Bonds

Pittsburgh’s sustained financial health is attracting private investment and enabling it to fund neighborhood infrastructure needs, Mayor Bill Peduto said after the city’s latest boost in the capital markets. Fitch Ratings raised its outlook on the city’s general obligation bonds to positive from stable while maintaining its AA-minus rating. The news came Tuesday as the
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The Conference Board reported Tuesday that its consumer confidence index rose to 130.7 in February, from 130.4 in January. Economists surveyed by IFR Markets had expected a reading of 132.0 for February. The present situation index decreased to 165.1 from 173.9 as the expectations index increased to 107.8 from 101.4 last month. The present situation
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Connecticut Gov. Ned Lamont, looking to move past his stalled highway-toll initiative, called for releasing $625 million in municipal aid through a bond package he said is no longer linked to passage of a toll bill. The package had been previously tethered to the General Assembly’s passage of the electronic tolling on interstate highways. It
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Oregon House Democrats agreed to slow the progress of cap-and-trade climate change legislation to avoid a repeat of last year’s Republican walkout. Republican leaders left the state last year shutting down the budget process and threatened to use similar tactics this year because they dislike the cap-and-trade legislation. Oregon House Speaker Tina Kotek, a Democrat,
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Los Angeles Mayor Eric Garcetti launched an environmental plan this week that encourages the use of green bonds. He gave the city’s debt management team until December to report back on financing instruments and mechanisms, including municipal bond deals the city has already executed that have a positive climate and environmental impact. That gives the
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A year after a lower court restructured the Puerto Rico Sales Tax Restructuring Corp. (COFINA) bonds into new bonds, a case attempting to overthrow the restructuring is actively moving forward in an appeals court. At stake is a restructuring of senior and subordinate COFINA bonds with original par value of $17.6 billion. Investors started selling
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Illinois expects $750 million in budgetary relief over the next three years through consolidation measures, healthcare savings from new labor contracts, interest savings on overdue bills, and improved collections announced by Gov. J.B. Pritzker ahead of his fiscal 2021 budget address. “For the coming year, our efficiencies and initiatives will yield at least $225 million
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The State of New York has blocked dismissal of a lawsuit accusing several major banks of wrongdoing in the variable-rate market, effectively preventing those banks from using the argument that has offered success to them in several similar lawsuits filed around the country. The office of New York Attorney General Letitia James notified the Supreme
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The American Securities Association has thrown its hat into the ring as it plans to become increasingly involved in municipal market issues in the near future. The ASA told The Bond Buyer that it has plans to become more involved in fixed income and infrastructure lobbying following a letter sent to the Securities and Exchange
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The Community Preservation Corp.’s $150 million inaugural sustainability public debt offering marked the single largest bond sale completed by a community development financial institution, the corporation said. New York-based CPC’s taxable offering attracted roughly $300 million in orders. Siebert Williams Shank’s Bill Thompson Jr. called the deal’s market reception “a direct result of years of
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A dispute between Louisiana’s governor and treasurer landed in court Friday. Gov. John Bel Edwards, a Democrat, filed a lawsuit against Treasurer John Schroder, because he has refused to transfer money from the unclaimed property fund to the state’s general fund despite the fact that the Legislature approved the appropriation. Gov. John Bel Edwards filed
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Cleveland, Ohio’s upcoming $70 million sale of taxable refunding bonds will free up capacity for new debt issuance. The city is pricing the bonds the week of Feb. 10 for an anticipated $7 million in savings, according to city debt manager Betsy Hruby. The bonds are secured by a subordinate lien of the city’s income
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The Federal Reserve’s point person on financial regulation said the central bank is considering changes to its bank-supervision framework to enhance money-market liquidity. Fed Vice Chair for Supervision Randal Quarles also said current monetary policy was appropriate, but the effect of the coronavirus outbreak would require ‘careful monitoring’ in a speech Thursday. “In addition to
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Political obstacles to the finalization of the Puerto Rico Electric Power Authority debt restructuring have grown in the last seven days. On Wednesday, the presidents of the Puerto Rico House and Senate held a press conference to announce that none of the New Progressive Party legislators under them supported approving the rate surcharge part of
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The United States First Circuit Court of Appeals upheld a ruling against bondholders of the Puerto Rico Employees Retirement System. The First Circuit released the opinion authored by Associate Judge Sandra Lynch Thursday. Judges Jeffrey Howard and Kermit Lipez concurred with the opinion. Chapman Strategic Partners Managing Director James Spiotto, center, said the First Circuit
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It was a record day in the municipal market in a couple of different ways, as yields descended further to new record lows on both the 10- and 30-year and the market saw the lowest yield ever for a 100-year bond. Primary marketMorgan Stanley priced the University of Southern California’s (Aa1/AA/ / ) $320 million
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Domestic banks have been whipsawed in the last several years by changing incentives to hold munis. On the one hand, regulators provided flexibility on counting munis toward high-quality liquid assets (HQLA). On the other hand, the tax equivalent benefit equation was completely scrambled alongside changes to the corporate tax code. At the start of 2020,
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