Greenspoon Marder LLP has named attorney Jeannette Bond of counsel as part of its public finance buildout. Bond, who works in New York, was previously special tax counsel for the public finance team at McCarter & English LLP until her recent retirement from that firm after more than 20 years as special counsel. Jeannette Bond
Bonds
Municipals were firmer in spots but triple-A yield curves held at Friday’s levels even as U.S. Treasuries gained on the tail of equity losses. The start of the new week brought with it an increasing demand for paper amid ongoing scarcity and high-yield is the paper du jour. On a week-over-week basis, the performance of
Chicago’s school district is heading into the market for its first COVID-19 era deal with a balance sheet shored up by federal relief. The district is selling this week $560 million of tax-exempt, dedicated revenue-backed general obligation paper that carries two junk ratings and one at investment grade. Chicago Public Schools will sell $560 million
The Port Authority of New York and New Jersey’s plans for a new Manhattan bus terminal — a trophy project involving a long-scorned facility and stigmatized mode of travel — beg the question of who will pay for it and how much. While some media accounts pegged at the cost at up to $10 billion,
In sidestepping for now a planned subway and bus fare increase — a public-relations third rail — New York’s Metropolitan Transportation Authority called a familiar crisis-management play. It bought time. Its board on Thursday agreed at Chairman Patrick Foye’s urging not to vote on a 4% biennial fare and toll hikes. The state-run MTA, which
It’s one thing for Gov. Andrew Cuomo and New York’s legislature to approve online sports betting. Implementing it is another. Cuomo has been scant on details, although in Tuesday’s budget address, he suggested the state could run it akin to the state lottery. That would appear to shut out racetracks and casinos. Expanding sports betting
Shreveport, Louisiana, voters won’t get to decide the fate of a general obligation bond referendum after the mayor took the measure off the table because of a lack of support by the City Council. Last week, Mayor Adrian Perkins asked the City Council to approve a special April 24 election for $206.685 million of GO
For eight straight months, Florida has seen its workforce expand at a rate above the national average. The Sunshine State gained 21,100 new private sector jobs in December, the Florida Department of Economic Opportunity reported on Friday, even as the U.S. lost 95,000 jobs last month. December’s rate of gains was up 0.3% from November.
Gov. Kate Brown said in her annual State of the State address that she wants to rebuild from a place of racial and economic equality as Oregon attempts to recover from a year overshadowed by wildfires, violent protests and the pandemic. Rating agencies have said social issues, including how states are addressing income inequality and
S&P Global Ratings lifted its outlook for Detroit to stable from negative ahead of a $175 million general obligation bond sale.Bloomberg News Detroit heads into the bond market in early February with a rating outlook boost as the speculative-grade city makes the case that it is capably managing the fiscal blows of the COVID-19 pandemic.
With a single basis point bump in yields across the municipal curve on Friday, the market readied for the new-issue calendar with the expected arrival of a $1 billion Texas Municipal Gas deal, several taxable and transportation deals, and a $260 million competitive deal from gilt-edged Fairfax County, Virginia. A “perpetual calm” continued to fall
The new year’s first Federal Open Market Committee meeting brings its own set of expectations and anticipations. While no FOMC action on monetary policy is expected, markets are watching for how the Federal Reserve partners with the Biden administration and how it reacts to the 10-year Treasury yield rising from 0.52% on Aug. 4 to
Lumesis has incorporated artificial intelligence to its municipal pricing and scales software in an effort to address limitations of the interpolation and extrapolation methodologies in predicting curve structures that are currently widely used in the market, the firm said. The improvements have been added to the company’s DIVER Pricing and Scales software and is currently
Tax-exempt yields fell one to two basis points Thursday, the first time in a week there was movement in triple-A generic benchmark scales, as the imbalance of supply versus the pent-up demand persisted and Refinitiv Lipper reported another multi-billion week of inflows, the 11th consecutive week of inflows. The Port Authority of New York and
No sooner did New York Gov. Andrew Cuomo finish his budget presentation — laced with invective toward the federal government — did questions about it emerge. Skeptics asked just how much the state can reasonably expect from Washington, even with a presumed New York-friendly incoming president and Congress; whether Cuomo is overplaying his hand by
Government officials are responding to a growing call for more ESG disclosure by drafting a best practice document to help issuers provide more information to the market. The Government Finance Officers Association is preparing to release an ESG (Environmental, Social and Corporate Governance) best practice this summer. This would be the first best practice released
Municipal yields were steady throughout the day as the tax-exempt market saw the launch of the retail order period on $868 million of Port Authority of New York and New Jersey revenue bonds, N.J. turnpikes priced and Joe Biden was inaugurated as the 46th president of the United States. Municipal bond yields on triple-A benchmarks
Former Federal Reserve Chair Janet Yellen testified remotely on Tuesday to the Senate Finance Committee at her confirmation hearing to serve as Treasury secretary. A Senate vote on her confirmation could come as early as Thursday, according to Sen. Ron Wyden, the incoming chairman of the committee. Bloomberg News The Biden administration’s nominee for Treasury
California’s widening gap between its rich and poor, plus population losses this year, are credit factors and not just from an ESG standpoint, according to S&P Global Rating analysts. California Forward, a think tank, released its California Dream index last week, which it said, confirmed that prosperity was not experienced evenly by all Californians. The
Quiet and unchanged is how municipal traders described the municipal market on Tuesday, as Treasury yields rose slightly and the week got underway ahead of Wednesday’s inauguration. “Tax-exempts remain ultra-rich on a muni/Treasury ratio and spread basis — despite last week’s modest underperformance,” Peter Block, managing director of credit strategy at Ramirez & Co. wrote
Municipals were on autopilot in the secondary with rates holding at Wednesday’s levels as U.S. Treasuries weakened on stimulus news. New-issues from Cook County, Illinois and Pennsylvania turnpikes repriced by 10 to 15 basis points and gilt-edged Columbus, Ohio, also repriced to lower yields. Supply scarcity coupled with pent-up demand amid the seasonal redemption season
New York Mayor Bill de Blasio’s $92.3 billion fiscal 2022 preliminary budget rollout came with caveats about the levels of federal aid and prospective cuts from the state. The lingering COVID-19 crisis makes them more poignant than past advisories. De Blasio on Thursday said the spending plan, the final one for the term-limited mayor, “demonstrates
Fitch Ratings said Thursday it upgradedLouisiana’s outstanding state highway improvement revenue bonds to AA from AA-minus and assigned a stable outlook to the bonds. Approximately $224 million of debt is affected. In addition, Fitch assigned the AA rating to the state’s $202.415 million of Series 2021A taxable state highway improvement refunding revenue bonds scheduled for
The University of Utah is reopening classrooms for the spring 2021 semester.U. of Utah Amid a challenging environment for higher education, the University of Utah is diving into 2021 with $172 million of taxable and tax-exempt bonds. The university is planning to price the new money and refunding debt Jan. 21 through negotiation with book-runner
Los Angeles lawmakers reached a tentative agreement with a union that represents 3,600 city firefighters Thursday to postpone raises for 18 months amid a pandemic-induced budget gap. The COVID-19 crisis has caused the worst economic downturn Los Angeles has ever faced, decimating city revenues and depleting budget reserves, according to a joint release issued by
President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments.Bloomberg News Direct federal aid of $350 billion to state and local governments is just one of several ways President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments. Biden’s plan to
Municipals were quiet and remained steady on Friday as U.S. Treasuries dipped slightly following President-elect Joe Biden’s address Thursday night that outlined plans for a $1.9 trillion relief package and the market prepared for a three-day weekend. In his speech, Biden called for a new round of stimulus checks and pandemic control measures. “Everyone was
Federal Reserve Bank of Boston President Eric Rosengren said President-elect Joe Biden’s request for $1.9 trillion in economic relief is needed as growth shows signs of slowing. “It’s a big package, but I think it’s appropriate,” Rosengren said Friday in a CNBC interview. “The economy is in a lull right now, we’ve had a series
The Fitch Group announced its intention Thursday to acquire CreditSights, Inc., a provider of independent credit research. CreditSights and The Fitch Group, which includes Fitch Ratings, announced the deal in a statement and the deal’s terms are not being announced. Consummation is contingent on regulatory approvals and “customary closing conditions,” according to CreditSights. The Fitch
Former Michigan Gov. Rick Snyder and two emergency managers he appointed were arraigned along with six others Thursday on criminal charges for alleged actions in the 2014 Flint water contamination crisis that occurred while the city was under state fiscal oversight. The charges filed against the former governor who served from 2011 to 2019 are
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