innovation and technology solutions to a grateful organization.  Velasquez came into the presidency with a complete set of goals, some

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

Gerard “Jerry” Fernandez, Jr., a municipal bond attorney who spent nearly 67 years at Hawkins, Delafield & Woods LLP, and was known as an innovator in the public finance industry, died April 21 at the age of 93. After serving in the U.S. Navy as a lieutenant (JG) in the Pacific during World War II,

Short-term munis sold off Wednesday, as triple-A benchmarks rose in sympathy with U.S. Treasuries. Equities rallied. Muni yields rose seven to 12 basis points five years in, while USTs rose two to eight basis points. Performance-wise, Matthew Buscone, co-head of portfolio management at Breckinridge Capital Advisors, said the muni market has been soft this week.

Medaille University, a nearly 150-year old private university in Buffalo, New York, is closing its doors after failing to sell itself to a nearby college.  Universities across the country are facing more financial pressure as fewer students enroll and expenses rise. Medaille’s enrollment fell to about 1,537 full-time students in 2021 from about 2,340 a decade earlier,

Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board’s proposed amendments to Rule G-40 on advertising by municipal advisors and Rule G-8 on books and records of municipal advisors. The amendments to Rule G-40 allow municipal advisors to use testimonials in advertisements beginning July 3 and are being welcomed by MA representatives.

Jackson County, Missouri, hits the market with a $260 million special obligation issue that will wrap up financing for a new jail complex long in the works that was chosen as the best option to deal with overcrowding and other public safety and mental health treatment goals. The bonds are expected to price as soon