Bonds

President Biden’s proposed budget unveiled Thursday includes the lowering of the private activity bond threshold for Low Income Housing Tax Credits to 25% from 50% and muni lobbyists, though skeptical about the prospects of the budget passing as is, say they will work hard to include the provision in any final budget. “While the President’s

The private partner in a prominent Maryland public-private partnership dropped out Thursday, citing environmental delays, lawsuits, and disagreements with the state, in a move that leaves the fate of the country’s largest P3 in doubt. Australia-based toll road operator Transurban, the lead partner in a consortium known as Accelerate Maryland Partners, said it had submitted

Underwriters completed pricing Thursday of a $3.52 billion Texas securitization deal for natural gas providers, but the bonds may stay in investors’ hands only for a short time. The Texas Senate Finance Committee advanced a supplemental appropriations bill Wednesday that includes money to pay off the bonds and possibly debt incurred by other utilities as

A project to repair a berth at the Port of Camden in New Jersey will receive a boost of support from this fiscal year’s federal omnibus spending bill. U.S. Rep. Donald Norcross, a Democrat whose district includes Camden, recently announced an additional $750,000 in federal funds to support work on long-neglected portions of the South

Fitch Ratings upgraded Orlando, Florida’s $166.925 million of Series 2017A senior tourist development tax revenue bonds to BBB from BBB-minus. The outlook on the bonds is stable. The bonds are a limited obligation of the city backed by a senior lien on 50% of the “6th-cent TDT,” which is a one-cent tax on hotel room

Municipals were firmer on the front end of the curve as more billion-dollar deals priced, while Treasuries rallied hard inside 10 years and equities sold off. The potential for a strong employment report, which would amp up belief of a 50-basis-point move by the Federal Open Market Committee later this month, and higher for longer

The largest tax cut in West Virginia’s history has been signed into law by Gov. Jim Justice. “The world is watching West Virginia. The world sees West Virginia in a different light today,” Justice said at the signing ceremony in Charleston on Tuesday. “We’re not the blunt end of a bad joke. We’re the diamond

Municipals were little changed in secondary trading Wednesday amid an active primary market with two billion-dollar deals priced, although details on one were not immediately available. U.S. Treasury yields were weaker in spots and equities ended mixed. The three-year muni-UST ratio was at 59%, the five-year at 61%, the 10-year at 66% and the 30-year

Nossaman added Michelle McCarthy as a partner in its Los Angeles office and changed the name of the practice she joined to reflect the new line of services her addition brings. The practice she joins was renamed to Pension, Benefits & Investments Group from the Public Pensions & Investments Group. “Michelle’s deep, nuanced experience in

Municipals were a little firmer in spots Tuesday, while equities and short-term U.S. Treasuries sold off after Federal Reserve Board Chair Jerome Powell suggested interest rates could be hiked higher than expected to combat inflation. The two-year UST yield rose 13 basis points, pushing it above 5% for the first time since June 2007. The

The Securities and Exchange Commission’s reintroduction of a 2011-era rule proposal to ban conflicts of interest for sponsors of asset-backed securities could have wide implications for conduit borrowers and could raise borrowing and compliance costs for underwriters, municipal advisors and conduit issuers alike. The proposed rule would stop participants involved in securitization transactions from shorting

Unsteady leadership has challenged the financial stability of Wellfleet, Massachusetts, according to a state review of the town’s financial management that was recently made public. High turnover rates in key government positions over the last decade left the Cape Cod town of 4,035 without sustainable revenue streams and in need of fundamental reforms, the Division

The National Federation of Municipal Analysts has named Mark Capell, managing vice president of public finance for Build America Mutual’s West Region as its president for the 2023 year. The first bond insurer to serve as president of NFMA since Bill Hogan of Assured Guaranty’s 2009 term, Capell believes his experience in bond insurance gives

S&P Global Ratings on Friday revised the outlook on Reedy Creek Improvement District, Florida’s general obligation bonds to stable from developing. S&P also affirmed the AA-minus long-term rating on the district’s outstanding GOs, saying the rating reflects the strong tax base, very strong collection rates and consistent financial performance. “The outlook revision reflects recent state

Municipals were firmer in spots Friday, with pressure easing for short-end munis, ahead of a robust new-issue calendar where issuance tops $10 billion. U.S. Treasuries rallied out long, and equities ended up. Triple-A benchmark yields were bumped three to 12 basis points, depending on the scale, at one-year, while UST yields fell four to 13,

New Jersey Gov. Phil Murphy unveiled his executive budget proposal for fiscal year 2024, a record $53.1 billion plan that takes into account the state’s expectation for a shallow and short recession by holding off on large new initiatives while boosting reserves and addressing long-term obligations. “This budget will better prepare New Jersey for any

Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,

New Mexico would authorize public-private partnerships on the state and local level under a bill unanimously approved by the state House Thursday and now headed to the Senate. The bill, House Bill 213, would allow P3s for transportation and broadband projects. “Those are two of the most pressing needs in the state,” said Rep. Cathrynn

The Federal Reserve said further interest-rate hikes would be required to restore price stability. “The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect “ongoing increases in the target range will be appropriate in order to attain a stance of

Municipals were weaker Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose, with all maturities now yielding above 4%, and equities ended mixed. Treasury yields rose as initial jobless claims came in below 200,000 for the seventh straight week and unit labor costs for the fourth quarter were revised up to 3.2%

Rep. George Santos’, R-N.Y., introduction of a bill that would raise the federal limit of deductions to $50,000 for individuals or $25,000 for married individuals adds to the recent pile on of efforts by Congressional members to raise or remove the cap entirely, but it isn’t likely to get anywhere due to the Congressman’s nefarious