Bonds

A small-town southwest Missouri hospital is scrambling to restructure after its bond trustee declared it to be in default. In a special meeting Friday, the board of Nevada Regional Medical Center agreed to hire Stroudwater Associates’ Jason McCormick as its chief restructuring officer. The hospital had been searching for someone to fill that role after

Los Angeles International Airport had the private-activity bonds supporting its people mover train downgraded to junk with Fitch Ratings citing continuous and ongoing delays and a strained relationship between the developer and the airport. The $1.2 billion in PABs issued through the California Municipal Finance Authority for the project were downgraded to BB-plus from BBB-minus

The Biden administration will not be appealing to the Supreme Court an Eleventh Circuit ruling in favor of states, who’ve challenged the American Rescue Plan Offset Provision that bars states from using federal aid dollars to fund tax cuts, in what may be an end to those state challenges. That decision was communicated in a

The Education Finance Council is turning up the pressure on the Internal Revenue Service for clarifications on bond rules that have gone unanswered for four years.  The trade group, which represents state-based and nonprofit higher education finance organizations, is asking the agency via a letter to clarify requirements listed in Section 144(b) of the Internal

Proposed changes to California’s mental health system and a $6.4 billion bond measure proposed in Proposition 1 continue to garner more support as the March 5 election draws near. The proposition, which will be the only one on the March ballot, would use funds from California’s so-called millionaire’s tax to create more slots for people

Municipals rallied Thursday as the Triborough Bridge and Tunnel Authority doubled the size of its deal to $1.6 billion while muni mutual funds saw inflows hit nearly $1.5 billion. U.S. Treasury yields fell and equities improved. Muni yields were bumped two to 12 basis points, depending on the curve, while UST yields fell six to

Appeals court judges this week heard arguments over the scope of liens on Puerto Rico Electric Power Authority revenues in a case widely seen as potentially having major implications for how municipal revenue bonds are treated in debt adjustment proceedings, such as Chapter 9, in the future. The United States Appeals Court for the First

Municipals saw the largest one-day improvements since November Wednesday, as U.S. Treasury yields fell and equities sold off after the Federal Reserve Open Market Committee kept rates unchanged and signaled the Fed may not be rushing to cut rates until inflation is further tamed. In his press conference, Fed Chair Jerome Powell said cuts are

When Fitch Ratings this month downgraded Marshfield Clinic Health System, a nonprofit group of 11 hospitals based in central Wisconsin, to BBB from BBB-plus, it cited operating losses due in part to wage pressures from reliance on contract nurses and temporary physicians.  The downgrade applied both to Marshfield’s issuer rating and the revenue bonds issued

Municipals were slightly firmer Tuesday as new-issues from the New York Thruway Authority and the Massachusetts Development Finance Agency’s Children’s Hospital were well-received. U.S. Treasuries were mixed as were equities ahead of the Fed rates decision Wednesday. Triple-A yields were bumped one to four basis points, depending on the curve, while UST saw yields fall

An elite private school catering to Los Angeles’ wealthiest residents is tapping the municipal bond market as it looks to expand its campus and add to its academic offerings.  Curtis School is seeking to raise $24.3 million in revenue bonds through the California Enterprise Development Authority in a sale pricing Wednesday. The exclusive elementary school

Municipals were little changed to start the week, while U.S. Treasuries were firmer and equities were up late in the trading session. The muni market enters 2024 with “stable credit fundamentals, supportive demand/supply dynamics, and low [muni-UST] ratios and compressed credit spreads,” said Adam Stern, co-head of research at Breckinridge. On the technical front, he

Muni market participants and analysts expect certain sectors and subsectors to experience credit weakness and the U.S. presidential elections and federal policy potentially having major impacts on the municipal market this year. The Bond Buyer released survey results in a report titled, “After two stormy years, munis face still more uncertainty,” which detailed predictions and

Municipals were lightly traded and little changed Friday ahead of a smaller new-issue calendar amid the Federal Open Market Committee meeting while U.S. Treasuries were weaker. Equities were mixed to close the session. Rates have continued creeping higher and muni yields have been following, as the “positive effect of the year-end technicals has finally started

After two consecutive years of investors pulling money from muni mutual funds, January has gotten off to a better start as the market has seen the return on inflows.  “The driver of the improvement in net fund flows is not necessarily new buyers coming into the market; it’s the conclusion of tax loss swap selling

The list of investment banks no longer eligible to underwrite municipal bonds in Texas due to their lack of compliance with state laws aimed at protecting the fossil fuel and firearm industries grew on Friday with the addition of Barclays.  Texas Attorney General Ken Paxton’s office announced that “until further notice, we will not approve

The Municipal Securities Rulemaking Board has approved amendments to Rule G-27 on dealer supervision that are designed to help dealers better adapt to changes brought on by remote work. That was approved during the MSRB’s quarterly board meeting, where the board welcomed Securities and Exchange Commission Chairman Gary Gensler in attendance for his yearly visit,

Market participants are upbeat with predictions about an economy showing few signs of recession, a record-breaking stock market and a Federal Reserve that is expected to start ratcheting down interest rates.  Fresh economic data showing gross domestic product growing by an annual rate of 3.3% has bond issuers and ratings agency forecasters feeling bullish about

Accounting errors are a key factor driving Alaska’s Juneau School District into a shortfall amounting to more than 10% of its operating budget. But other underlying causes of the deficit are ones faced by other school districts in the state. Flat state funding and the end of pandemic-era federal relief funds combined with an aging

Municipals saw a more constructive secondary trading session Thursday and mutual funds reported the third consecutive week of inflows while U.S. Treasuries improved. Stocks continued to break records after another report of hotter economic data, which is leading more participants to pare back rate cut timing expectations. LSEG Lipper reported Thursday that investors added $210.6

Mass transit investors are looking past the well-publicized “fiscal cliff” facing public agencies and taking comfort in the more stable revenue streams like sales taxes that back their bonds. “They’re all facing lower ridership and diminishing federal pandemic relief,” said Sheila May, director of municipal bond research at Boston-based GW&K Investment Management. “That narrative is