Puerto Rico bankruptcy judge Laura Taylor Swain this week pressed lawyers to tie up some legal loose ends in the plan of adjustment for $17.6 billion of sales tax bonds. At what may have been the final hearing in the Title III case, Swain heard arguments about a settlement of revenue between the commonwealth and
Bonds
The University of Michigan’s preliminary January consumer sentiment index reading was 90.7, compared to the final December 98.3 and the preliminary December 97.5, according to market sources. The Institute for Social Research at the University of Michigan, which releases the consumer sentiment report. Bloomberg News The expectations index was 78.3 compared to the final December
With growth slowing and uncertainty in the economy, Federal Reserve Bank of New York President John Williams said Friday, data will steer his view of future Fed activity. “The economy is strong, the outlook is healthy, and my number one priority is using monetary policy to keep it that way,” Williams said in a speech
By Paunie Samreth and Reshmi Basu American Media Inc (AMI) executives have found themselves under a public microscope for their handling of sensitive information in 2016 about then-presidential candidate Donald Trump. CEO David Pecker – “our friend David” in Trump fixer Michael Cohen’s recorded parlance – is fending off criticism for burying a story about Trump’s extramarital
Industrial production grew 0.3% in December, the Federal Reserve reported Friday. The increase followed a revised 0.4% rise in November, first seen as a 0.6% increase. Capacity utilization grew to 78.7% in December from an upwardly revised 78.6% in November, first reported as 78.5%. Economists polled by IFR Markets projected a 0.2% increase for industrial
Andrew Maylor will succeed Thomas Shack III as Massachusetts comptroller effective Feb. 18, Gov. Charlie Baker said Wednesday. The comptroller’s office — a gubernatorial appointment and a more low-key position in Massachusetts than in some other states — is an independent agency that oversees more than $60 billion in state spending and assets. “Andrew’s extensive
The top muni bond counsel firms accounted for $318.67 billion in 8,474 transactions in 2018, down from $407.47 billion in 10,519 deals the year before. Norton Rose Fulbright moves up Norton Rose Fulbright gained a spot from where it finished in 2017, moving up to second from third. The firm was responsible for $18.25 billion
As the cloud of an FBI investigation hangs over Scranton, council members in the northeast Pennsylvania city want answers from Mayor Bill Courtright. Bureau personnel conducted raids on Courtright’s office and home on Jan. 9, an FBI press officer confirmed without elaborating. “I would fully encourage the mayor, his cabinet, and any other government officials
DALLAS — Todd Brewer, partner for Orrick, Herrington & Sutcliffe’s public finance practice in Houston, began his career as a bond lawyer in the financially eventful year of 1987. That was the first year after the 1986 tax bill roiled the municipal bond market. It also coincided with an oil price collapse that devastated real
WASHINGTON – The Municipal Securities Rulemaking Board is expanding its stakeholder engagement efforts with multiple outreach events in the first quarter of the year. The MSRB on Thursday announced a schedule of events around the country in which members of its board will participate in the first quarter, part of an increased focus on market
WASHINGTON — As the days until rule changes requiring new continuing disclosures tick down, the Municipal Securities Rulemaking Board is adding its voice in an effort to prepare market participants for the new reality due to set in Feb. 27. The MSRB on Friday released its “10 Things to Know: New SEC Rule 15c2-12 Requirements,”
WASHINGTON — Millennials have an appetite for a slice of the muni bond market when it comes to investments in affordable housing, education or sustainable energy, something experts say is part of a trend of younger investors increasingly seeking those kinds of investments. The size of the global “impact investing” market doubled in the past
A prolonged federal government shutdown would have negative credit implications for New Jersey Transit and other transportation agencies not felt in past budget standoffs, according to Moody’s Investors Service. Moody’s analyst Baye Larsen noted in a Jan. 10 report that transportation systems like NJ Transit that rely heavily on federal grants will be most impacted
The Port Authority of New York and New Jersey announced Monday the opening of its new Port Jersey rail facility that culminates a $600 million capital investment program first conceived in the 1990s aimed at establishing direct rail access to on-dock and near-dock intermodal rail services at all of its major marine terminals. The rail
WASHINGTON — The partial shutdown of the federal government has halted Internal Revenue Service tax-exempt bond audits and negotiations under the Voluntary Compliance Agreement Program. It’s also unclear if monthly federal subsidy payments on Build America Bonds will be made. IRS officials who might answer that question have been furloughed. Rep. Richard Neal, D-Mass., chairs
Morgan Stanley has hired veteran muni market practitioner Tom Weyl as an executive director of credit analysis within the municipal capital solutions group. “We are excited to have Tom on board and are looking forward to the continued expansion of our credit expertise across the Morgan Stanley Municipal franchise,” said Alexander Chilton, head of municipal
U.S. employers added the most workers in 10 months as wage gains accelerated and labor-force participation jumped, reflecting a robust job market that nevertheless faces mounting risks in 2019. Non-farm payrolls increased by 312,000 in December, easily topping all forecasts, after an upwardly revised 176,000 gain the prior month, a Labor Department report showed Friday.
St. Petersburg, Florida-based Raymond James is making a move into the Kansas City region with the hiring of veteran public finance banker Greg Vahrenberg. Vahrenberg, who started in December, most recently worked at Piper Jaffray, where he spent two decades. Banker Greg Vahrenberg joined Raymond James in December in the firm’s first Kansas City, Missouri,
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, declined to 4.07% from 4.09% the week before. The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields dipped one basis point to 4.09% from 4.10% in the previous week. It is at
Federal Reserve Bank of Dallas President Rob Kaplan. Bloomberg News Federal Reserve Bank of Dallas President Robert Kaplan said the U.S. central bank should put interest rates on hold as it waits to see how uncertainties about global growth, weakness in interest-sensitive industries and tighter financial conditions play out. “We should not take any further
Wells Fargo promoted Charles Peck to head of public finance, almost a month after firing Stratford Shields from the post. Peck, who joined Wells in 2018, was previously managing director, head of the West and Midwest public finance regions. He will be relocating to New York and will report to Marty Bingham, who has headed
CHICAGO — The dispute over a Missouri county’s obligation to cover debt service shortfalls on bonds issued for a struggling retail complex may be headed to mediation. UMB Bank, the trustee for $32 million of bonds supported by Platte County’s appropriation pledge, told investors on a recent call that it “had proposed in writing to
As the muni market continues to end the year on a strong note, market participants were wondering about what to watch out for in 2019. One Mid-Atlantic trader said he expects 2019 to bring more regulation, resulting in less liquidity and more desk closures. “I think there will be more regulatory emphasis on [exchange-traded products],
Pending home sales dropped 0.7% to an index reading of 101.4 in November, after an unrevised 2.6% decline to 102.1 in October, according to a report released Friday by the National Association of Realtors. An index of 100 is equal to the average level of contract activity during 2001. Year-over-year the pending homes sales index
In the week ended Dec. 27, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 4.09% from 4.13% last week. The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields dropped one basis point to 4.10% from 4.11% in the
WASHINGTON – The legislative outlook for the tax treatment of municipal bonds is brighter in 2019 than a year ago with a strong supporter of municipal bonds ascending to the chairmanship of the Ways and Means Committee as part of the new Democratic majority. Rep. Richard Neal, D-Mass., begins serving as chair the panel that
The Puerto Rico Oversight Board is seeking to invalidate Puerto Rico government rent payments made to the Puerto Rico Public Buildings Authority, which support the authority’s roughly $4 billion in outstanding bonds. Success in the board’s adversary proceeding in Title III bankruptcy court would cut off revenue backing the authority’s bonds while allowing Puerto Rico
President Trump expressed confidence in the Treasury secretary, Federal Reserve and U.S. economy on Tuesday, moving to calm financial markets further roiled after Bloomberg News reported that the president had discussed firing the central bank’s chairman over raising interest rates. Trump, asked if he has confidence in Treasury Secretary Steven Mnuchin, said, “Yes I do,
With stocks and equities continuing their sell-off, munis continue to flex their muscles — even with a budget showdown in Washington taking place. “Municipal bonds are trading relatively unchanged but firm today as very positive market technicals keep demand steady,” said Michael Pietronico, chief executive officer, Miller Tabak Asset Management. “There is likely some money
Puerto Rico employment declined in November for the second consecutive month, adding to signs that the post-hurricane economic recovery may be ending. November employment slipped 0.23% from October and 0.95% from September, according to the United States Bureau of Labor Statistics’ household survey released Friday. The bureau also released an employment survey based on the