Bonds

When Indianapolis Mayor Joe Hogsett announced he’d be pursuing a Major League Soccer team for his city, it appeared to throw Indianapolis’ previous plans for a new stadium development — spearheaded by the owner of the city’s United Soccer League team, the Indy Eleven, Ersal Ozdemir — into doubt.  But city officials subsequently revealed that

The public finance community hailed Wednesday’s First Circuit Court of Appeals ruling that Puerto Rico Electric Power Authority bondholders had a lien on net revenues. Observers say the decision sends a message that the municipal revenue bond pledge is strong, the Oversight Board’s plan of adjustment for PREPA as it currently is proposed is unlikely

The country’s largest public pension fund came under fire Wednesday from House Republicans, who accused the fund of being part of a “climate cartel” that illegally colludes with other investors to try to force companies to reduce their carbon footprint. The California Public Employees’ Retirement System was one of four witnesses called by the Republican

The U.S. First Circuit Court of Appeals almost entirely overturned a lower court’s reasoning that underlay an Oversight Board proposed Puerto Rico Electric Power Authority plan of adjustment, in what appears to be a major bondholder victory. On Wednesday afternoon, a panel of appeals court judges ruled unanimously that PREPA bondholders had a perfected lien

In another sign of the sector’s recovery, airports are set to flock to the muni market this year as issuers can no longer postpone long-delayed projects and necessary infrastructure maintenance. Airport issuance got off to a slow start this year with only $3.5 billion priced through the end of May, according to Ramirez’s May airport

Municipals were steady Tuesday ahead of Wednesday’s Federal Open Market Committee meeting and Consumer Price Index report, as U.S. Treasury yields fell and equities were mixed near the close. “The market’s great expectations regarding Fed cuts have witnessed a dramatic downward adjustment since the start of the year,” said Vikram Rai, head of municipal markets

Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Mike Scarchilli (00:04): Hi everyone and welcome to the Bomb Buyer Podcast, your essential resource for insights into everything municipal finance. I’m Mike Scarchilli, Editor-in-Chief of the Bomb Buyer,

Municipals were little changed Monday as investors await a smaller calendar amid an FOMC week, outperforming Treasuries, which saw small losses, while equities were up near the close. The two-year muni-to-Treasury ratio Monday was at 65%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year at 82%, according to

S&P Global Ratings upgraded the Greater Orlando Aviation Authority’s senior-lien airports facilities bonds to AA from AA-minus with a stable outlook Friday, citing Orlando International Airport’s growing enplanement counts. “The upgrade reflects Orlando International Airport’s very high activity levels and long history of favorable enplanement trends supported by serving an expanding service area economy with

Municipals saw losses but outperformed a U.S. Treasury selloff sparked by better-than-expected jobs data while a much smaller primary slate awaits investors ahead of the June Federal Open Market Committee meeting. The non-farm payrolls data further raises concerns over the timing of the Central Bank’s rate cutting schedule. “This blockbuster NFP makes it harder for

Gov. J.B. Pritzker on has signed Illinois’ $53.1 billion fiscal year 2025 budget, which includes $198 million for the state’s rainy day fund and $182 million for the migrant crisis as well as creating a Department of Early Childhood and an innovation center at the University of Illinois-Springfield and funding the new state-based insurance marketplace.

A public private partnership to fund upgrades and the greening of the central heating and cooling system at the University of Maryland’s main College Park campus is slated to arrive next week in the primary market. Conduit issuer Maryland Economic Development Corp. is set to price $345.5 million of green revenue bonds for the NextGen

The University of Arizona expects more strain on its cash flow in the coming fiscal year as it offered a peek at underlying assumptions for its next budget. In a presentation to a Arizona Board of Regents committee on Thursday, the university’s preliminary forecast of days cash on hand for fiscal 2025 showed it slipping

Struggling Pennsylvania hospital chain Tower Health plans to exchange current debt and raise additional funds as it pursues a turnaround.  The system, trustee and bondholders of about $992 million in debt are supporting an exchange of “substantially all” existing bonds, according to a May 31 agreement that Tower Health disclosed in a filing Monday on

The municipal bond market, fragmented and complex, is the original impact investment sector in US markets. If you read this newspaper for any period of time, this is not a novel statement. The idea first gained traction when a Silicon Valley startup raised millions in 2013 in part on this theme and extended into mainstream

Municipals were firmer Thursday as the primary market slowed and muni mutual fund inflows returned. U.S. Treasury yields were little changed and equities ended mixed. Triple-A yields fell another three to eight basis points, depending on the scale. The two-year muni-to-Treasury ratio Thursday was at 67%, the three-year at 67%, the five-year at 69%, the

Kentucky officials are still struggling with how to handle a troubled internet network project nine years after bonds to fund it were sold. Analysts say the KentuckyWired project has lessons on how public-private partnerships should be structured. The political wrangling in-state stands in contrast to rating agencies, who since September have issued the bonds an

Municipals were firmer Wednesday amid another heavy new-issue calendar, led by several large deals that saw yields lowered upon repricing. U.S. Treasuries yields fell further and equities ended up. Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists, led by Peter DeGroot. The negotiated calendar was led by $830 million from

St. John’s Lutheran Church sits three blocks from the Capitol in Madison, Wisconsin, in the heart of the up-and-coming East Washington corridor, where development is booming. Many of the developments cater to a well-heeled clientele, such as the Moxy Madison, a boutique Marriott hotel where weekend rates start at $341 a night. Or Archipelago Village,

A surprise primary result means Puerto Rico will have a new governor next year. Puerto Rico Resident Commissioner Jenniffer González Colón upset Gov. Pedro Pierluisi in the race for the New Progressive Party nomination for governor. The New Progressive Party supports statehood for Puerto Rico. As resident commissioner González Colón represents, without being able to

A Connecticut firm’s recent bankruptcy highlights the challenge of investing in the senior living sector, known throughout the muni market as one of the riskier areas, particularly in a post-COVID world. However, some market participants are still bullish, fueled by spread pickup, macro dynamics and demand-driven expansion.  The senior living sector has always been challenged,