Bonds

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board’s amendments to Rule G-47 on time of trade disclosure, adding three disclosure scenarios, retiring some existing guidance and clarifying some supplemental information. The amendments were filed with the Commission in April and the amendments themselves were discussed and approved at the MSRB’s quarterly

A subsidiary of Spanish highway operator Abertis is considering borrowing $424 million to fund capital projects for four Puerto Rico toll roads.  The Public Finance Authority, a Wisconsin-based conduit issuer, approved the municipal bond sale for Puerto Rico Toll Roads LLC, at a June 26 board meeting. PFA would loan the proceeds it borrows to

The North Carolina Local Government Commission approved $226 million in water revenue bonds for three municipalities in the Research Triangle Region at its meeting Tuesday. The commission approved a $76 million bond and an $88.4 million state revolving fund loan for Sanford, a $75 million bond and a $54 million SRF loan for Fuquay-Varina, and

Officials in East St. Louis, Illinois, have sued the local police and firefighter pension boards and the state comptroller to block the use of a law allowing the comptroller to intercept state funds going to the city and redirect them to pension payments. According to the Belleville News-Democrat, the city is challenging the law’s legitimacy

Public infrastructure built with federal emergency funds must conform to stricter flood-risk standards to better protect against rising climate risk, the Biden administration said Wednesday. The standard, which was years in the making, requires buildings and other infrastructure built with Federal Emergency Management Agency funds to be elevated higher above local flood levels, or relocated

Municipals were mixed in secondary trading Wednesday as the primary market took focus, led by a $1.2 billion deal in three series from the Dormitory Authority of the State of New York. U.S. Treasury yields fell slightly and equities ended up. Thursday’s consumer price index report is the “event of the week,” said Cooper Howard,

A shortage of Federal Highway Administration emergency relief funds and the fact that it is a toll bridge could play a role in determining who pays what toward the eventual replacement of the Francis Scott Key Bridge in Baltimore. “Currently, the ER program itself is drastically short of the funding necessary for all the eligible

Municipals were little changed Tuesday outside of bumps on the front end, as U.S. Treasury yields rose slightly and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m.

A sales tax hike to fund affordable housing in Denver would appear on the November ballot under a plan unveiled Monday by Mayor Mike Johnston.  The proposal, which calls for a 0.5% tax increase to raise about $100 million annually, comes just two weeks after the city council approved placing a 0.34% sales tax hike

The Biden administration awarded $504 million in grants last week to a dozen tech hubs across the country to scale up the production of critical technologies and create jobs in innovative industries. The tech hubs are part of a push by the administration to accelerate domestic growth in industries such as biomanufacturing, clean energy, artificial

A year after committing to the funds, the Biden administration Monday inked the formal grant agreement that, along with low-interest federal loans, make up a $11.7 billion package for the Hudson Tunnel megaproject. The money marks the largest federal transportation grant in American history and will allow construction to begin as soon as this month

Municipals were slightly firmer, underperforming U.S. Treasuries, which saw gains up to 10 basis points on the short end, after a better-than-expected jobs report kept a Federal Reserve rate cut in September in play. Equities ended up. While the numbers still suggest a healthy labor market, “this report absolutely keeps the probability of a September

Fitch Ratings affirmed Los Angeles International Airport’s AA rating and stable outlook despite ongoing delays on its automated people mover. The airport’s AA issuer rating reflects “LAX’s superior credit characteristics, including a strong underlying air trade service area, significant operational activity supported by a diverse mix of domestic and foreign-flag carriers, favorable rate agreements with

The Illinois state comptroller reported a 55% year-over-year increase in the end-of-year general revenue fund cash balance as her office paid the state’s bills in a timely manner, a departure from recent years when the state’s unpaid bill backlogs topped $10 billion. Illinois ended the fiscal year with a $1.7 billion balance in the general

Parties in the Puerto Rico Electric Power Authority bankruptcy showed themselves to be further apart than ever before, with the Oversight Board offering little beyond the current plan’s 4% recovery for non-settling bond parties and some bond parties suggesting they should get 100% of what they say is at least an $8.5 billion claim and

The Washington Metropolitan Area Transit Authority is issuing $625.4 million of second lien dedicated revenue bonds by negotiated sale July 8, which should yield an enthusiastic market response.    “As the interest on the bonds will be exempt in D.C., Maryland, and Virginia, I expect strong interest from in-state buyers,” said Patrick Luby, head of Municipals,

California’s presidential election ballot in November will include $20 billion dollars of statewide bond measures, with $20 billion more in one regional bond election. At the state level, lawmakers reached agreements last week on two $10 billion general obligation bond measures that were heading toward approval in floor votes this week. The measures were put

Municipals were a tad firmer ahead of the Fourth of July holiday, as U.S. Treasury yields fell and equities ended mixed. The Federal Open Market Committee meeting minutes released after the early market close signaled the Fed is in no hurry to cut rates. FOMC members saw inflation “diminishing” but still needed more evidence it

California’s controversial high-speed rail project cleared a major milestone Thursday when the authority overseeing the project approved final environmental clearance for the final, and possibly the most challenging, segment of the route. The California High-Speed Rail Authority’s approval of a Final Environmental Impact Report/Environmental Impact Statement during a two-day meeting last week marked the last

Reinvestment demand will remain strong in July, as large redemptions will support technicals and lead to positive returns. June saw $42.4 billion of redemptions, the highest redemption figure since August 2023, helped the muni market as new-issue buying last month was “pretty strong,” said Pat Luby, head of municipal strategy at CreditSights. Net supply for