Bonds

Puerto Rico bankruptcy Judge Laura Taylor Swain on Friday ordered the postponement of deadlines in the central government bankruptcy. The Puerto Rico Oversight Board, citing the impact of the COVID-19 virus on the island and involved lawyers, asked for the postponement on Sunday. Puerto Rico bankruptcy Judge Laura Taylor Swain has delayed some parts of
0 Comments
Ohio Treasurer Robert Sprague launched a program this week to bolster liquidity and ease the financial burden Ohio hospitals face because of the COVID-19 pandemic. The state plans to buy up to $900 million in short-term debt that Ohio hospitals commonly issue to help fund their operations through a newly established Variable Rate Demand Obligation
0 Comments
California state agencies have received official word that they’ll have to tighten their belts as the state grapples with the COVID-19 pandemic. The Department of Finance sent out letters this week to the Legislature and department heads saying it would postpone its annual revised forecast ahead of the governor’s May budget revision and it will
0 Comments
Recent not-for-profit healthcare and higher education disclosure about COVID-19 provides a stark picture of the fiscal and operational hardships posed by the intensifying pandemic. A look at a series of recently sold and pending Midwest deals highlights how disclosure is ramping up in some bond offering documents as borrowers begin to feel the disease’s impact.
0 Comments
Some smaller not-for-profit hospital systems are struggling just to keep their doors open as they grapple with rising costs, lost revenue, and a lack of available credit amid the intensifying COVID-19 pandemic. While preparing for an expected surge in volume that’s likely to come, “we are trying to figure out how to stay in business,”
0 Comments
The municipal market sold off again on Friday in dramatic fashion even after the Fed announcement that it would buy munis via collateral by financial institutions, a step aimed at calming the anxiety over the flight of money from tax-exempt money market funds. The Fed move did lessen the sell off on the short end
0 Comments
The fiscal impact of the COVID-19 pandemic for the healthcare sector poses the dual shock of skyrocketing treatment expenses and the loss of revenue from cancelled services. “The near and medium impact of the COVID-19 outbreak on the U.S. healthcare sector is expected to be significant, but the degree of impact will vary somewhat depending
0 Comments
News of the request by New York’s Metropolitan Transportation Authority for a $4 billion federal rescue package triggered a flurry of market activity Wednesday. The move by the MTA, amid plummeting ridership during a worsening COVID-19 pandemic, also triggered questions surrounding the length of the crisis itself, the severity of the short- and long-term hit
0 Comments
General obligation, essential public revenue bonds and even debt backed by tourism-related revenues may weather the COVID-19 outbreak with minimal to temporary impacts while senior living is more at risk, Nuveen says in a report that looks at risks in the municipal market, sector by sector. The liquidity-driven sell-off this week made all the more
0 Comments
Events and attractions that drive billions of dollars in economic impact have canceled and shuttered across the nation, which will leave a hole in many government budgets and impact holders of bonds that financed stadiums, convention centers, hotels and arenas. Every professional sports league has suspended or postponed its season, and events ranging from the
0 Comments
Muni market participants asked Congressional leaders to use a stimulus bill as an opportunity to push muni bond initiatives and increase infrastructure efforts amid economic stress caused by COVID-19. In a letter sent by the Public Finance Network to Congressional leadership Thursday afternoon, the group asked for the restoration of tax-exempt advance refunding, an increase
0 Comments
Some muni market advocates have growing concerns that COVID-19 is limiting their ability to push important muni bond initiatives on Capitol Hill and elsewhere. Congress is still open with staffers and lawmakers present, but those offices could decide to minimize or ban face-to-face meetings as virus concerns grow, said Chuck Samuels, general counsel to the
0 Comments
The public agency that owns and operates Milwaukee’s convention center laid out financing models for an upsized possible $425 million expansion that would include a mix of new-money tax-exempt and taxable refunding bonds with up to $300 million carrying a state moral obligation backing. The Wisconsin Center District also released renderings of the revised plan
0 Comments
With oil prices plummeting, energy-producing states of the Southwest face another economic rollercoaster less than six years after the last collapse. Futures prices on West Texas Intermediate Crude fell more than 25% Sunday night to below $33 per barrel after Russia refused to support a production cut by the Organization of Petroleum Exporting Countries, or
0 Comments
Illinois Gov. J.B. Pritzker’s proposed budget makes some modest progress in the right fiscal direction if voters allow the state to move to a progressive income tax structure, S&P Global Ratings said. S&P “considers the Illinois governor’s fiscal 2021 budget proposal a step toward improving structural balance, building liquidity, and addressing pension liabilities, although it
0 Comments
Economic activity and job growth were strong in February, according to data released on Wednesday, but the threat posed by the COVID-19 virus remains a future danger to the economy’s well-being. Employment numbers came in stronger than expected. Private sector employment increased by 183,000 jobs, according to the February ADP National Employment Report. Economists polled
0 Comments
Although the Federal Open Market Committee will meet March 17 to 18, speculation about a coordinated cut by central banks across the globe before then continues, and experts are debating whether the Fed will cut 25 basis points or 50 basis points. “This will be another wild week for financial markets, but optimism is growing
0 Comments
The Securities and Exchange Commission has filed fraud charges against the investor-owned utility that partnered with South Carolina-owned Santee Cooper in the nuclear reactor project the two attempted to build but never completed. The six-count, 87-page lawsuit names Dominion Energy South Carolina Inc., formerly South Carolina Electric and Gas Co. SCE&G was owned by SCANA
0 Comments
With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on for the seventh day on Friday. The biggest winners have and will continue to be muni issuers, as they can sell debt at historic lows and participants don’t see the movement slowing. COVID-19 has pushed benchmark muni yields down to record
0 Comments