News Results

In need of revenue, some state legislatures are turning to their wealthiest residents for additional monies.

The muni market's strong performance in May and so far in June has been in line with historical trends, Mikhail Foux wrote for Barclays (BCS) ? but historical trends suggest the market will lose steam soon as supply builds.

The letter from officials in Democrat strongholds asked the rating agencies to maintain their focus on financial analytics in viewing energy-dependence, rather than being swayed by the political winds.

"My 10 years at Academy Securities building out the municipal platform while mentoring military veterans has been the highlight of my career," Kolman said.

The rating agency gave the city a negative outlook in November 2024, following voter approval of a ballot measure requiring more public safety funding.

As budget reconciliation finally moves past the Senate, Aggie bond advocates are reintroducing the Modernizing Agricultural and Manufacturing Bonds Act.

Market Intelligence analyst Jeff Lipton recaps May's muni outperformance versus Treasuries and broad fixed income, highlighting how carry, reinvestment demand and spread compression drove strong returns and helped A3 and Baa credits lead the market.

On the primary market, some deals are oversubscribed and others sent back to the drawing board.

West Sacramento's baseball expansion plan would provide funding to two Yolo County school districts, backers say.

"On a broad level, sentiment appears to reflect long-range optimism, though with some expected bumps along the way," NewSquare Capital's Kim Olsan wrote.

A federal appeals court panel stayed a lower court decision that found the 2021 state law to be unconstitutional.

The bond parties want the U.S. Court of Appeals for the First Circuit in Boston to overturn the U.S. District Court's rulings on their efforts to gain control of PREPA.

Blockchain-based tokenization could modernize muni market infrastructure by compressing settlement timelines, automating coupon and redemption workflows, and creating a shared, immutable ownership and compliance record.

Regulators may be questioning "whether these trading accounts are really institutions or whether they function like an unregistered broker."

The Nassau County Tobacco Settlement Corp's ability to continue as a going concern depends on restructuring its tobacco debt, the county's audit said.

Mayor Andre Dickens wants to extend tax allocation districts, which could generate $5 billion to $7 billion that could back bonds.

The revenue bonds would continue financing for a 15-year, $8.2 billion program to widen existing toll roads and build new ones.

"A lot of retail investors are still very distracted by the stock market," said Pat Luby, head of municipal strategy at CreditSights.

With nearly $4.5 billion of tax-exempt bonds, a restructuring or bankruptcy would be among the muni market's largest to date.

Investors most recently added $2.33 billion to mutual funds for the week ending May 27, bringing positive flows to date to almost $40 billion, according to LSEG Lipper.

S&P lifted Graham's general obligation bond and certificates of obligation rating to A from BBB due to the city's earlier-than-projected financial turnaround.

Illinois lawmakers passed a $56 billion fiscal year 2027 budget as the legislative session wrapped up in the early hours of Monday morning.

The status of the war in Iran is confusing, Hennion & Walsh's James Pruskowski said, but high absolute rates are giving the muni market a strong start to June.

Issuers using cash basis accounting pay a yield premium to sell bonds, according to a new paper, and their bonds are less likely to trade in the secondary.

The quartet of accelerated deals is among at least 25 additional unique credits above $100 billion coming to market, a major contributor to the surging supply of $18 billion to $20 billion this week.

Moody's Ratings has announced a credit rating downgrade to A2 from A1 for AU, due to operating pressure which comes on the heels of a 4% tuition hike earlier this spring.

The six-month pre-development agreement is the first step toward a larger public-private partnership to help deliver the struggling bullet train.

The rating agency cited improving financial metrics and the port's importance to the regional economy.

Market Intelligence analyst Jeff Lipton notes that coupon selection is often a strategy decision, not a price preference, and explains why premium coupons can help mitigate adverse price moves while giving investors flexibility through higher ongoing tax-free income.

A convention center, a wastewater treatment plant expansion, and a light rail system are among projects in the city that include bond financing.

Water supply woes continue to weigh on the Texas city's bond ratings, which have been hit with multi-notch downgrades and negative outlooks.

Considering the "huge calendar this week," NewSquare Capital's Kim Olsan said, "if we can hold steady, that's probably a good result."

The long-discussed pieces of the budget ? a "pied-?-terre" tax, climate law changes, and higher education spending ? have finally come together.?

Primary market muni supply year-to-date is at $235.028 billion, up 4.3% year-over-year, according to LSEG.

Maryland drops Moodys a year after the ratings agency downgraded its credit as the state preps for a major bond sale this week.

"When FINRA and MSRB rules which cover similar functions differ in their application, it raises compliance costs for dealers and raises the risk of inadvertent noncompliance," the Bond Dealers of America said in its letter.

This week will see continued stability, given the recent bumps on deals in the primary market last week and the lack of negative headlines about the war with Iran, said Elaine Brennan, executive director of the public finance department at Roosevelt & Cross.

The New York Convention Center Development Corporation is coming to market for the first time in more than a year, with bonds backed by a hotel surcharge.

The muni market is experiencing "some short-term optimism," said Hilltop Securities' Tom Kozlik, but there are still "pressures that could potentially be with us for not just weeks, but months."

Research from The Bond Buyer finds that political will is the strongest impediment or asset to the growth of P3 activity across the U.S.