Bonds

When it comes to investing along environmental, social and governance principles, West Virginia’s Treasurer Riley Moore has two words for it — “coercive capitalism.” Moore said he has been standing behind the state’s coal, oil and natural gas industries, which play a major role in the state’s economy, since the day he’s been elected. Moore,

A Delaware Superior Court judge dismissed Preston Hollow Capital LLC’s lawsuit accusing Nuveen Investments of defamation for pressuring banks and broker-dealers to blacklist the direct lender from high-yield deals. The June 14 opinion originally issued under seal came from Judge Mary Miller Johnston ahead of a July 11 trial date. It evened the legal score

Bond default and impairment is famously low in the municipal bond market. But the case of Paradise, California, offers an example of the rising financial risks posed by climate and management decisions. After the city was nearly destroyed in 2018 by California’s deadliest wildfire to date, the state stepped in to help the city’s redevelopment

Atlanta Mayor Andre Dickens, recently tapped to head up the U.S. Conference of Mayors’ newly created public-private partnership task force, thinks now is the perfect time for cities to consider P3s for their infrastructure projects. “The Biden administration is really doing a lot for cities right now,” Dickens said. The $1.2 trillion Infrastructure Investment and

The unsecured creditors, union, and retiree group for the Puerto Rico Electric Power Authority, frustrated by a lack of progress, want to argue their case before Bankruptcy Judge Laura Taylor Swain, while continuing mediation. The mediators, the Oversight Board, and other parties oppose the move, made in filings Sunday with the U.S. District Court for

Municipals were lightly traded and little changed Monday, while U.S. Treasury yields rose and equities ended in the red. With the muni triple-A yield curve unchanged out long, and UST seeing small losses, ratios dipped below 100% on the 30-year. Muni-UST ratios were at 69% in five years, 87% in 10 years and 98% in

The Connecticut Green Bank is mulling another round of its climate-certified Green Liberty Bonds after initial offerings raised more than $40 million from retail investors for renewable energy projects across the state. With a marketing program that echoed the Series E war bonds sold to Americans during World War II, Green Liberty Bonds targeted the

Mediators for the Puerto Rico Electric Power Authority on Thursday asked bankruptcy judge Laura Taylor Swain for another month extension in the mediation, which would bring it to Aug. 1. Swain told all parties to respond to the proposed extension by noon Monday.  When Gov. Pedro Pierluisi ended the last restructuring deal (Restructuring Support Agreement),

Cook County, Illinois, is heading into budget and borrowing season with plans to sell about $540 million of debt and release a preliminary budget with the lowest gap in a decade. The county projects an $18.2 million general and health fund gap as it plots out a fiscal 2023 budget that covers spending beginning Dec.

The Idaho Falls School District plans to pay off a $53 million bond early to lessen the tax burden as it plans to ask voters to approve a bond measure for a new high school in August. The trustees approved a resolution June 15 to use $5.65 million from the district’s payment and redemption fund

Municipals were little changed in a quiet summer Friday session ahead of a larger new-issue calendar and the final week of a volatile month, while U.S. Treasuries were weaker and equities rallied. Triple-A yield curves were mostly flat to a basis point or two stronger in spots while UST were weaker with larger losses on

Puerto Rico bankruptcy Judge Laura Taylor Swain this week approved key Puerto Rico Highways and Transportation Authority bankruptcy documents and dates, moving the plan closer to confirmation with a final hearing set for mid-August. Swain filed her order Wednesday in the U.S. District Court for Puerto Rico, approving the Oversight Board-proposed disclosure statement, ballots, and

States using American Rescue Plan Act federal aid for revenue replacement could face fiscal cliffs in the years to come. That’s according to Beverly Bunch, professor at the School of Public Management and Policy at the University of Illinois-Springfield, speaking on the Volcker Alliance and Penn Institute for Urban Research’s special briefing on how states

Karl K. Klessig, an investor who two years ago sought to acquire the former Golden Pacific Bancorp in Sacramento, California, was banned from the banking industry for providing a fraudulent loan document and forged signature in his application, the Federal Reserve Board said Friday. “Klessig’s deceptive conduct in connection with his effort to acquire control

Federal Reserve Bank of San Francisco President Mary Daly said she expects the central bank to raise interest rates to levels that restrain the economy, though it’s not clear how much further policy makers will need to go to bring down hot inflation. The central bank, which raised interest rates by 75 basis points this

The American Securities Association Friday sent a letter to the Securities and Exchange Commission outlining its opposition to changes to the post-trade reporting window for the municipal securities market. ASA’sletter targets a potential SEC move that would require all muni bond trades be reported to the Municipal Securities Rulemaking Board within one minute of being

Municipals outperformed moves in U.S. Treasuries Thursday, playing catch up to taxables’ massive flight-to-safety rally that hit Wednesday, while equities ended in the black. Municipal triple-A yield curves saw up to 10 basis point bumps on the long end while UST saw yields fall four to eight basis points. Muni-UST ratios on Thursday were at

After wrapping up his final deal, Wisconsin Capital Finance Director David Erdman is packing up an office filled with three decades of paperwork as his tenure with the state winds down and he makes the leap to the private sector at Baker & Tilly Municipal Advisors LLC. There’s also a “retirement” party to attend Thursday

Six months into the roll out of the Infrastructure Investment and Jobs Act, inflation, coupled with chronically high cost of building U.S. transportation projects, is proving to be the biggest challenge. And the longer it takes to spend the money, the more cost pressures threaten to swallow the once-in-a-generation level of funding. “Externally our biggest

Cleveland State University in Ohio is banking on a housing play financed with a portion of a $148.8 million bond sale Thursday as part of its strategic plan to bolster its appeal and housing opportunities. Euclid Avenue Development Corp., a unit of the university established to develop, own, and manage housing and parking facilities, will

Constructive secondary trading and an active primary pushed triple-A muni yields lower on the back of a U.S. Treasury flight-to-safety rally after Federal Reserve Chair Jerome Powell acknowledged for the first time that it was “certainly a possibility” the U.S. economy may face a recession as the Fed continues to contend with inflation. “Inflation has

Democratic senators led by Bob Menendez urged the Federal Reserve to take a more active role in the selection process of the heads of its regional banks so that more diverse candidates would be considered.  In a letter to Fed Chair Jerome Powell, who will appear before Congress Wednesday and Thursday as part of legally

Municipals were little changed Tuesday as U.S. Treasuries sold off on the long end and equities rallied. Triple-A benchmarks have remained steady over the past several trading sessions following the massive volatility at the start of last week. The majority of the losses happened last Monday and Tuesday traders and investors were trying to get

Moody’s Investors Service boosted Denver International Airport’s bond ratings a notch ahead of a $1.84 billion sale for its current capital plan. The senior revenue bond rating was raised to Aa3 from A1 and the rating on subordinate revenue bonds was upgraded to A1 from A2, affecting about $5.2 billion of outstanding debt.  “The ratings

The former chief administrative officer of Johnson City, Texas falsified financial statements and misled investors in an attempt to hide his ongoing embezzlement of city funds, the Securities and Exchange Commission alleged Thursday. Michael Anthony Holland, who was also Johnson City’s secretary, stole $1.12 million from the city between 2015 and 2020, using the money

The team developing John F. Kennedy International Airport’s flagship new terminal will tap the municipal bond market for more than $6 billion through 2026, with more debt on the horizon for future phases of the high-profile project.   The New Terminal One private consortium overseeing the $9.5 billion development closed June 10 on a $6.63

Eleven U.S. sites were chosen Thursday to host some of World Cup soccer matches in 2026, an event that could add millions of dollars to a municipality’s coffers. FIFA, the governing body of international soccer, said Miami-Dade County, Atlanta, Philadelphia, Boston and the New York-New Jersey area were among the 11 U.S. locations chosen to

Federal Reserve Bank of Kansas City President Esther George said she opposed the Fed’s biggest interest-rate increase in almost three decades because the move, combined with the shrinking of the central bank’s balance sheet, created uncertainty about the outlook. “The speed with which we adjust the policy rate is important,” George said in a statement

The Federal Reserve said it would do what is needed to get prices under control, reiterating that price stability is necessary to support a strong labor market and calling its commitment to reining in inflation “unconditional.” “The committee is acutely aware that high inflation imposes significant hardship, especially on those least able to meet the

Texas is getting closer to producing a list of financial companies that it deems to be boycotting energy businesses — a move that could further diminish the number of big banks eligible to underwrite municipal bonds in the state. The looming list and a law barring banks that “discriminate” against the firearm industry from deals