Bonds

Financial challenges surrounding the COVID-19 pandemic may prompt New Jersey colleges to hold off on using the state’s re-launched public-private partnership program. Kevin McClure, an associate professor of higher education at UNC Wilmington, said that while the P3 law, which took effect last year, provides colleges with increased financing options, he expects most schools to

A lack of robust, consistent disclosure of climate change risk in the municipal bond space clouds investor confidence in the market. From lawyers to data providers to investors and analysts, the consensus is climate change disclosures are increasingly important for an industry also dealing with COVID-19 implications. “The immediacy of credit problems from the pandemic

The Pennsylvania Turnpike Commission plans to come back from the coronavirus without its toll-collection staff, a decision that brings political blowback and a potential lawsuit. The commission was planning to complete the transition to all-electronic tolling in January 2022. When the pandemic escalated in March, cutting traffic and bringing safety concerns about customer and cash

Century Housing, a nonprofit public benefit corporation, plans to price up to $100 million in taxable bonds June 25 to provide funding to develop affordable housing in California. The pricing orchestrated by sole lead manager Wells Fargo Securities represents the first time Century has tapped the muni market with a muni CUSIP, said Peter Cannava,

With high levels of unemployment resulting from the economic shutdown in response to the coronavirus, and persistent low inflation, more fiscal and monetary stimulus is “completely justified,” according to the Federal Reserve Bank of Boston President Eric Rosengren. And while he expects a rebound in the second half of the year, it will not be

Municipal bonds finished a very active week little changed as participants caught their breath after seeing almost $12 billion of new issues come to market. In the upcoming week, education and taxable deals dominate a slimmed-down supply slate. IHS Ipreo estimates total volume at $5.8 billion, consisting of about $4.7 billion of negotiated deals and

A second Better Housing Foundation bond portfolio in Chicago is seeking a bankruptcy-led sale that offers holders of $51.8 million of defaulted bonds a piece of $15.15 million. BHF Chicago Housing Group B LLC’s Icarus portfolio filed for Chapter 11 in the U.S. Bankruptcy Court in Chicago June 15 after reaching a real estate purchase

A second wave of coronavirus cases in the fall will probably push the U.S. unemployment rate higher again, Federal Reserve Bank of Minneapolis President Neel Kashkari said on Twitter. “Unfortunately, my base case scenario is that we will see a second wave of the virus across the U.S., probably this fall. We’re already seeing growth

Federal Reserve Vice Chairman Richard Clarida said the U.S. central bank is prepared to take additional steps to support the economy through the damage caused by the coronavirus. “We’ve taken very aggressive, proactive action,” Clarida told the Fox Business Network in an interview on Friday. “There’s more that we can do and we will.” Clarida

A House bill authorizing $494 billion in federal surface transportation spending establishes Democrats’ position for an eventual compromise with their counterparts in the Senate. The House Transportation and Infrastructure Committee passed the Invest in America plan by voice vote Thursday night. It is one part of a broader infrastructure package announced by House Democrats, another

The Ford Foundation came to market with a $1 billion taxable deal aimed at providing direct grants to nonprofit organizations, while deals from the Geisinger Authority in Pennsylvania and the Los Angeles Department of Water and Power rounded out Thursday’s slate. In the week ended June 17, tax-exempt mutual funds saw $1.7 billion of inflows,

Hilltop Securities Inc. is bulking up its public finance team in St. Louis with the hiring of Michael Sorth, a former banker who had been working in the not-for-profit sector. Sorth joined the Dallas-based firm’s public finance division this spring as a managing director working alongside investment banker Reagan Holliday and regional office administrator Sharon

Raphael Bostic, the first Black Federal Reserve president in the central bank’s 106-year history, has rarely talked about race in the three years he’s run the Atlanta Fed. But recent events, including last month’s police killing of George Floyd, changed that. “People are wanting to have this conversation,” Bostic said in a wide-ranging interview. In

Job creation should be strong through July, thus lowering the unemployment rate, Federal Reserve Chair Jerome Powell told the House Financial Services Committee on Wednesday. Until the American people feel safe and comfortable going about a normal day, the economy won’t fully recover, he said. “If not contained and reversed, the downturn could further widen

The rally in municipal bonds slowed as yields rose modestly again on the short- and intermediate-ends of the curve Wednesday, as the long-end remained steady. The primary market is in full force now, though, as new deals are flooding the market. Investors are back. Long-term municipal bond funds and exchange-traded funds saw combined inflows of

With a recognition that climate change needs to be addressed in Florida, a new law aims to create a network of electric and hybrid vehicle charging stations across the state. Senate Bill 7018, which takes effect July 1, states that climate change may have significant impacts on the Sunshine State that require mitigation, including the

Retail buyers got first crack at New York State Urban Development Corp.’s multibillion-dollar deal on Tuesday as municipal bond prices finished weaker along with Treasuries as stocks rose. Cash-flush investors are primed and eager to take advantage of a flurry of nearly $12 billion in new volume heading to market this week as municipal bonds

Federal Reserve Vice Chairman Richard Clarida said the economic damage wrought by the coronavirus pandemic may threaten the stability of long-term inflation expectations, a force economists believe is crucial to anchoring price pressures at their optimum level. Disruptions caused by the virus are putting downward pressure on prices generally, Clarida said Tuesday in the text

New York City’s deadline to pass its fiscal 2021 budget is two weeks away and Mayor Bill de Blasio is still looking to buy time and find money. “We have two giant X factors,” de Blasio told reporters recently, citing uncertainties about a stalled rescue package from Congress and additional borrowing authority from the state

Federal Reserve Bank of Atlanta President Raphael Bostic said he expects U.S. unemployment will be around 10% in the fourth quarter, with an uneven recovery from the COVID-19-induced recession. “We are going to see sort of some bumps on our journey through recovery,” Bostic said in a telephone interview, noting that the downturn especially is

A high-ranking municipal bond banker was fired after being filmed in a viral video in which he questioned a man who chalked the words “Black Lives Matter” on a retaining wall in front of his home. Robert Larkins, who was a managing director at Raymond James and western region manager for its public finance practice,

While most environmental, social and governance securities issuance has been focused on green bonds, one of the biggest offerings of social bonds in U.S. history is on the way. Wells Fargo Securities is preparing to price the Ford Foundation’s $1 billion of corporate CUSIP taxable bonds (Aaa/AAA/NR/NR) that will provide grant money directly to non-profit

The New Jersey Turnpike Authority’s first toll increase in eight years and new commitment to future incremental rate hikes marks a sharp policy departure as the 69-year old agency tackles a new long-range capital program. NJTA commissioners voted unanimously May 27 to raise tolls 36% on the New Jersey Turnpike and 27% on the Garden

“Debt restructuring and balanced budgets are unfortunately not enough to return prosperity to the people of Puerto Rico,” said Natalie Jaresko, executive director of the Financial Oversight and Management Board for Puerto Rico. “Paramount is implementing the reforms that the people of Puerto Rico need and deserve.”Brian Tumulty, The Bond Buyer Puerto Rico’s debt restructuring

Massachusetts Gov. Charlie Baker’s sales-tax modernization plan, with some tweaks, could steer money to the commonwealth more quickly during the COVID-19 pandemic, a Boston think tank said. “Commonly used technology makes it possible for businesses to remit the sales taxes they owe more quickly without having to adopt expensive new systems,” said Greg Sullivan, research

KeyBanc Capital Markets has hired veteran municipal banker and project finance specialist Nathan Flynn to bolster its Midwestern presence, the firm announced this week. Flynn recently joined the Cleveland-based firm’s Indianapolis office as a managing director. He will cover Indiana, Midwest governments and non-profit entities, and will work on project finance opportunities nationally. Flynn will

The Rialto, California-based West Valley Water District either lacked nearly half of its internal financial control measures, or they were not functioning effectively, leading to questionable hiring, spending, and contracting practices, according to State Controller Betty Yee’s audit, released Thursday. Of the 48 fundamental components, principles, and attributes of effective internal control systems — as

The latest rally in municipal bonds has spurred issuers to come to market, inflating the calendar for the week of June 15 to nearly $12 billion after weeks of low historical supply. IHS Ipreo estimates total volume for the upcoming week at $11.6 billion, consisting of about $10.4 billion of negotiated deals and $1.2 billion

The Federal Reserve put a spotlight on job losses and risks to the financial sector in its semi-annual report to Congress released Friday. “Despite increased resilience from the financial and regulatory reforms adopted since 2008, financial system vulnerabilities — most notably those associated with liquidity and maturity transformation in the nonbank financial sector — have

Municipals bond resumed their rally on Thursday as traders saw some big new issues come to market that were repriced to sharply lower yields. Triple-A muni yields were down as much as seven basis points on the long end of the curve even as the short end weakened. Stock prices plunged as Treasury prices rose.