Norman, Oklahoma, voters on Tuesday rejected a bond measure to fund an aquatics and multi-sport center.City of Norman Oklahoma voters shunned some bond proposals in local elections Tuesday, including $120 million proposed in the city of Norman. The bond vote was the first in the state since the coronavirus crisis struck the U.S. in March.
Bonds
The Puerto Rico Electric Power Authority would save around $600 million by using renewable energy, according to a regulatory proposal suggesting the switch from the utility’s preferred plan focusing on natural gas. The Puerto Rico Energy Bureau rejected natural gas expansion proposals included in PREPA’s integrated resource plan in an order issued Monday, instead calling
Municipal bond buyers were treated to an influx of new issues on Wednesday, led by big deals from New York and California issuers. The Investment Company Institute reported municipal bond funds and exchange-traded funds saw combined inflows of almost $3 billion in the latest reporting week. Munis continued to weaken with yields on the AAA
New Jersey Gov. Phil Murphy pitched a revised $32.4 billion budget Tuesday, that hinges on billions of borrowing and newly enacted taxes to confront a coronavirus-induced revenue gap less severe than initially feared. Murphy’s nine-month fiscal 2021 budget plan proposes $4 billion of bonding through June 2021 to help New Jersey offset revenue losses caused
Michigan trimmed about $3 billion off its projected COVID-19-driven deficits between fiscal 2020 and 2022 after federal relief helped soften the economic blow. The state’s revised revenue projections are down by $5.106 billion for fiscal 2020, 2021 and 2022 from its formal January estimates. The good news is that’s down from a collective $8.37 billion
Municipals turned weaker Tuesday as yields on long-dated maturities on the AAA muni scales moved as much as two basis points higher. Retail investors were treated to New York City’s general obligation bond offering ahead of Wednesday’s institutional pricing. Primary marketCitigroup priced NYC’s (Aa1/AA/AA/NR) $1.1 billion of Fiscal 2021 Series A and B tax-exempt GOs
Some colleges that started in-person learning this month needed to make quick adjustments after students tested positive for the coronavirus. But one analyst said despite the challenges to revenues and possible downgrades should schools decide to sell bonds, issuance will continue. An increasing number of schools were forced into online learning this fall as a
Municipals were flat on Monday, with yields on the AAA scales ending unchanged ahead of this week’s new issue supply. Market participants said secondary activity was rather sluggish. “Trade volumes today are extremely low, making this one of the quietest days of 2020,” ICE Data Services said. “There is $8.1 billion slated to come to
Despite it being a virtual event this year, observers have high hopes for the Federal Reserve Bank of Kansas City’s annual Jackson Hole symposium, thinking the year of Fed Listens events may culminate with an announcement of a new monetary policy framework at the meeting. If Fed Chair Jerome Powell does unveil the new strategy,
Michigan will pay $600 million to settle lawsuits filed by Flint residents whose water was contaminated because state emergency managers sought to save money as part of the city’s shift to a new, bond-financed water pipeline in 2014. The preliminary settlement that comes after 18 months of negotiations, with the help of court-appointed mediators, will
A group of former Federal Reserve officials and staffers, including former Vice Chairman Alan Blinder, published an open letter Thursday calling on the U.S. Senate to reject President Donald Trump’s nomination of Judy Shelton to the central bank’s Board of Governors. “Ms. Shelton’s views are so extreme and ill-considered as to be an unnecessary distraction
The COVID-19 pandemic is accelerating funding risks to Pennsylvania public school districts from online charter schools, because of the commonwealth’s method of funding charter schools, said a report by Janney Capital Markets. Pennsylvania has a developed public online charter option that it offers at no cost to students who choose to enroll. The resident district
State and local aid from the federal government is likely on hold for at least a few weeks until the Senate comes back from recess and begins contemplating the next coronavirus relief bill. Municipalities were disappointed to see Congress leave for recess before agreeing on a stimulus bill a few weeks ago. Lawmakers at the
The municipal bond issuers of the Northeast sold $55.4 billion of debt during the first half of 2020, according to Refinitiv data, marking a 21.1% increase from the same period in 2019 despite financial headwinds caused by the COVID-19 pandemic. Wesly Pate, senior portfolio manager at Income Research + Management, said that that many of
Georgia officials say they obtained the lowest interest rate ever on the state’s recent general obligation bond issue. The $1.13 billion competitive deal sold in five bidding groups Wednesday. “This very successful bond sale allows us to continue to invest in critical renovations and repairs of capital projects all across the Peach State,” said Gov.
Municipal bond buyers will get their choice of deals in a calendar topped by two big issuers from the East and West Coasts. Offerings from New York City and a California issuer headline the upcoming slate, which IHS Ipreo estimates at $8.2 billion. The supply is composed of $7.1 billion of negotiated deals and $1.1
When the coronavirus pandemic began, economists were worried about deflation, but the producer price index and the consumer price index each rose 0.6% in July, while the Federal Reserve Bank of New York’s Survey of Consumer Expectations showed a rise in expectations at both the one- and three-year horizons, suggesting otherwise. The Federal Reserve stands
Municipals were steady to weaker in some spots, with yields on longer-dated maturities rising by as much as three basis points on the AAA GO scales. Meanwhile, New York City will sell about $1.4 billion of general obligation bonds the week of Aug. 24, the comptroller’s office said Thursday. The inflows continue in this market
There is widespread agreement among economists that the impact of COVID-19 will be severe. Despite the clear danger the global economy is in, are there any reasons to believe a worst case scenario can be avoided? Kathy Bostjancic, Chief US Economist at Oxford Economics, will examine the short and long term economic implications of COVID-19
Democrats’ stated goal of ramping up investment in resilient, sustainable infrastructure would bode well for the municipal bond market if presidential hopeful Joe Biden takes office in January. The Democratic Party officially released its 2020 platform during its national convention this week, and unsurprisingly, it’s broadly similar to its platform four years ago. A political
Expectations of the use of yield curve control may have been dashed by the minutes of the Federal Open Market Committee’s July meeting. “Most judged that yield caps and targets would likely provide only modest benefits in the current environment, as the Committee’s forward guidance regarding the path of the federal funds rate already appeared
Only a day after the New York Metropolitan Transportation Authority spurned the Street for the Fed, the Lone Star State hit the market with a $7 billion note sale that went off without a hitch. Municipals continued to weaken on Wednesday with long yields rising by as much as four basis points on the muni
While many companies simply struggled to stay afloat as the coronavirus pandemic raged, new challenges became clear in the later months of the crisis: It’s become harder than ever to acquire new customers as well as to onboard those newly acquired ones. Read more about our methodology. Two-thirds (68%) of respondents to the latest Arizent
The Chicago Board of Education votes next week on an $8.4 billion budget as the district tries to navigate the COVID-19 pandemic’s toll on academics and local, state, and federal funding. The spending plan for the fiscal year that began July 1 is up from $7.84 billion in fiscal 2020. It includes a $6.9 billion
The New York Metropolitan Transportation Authority — which has been a loud advocate for more federal aid — rejected all bids from the Street on its competitive sale of $450 million of Series 2020B transportation revenue bond anticipation notes and instead sold the deal to the Federal Reserve. Municipals were steady to weaker on Tuesday,
David Hartley, a retired public finance banker and former Municipal Securities Rulemaking Board chair, has died. He was 92. Hartley, managing partner at Stone & Youngberg until his retirement in 1992, died July 28 peacefully at his home in Walnut Creek, California, according to an obituary penned by his family. He worked for Stone &
Teacher pension funds could be faced with a perfect storm if a wave of teacher retirements occur because of the COVID-19 pandemic. “It might affect retirement benefits, because if people retire early then pension funds will have to come up with the cash to pay them, which also might result in higher contributions,” said Dan
James R. Thompson, Illinois’ longest-serving governor whose legacy is reflected in bond financed projects across the state, died on Friday. He was 84. Before launching his public career, the Republican who lived in Chicago had served as U.S. Attorney for the Northern District and built a reputation for fighting corruption through the prosecution of aldermen
Despite the Federal Reserve’s changes to its Municipal Liquidity Facility, the short-term borrowing program is still insufficient for struggling agencies such as New York’s Metropolitan Transportation Authority during the COVID-19 economic crisis, a watchdog group said. “The program has not been the infusion of cash that state and local governments struggling from a COVID-caused revenue
The Securities Industry and Financial Markets Association is suing to block the Securities and Exchange Commission’s temporary order allowing non-dealer muni advisors to facilitate certain private placements of municipal debt. SIFMA said Friday it had filed suit in Federal court in Washington D.C. asking the court to vacate the SEC’s Temporary Conditional Exemption (TCE) from
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