Bonds

Puerto Rico’s government, politicians, and people struggled with how to deal with a botched Sunday primary. Many voting places had ballots delivered several hours late or not at all on Sunday. According to the electoral coordinator for Eduardo Bhatia, candidate for governor in the Popular Democratic Party, only 38 of 110 voting precincts completed the
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Newly hired Long Island Power Authority Chief Financial Officer Tamela Monroe has arrived during a busy period for the public utility as it tackles aggressive infrastructure goals while grappling with financial challenges posed by the COVID-19 pandemic. Monroe, a utility veteran dating back to the early 1980s, was approved as LIPA CFO in late July
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Municipal Securities Rulemaking Board chair Ed Sisk will stay on for another year in a time of transition for the board. The MSRB announced the news Thursday afternoon following the Securities and Exchange Commission’s approval of signficant changes to the board Wednesday night, including reducing the MSRB’s board size to 15 members from 21. “We
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Tennessee may join a handful of states offering businesses liability protection from employees and others who sue because of contracting the coronavirus that causes COVID-19. Gov. Bill Lee has called a special session of the General Assembly starting Monday to consider legislation that offers limited immunity from liability to businesses, schools, nonprofit organizations, churches, academic
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Puerto Rico fiscal year 2020 general fund revenues came in 10.7% short of a May 9, 2019, projection but 3.1% ahead of a May 27, 2020, projection. The Puerto Rico Treasury reported the results Wednesday. While the January earthquakes hurt collections, the governor’s order to close much of the economy from March to the present
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A federal judge ruled that Puerto Ricans are eligible for federal benefits they’ve been heretofore denied: Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), and the Medicare Part D Low-Income Subsidy (LIS). U.S. District Court Judge for Puerto Rico William Young issued the decision on Monday. In his decision, Young said that the federal
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The Lexington-Fayette, Ky., Urban County Government Public Facilities Corp. will sell by competitive bid $33.19 million of taxable refunding bonds on Tuesday, in its first-ever “scoop and toss” deal. The bonds will restructure up to three years of payments on bonds issued by the Kentucky Bond Development Corp. in 2018 to finance a comprehensive renovation
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Rig hands move equipment at a hydraulic fracturing site atop the Marcellus Shale rock formation in Washington Township, Pennsylvania.Bloomberg News A new tax credit, a grand jury report, national election-year politics and regional bickering have revived debate over natural gas drilling, long a complex Pennsylvania political football. “It’s been a multi-faceted endeavor that’s affected a
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The Municipal Securities Rulemaking Board has designated its chief compliance officer as interim chief regulatory officer, almost a year after the resignation of its prior regulatory chief. The decision was made during a two-day quarterly MSRB board meeting this week to name Gail Marshall as interim chief regulatory officer. That position was previously held by
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Once again, Friday’s economic data offered a mixed picture, with consumer sentiment down, spending up and incomes lower, while the Chicago Business Barometer was at its highest since May 2019. The University of Michigan’s final consumer sentiment index for July slipped to 72.5 from the preliminary reading of 73.2 and June’s final reading of 78.1.
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July saw a total of $42.61 billion in municipal bonds sold, a staggering 41.3% higher than July 2019’s total, as issuers continue to flood the market with deals, specifically taxable muni transactions. Taxable bond volume increased 518.3% month-over-month to $16.13 billion from $2.61 billion in July of 2019. Year-to-date, taxable volume sits at $68.98 billion.
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Fitch Ratings Friday revised the outlook to negative on the United States’ sovereign rating. The rating agency affirmed its AAA rating on the United States’ long-term foreign-currency and local-currency issuer default ratings while dropping the outlook from stable. Fitch Ratings revised its outlook on the United States’ AAA rating to negative from stable. Fitch said
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