Bonds

Enjoy complimentary access to top ideas and insights — selected by our editors. 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 (00:03):Hi everyone and welcome to the Bond Buyer podcast, your go-to source for

Munis were little changed Monday as U.S. Treasuries sold off and equities ended mixed. Following the conclusion of the first quarter, munis are seeing losses for the year with the asset class returning negative 0.39% for the year and March returns were at 0.00%, noted Jason Wong, vice president of municipals at AmeriVet Securities. The

Asbestos. Lead. Temperatures that reach 115 degrees. Cracks in the ceiling so big you can see the sky. All of these have been found in Pennsylvania’s public schools.  Pennsylvania lawmakers toured schools around the commonwealth last year, and what they found was “nothing short of shameful,” according to State Representative Peter Schweyer.  “I was touring

The Purdue University Trustees priced $72.43 million of student fee bonds Tuesday, joining other issuers in refunding some of the university’s outstanding Build America Bonds. Lead managers Jefferies and Ramirez & Co. priced the deal Wednesday, with Wells Fargo Securities serving as co-manager. The municipal advisor is Blue Rose Capital Advisors. Bond counsel is Ice

Municipals were steady to weaker in spots Thursday ahead of a smaller new-issue calendar while municipal bond mutual funds saw more inflows. U.S. Treasury yields rose 10 years and in and equities ended mixed. LSEG Lipper reported fund inflows of $447 million for the week ending Wednesday following $63.8 million of inflows the prior week.

Hawaii Gov. Josh Green claims the state is making headway toward reducing recovery costs by getting people displaced by fires out of hotels and into permanent housing. Green has faced criticism from lawmakers for not having a cogent housing plan or coherent budget for the costs associated with the August 8 Lahaina wildfires. Lawmakers are

A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. On Wednesday,

A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property.  The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural

New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

The Public Finance Authority’s $246.7 million tax-exempt revenue bond deal for Miami Worldcenter will help finance one of the largest urban development projects underway in the United States and provide high-yield investors with attractive yields. The deal, priced by senior manager D.A. Davidson & Co. and co-managing underwriter Truist Securities Tuesday, came with two term

Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields

A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and

Houston would be able to accommodate the cost of a proposed settlement with its firefighters in the near term, but will need a revenue boost to prevent a structural budget gap from growing, City Controller Chris Hollins said Tuesday. Hollins, who took office in January, said he will have to certify if funds are available

Municipals were steady as investors await several larger new-issues, including $2.68 billion of California GOs, which were offered to retail investors Monday, while U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Monday was at 61%, the three-year at 61%, the five-year at 58%, the 10-year at 58% and the 30-year at

The $1.2 trillion spending bill that was passed by the U.S. Senate and signed by President Biden on Saturday doesn’t address any of the key legislative issues affecting the municipal bond market, but flickers of hope remain in the few months before the elections in November. Reforming rules on Low Income Housing Tax Credits that

Municipals were steady to end the week ahead of a surge in supply, helped by three billion-plus deals. U.S. Treasuries were firmer and equities were mixed. While USTs yields fell up to five basis points late in the session Friday, they sold off for most of this week, with various market participants seeing “even more

Chicago Mayor Brandon Johnson’s proposed real estate transfer tax change — also known as the mansion tax or Bring Chicago Home — was defeated in Tuesday’s election. The city has said the revenue generated from the tax would go to fight homelessness in Chicago. About 53.6% of Chicago voters had rejected the measure by Wednesday,

In a majority vote, the California Public Employee Retirement System board came out against a state initiative headed for November’s ballot that would limit the ability of state and local governments to levy taxes and make pension contributions. The initiative, called the “Taxpayer Protection and Government Accountability Act,” would amend the California constitution altering the

New York City is stepping up to the plate on Tuesday with the second biggest bond sale of the week, a $1.45 billion issue of general obligation bonds. Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, the tax-exempt GO deal is tentatively structured in four series with

While a move to raise New York City’s borrowing capacity by $12 billion is reasonable and sufficient for the city to meet future capital needs, the debt service threshold must be kept within safe limits, officials say. Letting New York City sell more bonds will allow it to meet its capital needs over the next