Bonds

When the Michigan State Housing Development Authority in February priced $424.6 million of single-family mortgage revenue bonds, it was part of a broad recent surge in the sector. The MSHDA’s new bonds — 2024 Series A tax-exempt, 2024 Series B federally taxable and 2024 Series C variable-rate federally taxable — were issued to finance 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

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

Private activity bonds issued for Los Angeles International Airport’s multi-billion-dollar people mover project were affirmed at junk by Fitch Ratings last week as the public-private project’s completion date was pushed out another six months. Fitch affirmed the speculative-grade BB-plus rating on California Municipal Finance Authority’s $1.2 billion senior lien revenue bonds issued on behalf of

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

Municipals were steady to weaker in spots Thursday ahead of a smaller new-issue calendar while municipal bond mutual funds saw more inflows. U.S. Treasury yields rose 10 years and in and equities ended mixed. LSEG Lipper reported fund inflows of $447 million for the week ending Wednesday following $63.8 million of inflows the prior week.

Hawaii Gov. Josh Green claims the state is making headway toward reducing recovery costs by getting people displaced by fires out of hotels and into permanent housing. Green has faced criticism from lawmakers for not having a cogent housing plan or coherent budget for the costs associated with the August 8 Lahaina wildfires. Lawmakers are

A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. On Wednesday,

A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property.  The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural

New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

With tax season in full swing, the muni market is underperforming and facing selling pressure as investors move out of short-term paper to pay tax blls. However, these dynamics have not made the asset class an undesirable option for investors and most expect demand to remain strong. Munis are returning negative 0.06% month-to-date, while USTs

Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields

Investors and credit rating agencies are weighing how much effect the collapse of the Francis Scott Key bridge in Baltimore’s inner harbor will have on the local economy and logistics on the East Coast, though early indications suggest no drastic credit impact. Early Tuesday morning the Singapore-flagged container vessel Dali lost power and crashed into a

A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and

Houston would be able to accommodate the cost of a proposed settlement with its firefighters in the near term, but will need a revenue boost to prevent a structural budget gap from growing, City Controller Chris Hollins said Tuesday. Hollins, who took office in January, said he will have to certify if funds are available

Municipals were steady as investors await several larger new-issues, including $2.68 billion of California GOs, which were offered to retail investors Monday, while U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Monday was at 61%, the three-year at 61%, the five-year at 58%, the 10-year at 58% and the 30-year at

The $1.2 trillion spending bill that was passed by the U.S. Senate and signed by President Biden on Saturday doesn’t address any of the key legislative issues affecting the municipal bond market, but flickers of hope remain in the few months before the elections in November. Reforming rules on Low Income Housing Tax Credits that

Municipals were steady to end the week ahead of a surge in supply, helped by three billion-plus deals. U.S. Treasuries were firmer and equities were mixed. While USTs yields fell up to five basis points late in the session Friday, they sold off for most of this week, with various market participants seeing “even more

Chicago Mayor Brandon Johnson’s proposed real estate transfer tax change — also known as the mansion tax or Bring Chicago Home — was defeated in Tuesday’s election. The city has said the revenue generated from the tax would go to fight homelessness in Chicago. About 53.6% of Chicago voters had rejected the measure by Wednesday,