Bonds

Federal regulations are putting the brakes on U.S. Department of Transportation funding designed to boost transit-oriented development projects near public transit.  “We need to make it easier to build in any way we can,” said Sen. Brian Schatz, D-Hawaii. “Providing low interest capital through TIFIA and RRIF is one means, but for it to work

Municipals were steady in secondary trading Tuesday as a heavy new-issue calendar took focus in the primary, led by an upsized $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project that saw yields bumped upon repricing. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury

Brightline train’s proposed extension to Tampa won a vote of confidence Friday from a coalition of planning and transportation organizations, two months after the sale of $925 million of high-yield municipal bonds to finance the planned extension. The Suncoast Transportation Planning Alliance and Central Florida Metropolitan Planning Organization Alliance, which together represent 10 metropolitan planning

The start of a trial to determine whether bonds could be issued to finance a multi-billion-dollar light-rail project in Austin was halted Monday after Texas Attorney General Ken Paxton’s office filed an emergency motion with a state appeals court. A Travis County District Court judge planned to commence the trial before ruling on the attorney

Municipals were steady to slightly weaker in spots as U.S. Treasury yields rose and equities ended up. Despite some slight weakness Monday, munis continued “their impressive start to June,” with yields falling 10 to 13 basis points last week, Birch Creek strategists said. Munis have rallied roughly 24 to 29 basis points month-to-date, a “complete

Los Angeles is the latest issuer to come to market riding a Fitch Ratings upgrade from its revised local government criteria as the city prepares to sell social bonds competitively to support its efforts to eradicate homelessness. Fitch upgraded the city’s issuer default rating to AA-plus from AA and assigned a AAA rating to the

Municipals were firmer ahead of an uptick in issuance next week, while U.S. Treasury yields fell slightly and equities ended mixed. USTs extended their rally this week after receiving support from “softer” economic data as yields fell 18 to 24 basis points on the week and a total of 20 to 30 basis points month-to-date,

Federal Reserve Bank of Cleveland President Loretta Mester said she still sees inflation risks as tilted to the upside despite welcome news in the latest data. Mester, speaking in print and television interviews Friday at Bloomberg’s New York office, also said the median projection of policymakers’ latest forecasts — which signaled just one interest-rate cut

Fitch Ratings upgraded San Diego County’s pension obligation bonds to AAA and affirmed a stable outlook during a review ahead of the county’s plans to price a $31.5 million certificates of participation refunding. Fitch upgraded $211 million outstanding POBs to AAA from AA-plus, matching the agency’s issuer rating for the county. It also affirmed the

Transit agencies across the country are being forced to deal with new trends in ridership, new travel patterns, and dwindling federal funds from pandemic- related relief that make the next few years crucial for bringing our nation’s transit system into the new world. That was the takeaway from the House Transportation and Infrastructure Committee hearing

Louis English joined Janney Montgomery Scott as managing director and head of municipal sales within the fixed-income division. He will be based out of the firm’s Chicago office. English comes to Janney from Baird, where he worked as a producing sales manager. He also worked as a municipal salesperson at Mesirow, Loop Capital Markets and

When Indianapolis Mayor Joe Hogsett announced he’d be pursuing a Major League Soccer team for his city, it appeared to throw Indianapolis’ previous plans for a new stadium development — spearheaded by the owner of the city’s United Soccer League team, the Indy Eleven, Ersal Ozdemir — into doubt.  But city officials subsequently revealed that

The public finance community hailed Wednesday’s First Circuit Court of Appeals ruling that Puerto Rico Electric Power Authority bondholders had a lien on net revenues. Observers say the decision sends a message that the municipal revenue bond pledge is strong, the Oversight Board’s plan of adjustment for PREPA as it currently is proposed is unlikely

Municipals were firmer Thursday following a stronger U.S. Treasury session while municipal bond mutual funds reported the second consecutive week of inflows. Equities closed the session mixed. Triple-A yields fell one to five basis points while USTs saw gains of seven to nine basis points. The moves pushed muni to UST ratios slightly higher. The

The U.S. First Circuit Court of Appeals almost entirely overturned a lower court’s reasoning that underlay an Oversight Board proposed Puerto Rico Electric Power Authority plan of adjustment, in what appears to be a major bondholder victory. On Wednesday afternoon, a panel of appeals court judges ruled unanimously that PREPA bondholders had a perfected lien

A proposed settlement between Houston and its firefighters union moved forward Wednesday with the city council authorizing the issuance of $650 million of general obligation judgment bonds, although a vote on a collective bargaining agreement was delayed.   Both are part of a plan to end an eight-year contract impasse and litigation in Harris County District

Municipals were steady Tuesday ahead of Wednesday’s Federal Open Market Committee meeting and Consumer Price Index report, as U.S. Treasury yields fell and equities were mixed near the close. “The market’s great expectations regarding Fed cuts have witnessed a dramatic downward adjustment since the start of the year,” said Vikram Rai, head of municipal markets

The Municipal Securities Rulemaking Board’s new amendments filed with the Securities and Exchange Commission don’t go far enough in addressing the supervisory concerns associated with investments bankers and other traders involved in public offerings and private placements. That view was collected as part of the MSRB’s amendments to Rule G-27 on supervision, which brings the

Municipals were little changed Monday as investors await a smaller calendar amid an FOMC week, outperforming Treasuries, which saw small losses, while equities were up near the close. The two-year muni-to-Treasury ratio Monday was at 65%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year at 82%, according to

The U.S. Virgin Islands government has hired Ernst & Young to assist financially troubled Water and Power Authority in returning to fiscal health. Earlier this year the Virgin Islands Senate directed hiring a “turnaround company” for the utility and last week the Public Finance Authority selected E&Y from the four finalists. Within 120 days EY

Municipals saw losses but outperformed a U.S. Treasury selloff sparked by better-than-expected jobs data while a much smaller primary slate awaits investors ahead of the June Federal Open Market Committee meeting. The non-farm payrolls data further raises concerns over the timing of the Central Bank’s rate cutting schedule. “This blockbuster NFP makes it harder for