Bonds

West Virginia municipalities will receive fresh federal funds to address dated waste infrastructure networks long overdue for upgrades. The U.S. Department of Agriculture’s Rural Development Program will provide $2.2 million for “18 critical projects across West Virginia,” the state’s two senators said Tuesday in a news release, supporting efforts ranging from upgrades to telecommunications technology

Municipals were little changed Thursday, while U.S. Treasuries were weaker and equities sold off. The three-year muni-UST ratio was at 61%, the five-year at 65%, the 10-year at 69% and the 30-year at 94%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the three at 63%, the five at 66%, the 10

Puerto Rico Electric Power Authority bondholders objected to the Oversight Board’s proposed plan of adjustment and asked that the discovery process begin immediately. “There is no conceivable benefit to interested parties or the court from forcing all parties to sit on their hands for more than two months before plan-related discovery begins, only then to

The Michigan Department of Transportation has delayed plans to sell $1.9 billion of trunk line road bonds as it confronts “project cost changes and other pressures.” In September, the departmentsaid it would tap all $1.9 billion of its remaining borrowing authority under the $3.5 billion Rebuilding Michigan road program with an eye to entering the

Placer County, California, has been a leader in creating public finance solutions. Much of that, according to public finance professionals and county leaders, can be attributed to one person: Jenine Windeshausen, the county’s long-serving treasurer-tax collector, who is retiring at year-end. “Jenine gained a reputation for bringing creative financial solutions, and innovative entrepreneurial programs and

Sen. Pat Toomey, R-Pa., introduced legislation Wednesday that would eliminate more than half of the regional Federal Reserve banks and subject the remaining banks to additional federal rules and restrictions. The bill, titled the Federal Reserve Accountability Act, would reduce the number of regional Federal Reserve banks from 12 to five; require bank presidents to

Florida is so well positioned economically that it should see stability through future economic cycles despite threats from rising inflation and higher interest rates, according to a report from the state Division of Bond Finance. “We continue to position ourselves well for the future,” Ben Watkins, director of the division, told The Bond Buyer. “This

Municipals were weaker across the curve Tuesday with the short end being hit the hardest, causing the muni curve to invert further. U.S. Treasuries extended their selloff out long and equities reversed losses to close out in the black. Triple-A municipal yields rose up to 10 basis points on the one year, depending on the

The big news from the Federal Open Market Committee meeting of Dec. 13-14 was the Fed’s more hawkish than expected announcements about a higher target for Fed funds rates in 2023 after November consumer price index core data showed that inflation is continuing to decline. This isn’t totally unexpected, however, as the Fed (and other

S&P Global Ratings lifted the University of Illinois back into the double-A category citing the flagship public university’s surpluses and healthier state government finances that reduce the threat of aid cuts. S&P last week raised the rating to AA-minus from A-plus. The upgrade impacts auxiliary facilities system revenue bonds and certifications of participation. The university

Municipals ended the week little changed ahead of a paltry new-issue calendar as the market winds down for the year. U.S. Treasuries were mixed and equities ended the week in the red. Muni-UST ratios were little changed Friday. The three-year muni-UST ratio was at 62%, the five-year at 67%, the 10-year at 71% and the

States have never spent more money, as general fund spending for all states topped $1.08 trillion for fiscal year 2022, an 18.3% increase over FY 2021 levels and the highest annual growth ever recorded by the National Association of State Budget Officers’ Fiscal Survey since its inception in 1979. That’s due to a number of

The clock is ticking on Congress waiving PAYGO for Build America Bonds, a budget bear trap that could delay promised subsidy payments totaling $14 billion to issuers. The dilemma has been a constant irritant to the muni market issuers who have based their budgets on promises of getting reimbursed by the federal government for bonds

The U.S. House of Representatives has passed a bill that would give Puerto Rico voters a chance to vote for statehood or other options, but it is unlikely to make it through the Senate and become law this session. The U.S. House voted 233 to 191 in favor Thursday, with all Democrats and 16 Republicans

An Oklahoma legislator has once again filed a bill prohibiting government contracts with companies, including banks that underwrite municipal bonds, if they “discriminate” against the firearm industry. Republican State Sen. Casey Murdock authored a similar bill that fell short of passage in the 2022 legislative session. “The bill actually had wide margins of support in

The Capital Region Medical Center in Missouri will hold an investor call Monday as it works to finalize a forbearance from 2022 covenant defaults in an effort to buy time to stabilize its troubled financial condition. Capital Region reported non-payment related defaults in a Dec. 8th post on the Municipal Securities Rulemaking Board’s EMMA website.

Cities, towns, counties and states will be required to standardize their financial information in machine-readable format by 2027 under a provision included in the defense authorization bill that President Joe Biden is expected to sign into law. The Senate Thursday overwhelmingly approved the $848 billion National Defense Authorization Act of 2023, which includes the Financial

In an attempt to further sever the state’s financial ties with businesses that have divested from the fossil fuel industry, Kentucky lawmakers are mulling new anti-ESG investment regulations. Attorney General David Cameron affirmed his support for expanding disclosure rules for environmental, social, and governance-related investments by major banks and businesses, and giving the state wider

The Securities and Exchange Commission has proposed a new Regulation Best Execution that would establish a best execution standard, mandating that dealers in any transaction with a customer or a customer of another broker-dealer use reasonable diligence to determine the best market for the security and buy or sell so that the price is as

Short-end municipals saw continued pressure Wednesday, further inverting the muni curve, while Fed Chairman Jerome Powell’s hawkish comments sent traders digesting the Fed’s next moves after the Federal Open Market Committee hiked rates 50 basis points. U.S. Treasuries ended the session slightly better after see-sawing post-FOMC and equities closed with losses. In his post-FOMC meeting