Bonds

S&P Global Ratings on Wednesday upgraded its long-term rating on Detroit’s unlimited-tax general obligation debt to investment grade, raising it to BBB from BB-plus. The outlook is stable. The rating agency said the change reflected a stronger financial position and its “increased confidence in the city’s ability to sustain balance within the construct of its

Two San Francisco public finance attorneys, who worked on one of healthcare’s largest public finance deals at their previous firm, have been hired by Chapman and Cutler LLP. Mary Kimura joined the law firm on March 28 as a partner, while Michele Dulik, started Monday as senior counsel. Both will work in the firm’s San

Munis were a touch firmer in spots Tuesday as the primary market ramped up and investors awaited Wednesday’s inflation report to give further guidance on Fed rate cuts. U.S. Treasuries were firmer and equities were mixed at the close. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 64%, the five-year at 61%,

Bond parties who oppose the proposed Puerto Rico Electric Power Authority plan of adjustment are trying to bar a key document from Puerto Rico’s Fiscal Agency and Financial Advisory Authority, which could greatly undermine FAFAA’s influence in the bankruptcy’s final phase. Non-consenting bondholders said FAFAA didn’t file a pre-plan of adjustment hearing findings of fact

Municipals were steady to slightly weaker in spots Monday ahead of a rebound in issuance that tops $8.5 billion. U.S. Treasuries were weaker and equities were up. Triple-A yield curves saw yields rise up to three basis points, depending on the scale, further softening ahead of a growing new-issue slate and the last week before

Seattle Mayor Bruce Harrell proposed the city’s largest property tax historically: an eight-year, $1.35 billion levy to pay for bridge, street and sidewalk projects. The Transportation Levy Proposal would replace and extend the $930 million nine-year Move Seattle levy, approved by voters in 2015, which expires this year. The current levy provides roughly 30% of

California lawmakers fine-tuned their March budget proposal, cutting spending by $17.3 billion ahead of formal discussions to get a head start on difficult decisions amid a record deficit. Gov. Gavin Newsom, Senate President Pro Tempore Mike McGuire and Assembly Speaker Robert Rivas announced they reached an agreement Thursday, providing specifics about how they plan to

Following another better-than-expected jobs report, U.S. Treasuries sold off and were volatile throughout the session leading municipals to see a weaker, but more muted tone than their taxable counterparts. Equities rallied. The March employment report sent “the bond market in panic mode over Fed cuts being delayed,” according to Bryce Doty, senior portfolio manager/vice president at

The Department of Transportation and Baltimore County have reached an agreement to divert a previously awarded DOT grant to help nearby ports accommodate more cargo following the collapse of the Francis Scott Key Bridge. That comes along with the announcement Thursday that DOT’s Federal Transit Administration will allocate $20.5 billion to state and local government

Miami-Dade County, Florida, Mayor Daniella Levine Cava has dropped plans for a proposed a $2.5 billion municipal bond referendum in November that would have funded infrastructure projects. Instead, the mayor said Thursday she will work to propose an even larger bonding plan that will include money for transit projects. Proceeds from the “305 Future Ready”

In a ceremony watched by thousands of issuers, the White House Thursday unveiled an overhaul of how it sends billions of federal funds to cities, states and nonprofits in an effort to cut red tape, expand the pool of grant recipients and simplify reporting and compliance. “The changes being finalized and announced today are historic

The first quarter of the year saw the highest number of new municipal bond impairments since the Great Recession, according to Municipal Market Analytics, Inc. There were 47 new impairments eclipsing the previous post-Great Recession peak of 44 in 2019, the firm said in its Default Trends report released Wednesday. The first quarter’s impairments “continue

Fitch Ratings’ new U.S. local government rating criteria is expected to lead to changes to about 550 ratings in the next six months. Fitch adopted the new criteria — which will affect cities, counties, school districts, and special districts — after working on the revision since the fall. The criteria will also be used to

The Environmental Protection Agency Thursday announced $20 billion of grants to spur clean energy projects primarily in underserved areas, marking the largest federal investment to date in climate-related projects. The money, divided among eight applicants, marks the official launch of the $27 billion Greenhouse Gas Reduction Fund created by President Joe Biden’s 2022 Inflation Reduction

Munis saw a weaker tone Wednesday as muni yields were cut up to five basis points, depending on the scale, marking a second day of selling pressure, as few deals priced in the primary. U.S. Treasuries were slightly firmer across most of the curve and equities were mixed. “Much like other periods in recent years

The North Carolina Local Government Commission approved more than $1 billion in financing requests from state agencies and local governments at its latest meeting. The largest request on Tuesday’s agenda was from the North Carolina Housing Finance Agency, which was given approval to issue $750 million of revenue bonds to be used to increase the

The bankruptcy of Iowa City’s Mercy Hospital is closer to an end with the resolution last week of a dispute between the committee of unsecured creditors, which had filed a complaint on March 25, and trustee Computershare Trust and bondholder representative Preston Hollow Community Capital.  The plan support agreement reached raised the estimated dollar amount

When his partner decided to retire, bond attorney Brian Quint shuttered his San Francisco law firm and joined Stradling Yocca, Carlson & Rauth. Quint & Thimmig closed March 31 — exactly 27 years to the day that it opened on March 31, 1997. Brian Quint started work as of counsel at Stradling on Monday. Brian

Munis were little changed Monday as U.S. Treasuries sold off and equities ended mixed. Following the conclusion of the first quarter, munis are seeing losses for the year with the asset class returning negative 0.39% for the year and March returns were at 0.00%, noted Jason Wong, vice president of municipals at AmeriVet Securities. The

Issuance in March increased for the third consecutive month, helped by a surge in refundings and several billion-plus dollar deals, as increased demand and fewer economic headwinds led to greater issuer confidence. March’s volume rose 7.1% to $36.405 billion in 532 issues from $34.008 billion in 601 issues in 2023. Issuance in March is above the

The Purdue University Trustees priced $72.43 million of student fee bonds Tuesday, joining other issuers in refunding some of the university’s outstanding Build America Bonds. Lead managers Jefferies and Ramirez & Co. priced the deal Wednesday, with Wells Fargo Securities serving as co-manager. The municipal advisor is Blue Rose Capital Advisors. Bond counsel is Ice