Chicago’s O’Hare International Airport Monday won final federal approval to launch construction on a global terminal project that is a centerpiece of the airport’s 10-year, $12.1 billion capital plan. O’Hare is “an absolute powerhouse that in turn makes Chicago and Chicagoland a powerhouse for the American economy,” Transportation Secretary Pete Buttigieg said Monday when
Bonds
The U.S. Supreme Court declined to consider a teachers’ union appeal of the Puerto Rico plan of adjustment, rejecting the petition for certiorari Monday morning. The plan of adjustment, which went into effect in March, freezes future accruals under the teachers’ defined retirement benefit plan held by those in the plan prior to August 2014
Municipals were little changed in light trading Monday as a holiday-shortened week with lackluster supply kept it steady for the asset class, while U.S. Treasuries were mixed and equities ended down. The three-year muni-UST ratio on Monday was at 64%, the five-year at 70%, the 10-year at 76% and the 30-year at 92%, according to
Municipals were steady to firmer in spots Friday ahead of a holiday-shortened week and a light new-issue calendar. U.S. Treasuries closed out weaker and equities ended the week with small gains. Triple-A yields were little changed to bumped by up to four basis points, depending on the curve, while U.S. Treasuries saw yields rise by
Triple Five, owner of the American Dream mall in New Jersey, has struck a deal with a group of creditors led by JP Morgan that grants the developer a four-year extension on overdue construction debt. The agreement has the potential to ease pressure on $1.1 billion of tax-exempt bond debt taken on separately to finance
Construction will begin early next year on a public-private partnership to build a $4.2 billion terminal at John F. Kennedy International Airport after the team locked in financing and federal environmental approvals this week. “This has been a long and difficult road,” said Port Authority of New York and New Jersey Executive Director Rick Cotton
Evidence shows that the states are collecting and spending more money due to federal action and a tax collection boon, a trend that started two years ago. “Over the past two years total state spending has been heavily impacted by federal COVID-19 aid and rising state tax collections,” said Brian Sigritz, director of State Fiscal
Despite the impact from Hurricane Ian in Florida, the state’s labor force increased by 36,000 in October with Florida’s private sector adding 35,000 of those jobs. This was the 30th straight month that jobs were created in Florida, while private-sector job growth has exceeded the national pace for the past 19 months, the Department of
PFM this week hired Nathaniel Singer, whose career spans nearly four decades in the municipal derivatives and advisory space, as a senior director and financial advisor. Singer, who started Wednesday, reports to Dan Hartman, chief executive officer of PFM. Singer will collaborate with professionals and practice groups across the firm and focus on all financial
Municipals improved again Thursday pushing the 10-year triple-A yield firmly below 3% while inflows into municipal bond mutual funds returned after 14 consecutive weeks of outflows. U.S. Treasuries saw losses and equities ended down after Federal Reserve officials tempered expectations of a slowdown in rate hikes. Triple-A yields fell by three to six basis points,
A $3.4 billion bond issue to securitize costs incurred by Texas natural gas providers during 2021’s Winter Storm Uri appears to be on track for pricing at the end of this month. Members of the state’s Bond Review Board, who have until the end of Friday to call for a full review of the transaction,
Municipals rallied across the yield curve Wednesday, outperforming U.S. Treasuries and seeing the greatest gains out long after stronger retail sales data signaled the Fed’s tightening is not yet over, pushing equities into the red. Retail sales increased 1.3% in October, slightly above the consensus forecast of 1.0% and a significant improvement from the flat
South Dakota-based Sanford Health and Minnesota-based Fairview Health Services will take another shot at merging, nearly 10 years after a previous attempt ran up against a political roadblock. The two systems Tuesday signed a non-binding letter of intent to combine and create a new health system. The systems would each retain their own regional presence,
The Puerto Rico Electric Power Authority fuel line lenders said they have a document to stop the Oversight Board from getting its proposed restructuring approved. The document, the board’s agreement with former PREPA fuel provider Vitol for its support of the restructuring, will make it very difficult for the judge to accept Vitol as a
Voters in South Carolina mandated permanent contribution increases to the state’s reserve accounts by approving two ballot measures in last week’s election. Both, passed with just over 60% of the popular vote,amendthe state’s constitution.. The first ballot measure requires annual contributions to the General Reserve Fund to increase to 7% of the previous year’s revenue
The Missouri Highways and Transportation Commission heads into the market Tuesday with a $489 million new money deal with a new AAA rating attached to the third-lien paper. The commission will take competitive bids on the offering of third-lien state road bonds. PFM Financial Advisors LLC is advising. Gilmore & Bell PC and Bushyhead LLC
Since the start of the COVID-19 pandemic Puerto Rico’s employment picture has improved much more than that of the U.S. Virgin Islands, according to a Federal Reserve Bank of New York official. From February 2020 to September of this year, Puerto Rico’s employment has increased by a “very strong” 6%, said Jaison Abel, head of
Chester, Pennsylvania, has filed for Chapter 9 bankruptcy. The petition was filed Thursday in the United States Bankruptcy Court for the Eastern District of Pennsylvania. In its Chapter 9 filing, the city’s receiver listed estimated liabilities of between $100 million and $500 million with assets of between $10 million and $50 million. The city has
Chicago could win an upgrade into the single-A category if its new pension funding policy remains on track, S&P Global Ratings said in shifting the city’s general obligation outlook to positive from stable. S&P revised the outlook on the city’s BBB-plus general obligation rating Thursday, the same day Kroll Bond Rating Agency lifted the outlook
Most members of the House Municipal Finance Caucus appear to have won re-election in Tuesday’s tight midterm elections, while key advocates of state and local tax reform will be exiting the stage next year. As results continued to trickle in Friday, Republicans were on track to gain a narrow majority in the House and Democrats
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