With 2023 municipal bond issuance of $59 billion, Texas wrested the title of top volume state from long-time debt behemoths New York and California. The debt, which was sold by Texas state agencies, cities, counties, schools, and others, and accounted for 15.5% of nationwide issuance, lifted the Lone Star State to the number one ranking
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Illinois saw an uptick in its fiscal fortunes in the past fiscal year, one of the few times the state’s net position has improved since that figure swung from black to red in to red in 2002. The net position includes tax collections and government services and measures the state’s assets relative to its total
The muni industry is looking forward to key tax legislation moving forward while also eyeing the possible sunset of key provisions of the Tax Cut and Jobs Act, though the number one priority of muni lobbyists remains the restoration of tax-exempt advance refunding. “We continue to work this issue tirelessly,” said Brett Bolton, VP, federal
Municipals were steady to firmer Thursday as outflows returned. U.S. Treasury yields rose and equities ended up. The two-year muni-to-Treasury ratio Thursday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services
Traders work on the floor of the New York Stock Exchange (NYSE) on the first day back since the Christmas holiday on December 26, 2023 in New York City. Spencer Platt | Getty Images News | Getty Images In each of the past 16 Decembers I have selected and invested personally in 10 of the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US has slapped sanctions on groups in Turkey and Yemen allegedly responsible for funnelling money to Iranian-backed Houthi rebels in a crackdown driven by their attacks on commercial vessels passing through the Red Sea.
Hawaii Gov. Josh Green unveiled last week a proposed $19.2 billion supplemental budget and the results of an oversubscribed $750 million general obligation bond sale. In his proposed budget, Green shifted some capital improvement spending from the general fund to bond funding, pointing to ongoing costs from the Aug. 8 Maui wildfire. Revenue expectations also
The New York Metropolitan Transportation Authority will hold public hearings and accept comments on its plans to implement a new series of tolls for vehicles entering Manhattan’s Central Business District. The 76-day public review process on congestion pricing plan started Wednesday and will run through March 11. The MTA will accept input from the public
The muni market saw a large uptick in taxable bond tenders as issuers saw an opportunity to restructure their debt portfolios to unload taxables that have been trading at deep discounts. Taxable bonds that could be replaced with tax-exempt debt “has been the main target market segment for bond tenders as late (close to 60% of total),
Pending home sales in November were unchanged compared with October and 5.2% lower than November of last year, according to the National Association of Realtors. The reading, which is based on signed contracts during the month, is a forward-looking indicator of closed sales as well as the most current look at what potential homebuyers are
Central bankers are rethinking their approach to economic forecasting after their high-profile failures to spot the most recent inflationary outburst, as officials argue for greater candour with the markets about the uncertainties they are confronting. The European Central Bank, the Federal Reserve, the Bank of England and other official forecasters failed to see how the
Municipals were steady to slightly firmer Wednesday as inflows returned to muni mutual funds. U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Wednesday was at 60%, the three-year at 60%, the five-year at 60%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv Municipal Market Data’s 3 p.m.
Puerto Rico’s General Fund has collected $212 million more than was projected in Q1 2024, and $207 million higher than was collected in the same period last year, the Financial Oversight and Management Board for Puerto Rico said. Fiscal year 2024 began on July 1 and despite the positive results, which were driven mostly by
Stay informed with free updates Simply sign up to the Aerospace & Defence myFT Digest — delivered directly to your inbox. The order books of the world’s biggest defence companies are near record highs after growing by more than 10 per cent in just two years because of rising geopolitical tension, including the conflict in
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. The EU is preparing a back-up plan worth up to €20bn for Ukraine, using a debt structure that sidesteps the objections of Hungary’s Viktor Orbán about funding the war-torn country. After EU leaders failed
Municipals were steady Tuesday as the last week of the year got underway. U.S. Treasuries were little changed and equities ended up. The two-year muni-to-Treasury ratio Tuesday was at 59%, the three-year at 59%, the five-year at 59%, the 10-year at 59% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m.
A controversial proposed pipeline to carry Colorado River water to the southwest corner of Utah is under attack from conservation groups that are urging the federal government to cancel the project. The Lake Powell Pipeline would transport as much as 83,700 acre-feet of water per year from the Lake Powell reservoir to Washington County, Utah,
The state of Michigan is paying down the debts of six local school districts – two of which have closed or merged with neighboring districts – including some outstanding some bond balances. The move was part of a state budget supplemental bill signed by Gov. Gretchen Whitmer on Dec. 18. The $114 million from the
A “sale pending” sign is posted in front of a home for sale on November 30, 2023 in San Anselmo, California. According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images) Justin Sullivan | Getty
The influence of China’s once-powerful central bank has diminished as Beijing steps up a drive to centralise Communist party control over financial regulation. Some of the powers formerly held by the People’s Bank of China have been taken over by a party oversight body and a revamped financial regulator as Beijing resets its growth model.
In this article COST CYB-FF UBER Follow your favorite stocksCREATE FREE ACCOUNT The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum 2023, in the Alpine resort of Davos, Switzerland, on Jan. 20, 2023. Arnd Wiegmann | Reuters The Federal Reserve’s forecast for three rate cuts
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