As the appropriations tug of war goes back and forth in Congress, municipalities are concerned about a wide range of federally-supported infrastructure projects which might end up on the chopping block. The National Association of Counties is already ringing a warning bell via a letter addressed to both chambers of Congress imploring the need to “prioritize federal
Bonds
Port and shipping industry experts discussed the past and future of New York and New Jersey’s ports at an event hosted by the Federal Reserve Bank of New York this month. The “Ports of Tomorrow” event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan
Municipals were a touch weaker to close out the week ahead of a smaller new-issue calendar and the Federal Open Market Committee meeting. U.S. Treasuries closed out weaker while equities were in the red. Triple-A yields rose one to three basis points, depending on the curve, while USTs rose three to four. The two-year muni-to-Treasury
Guam Gov. Lourdes Leon Guerrero let a Senate-passed $1.168 billion budget go into law without her signature, despite her concerns about use of a rainy-day fund, executive branch appropriation and “phantom” revenues. The Senate passed the budget on Aug. 30, with nine Democrats voting in favor and six Republicans voting against. Leon Guerrero, a Democrat,
As transit agencies across the country face a dreaded fiscal cliff when federal stimulus dollars dry up, those agencies that win permanent revenue from their states and local governments will boost their profile while others will see their credit erode. That’s the view of experts who spoke at a transit panel Wednesday at The Bond
Municipals were little changed Thursday as U.S. Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year at 64%, the
Atlanta is taking another step forward on a massive urban revitalization project nearly two decades in the making. City officials this week commissioned a transit planning study for a 13-mile stretch of the Atlanta BeltLine project, an effort launched in 2005 to create a network of public parks, pedestrian paths, and new transit options centered
Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the
Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large
Municipals were little changed Tuesday amid an active primary market that saw the retail pricing of $889 million deal from the Dormitory Authority of the State of New York. U.S. Treasuries were firmer in spots and equities ended in the red. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year was at 64%, the
Municipals were little changed to start the week, while U.S. Treasuries were weaker and equities ended the session down. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services
Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,
New York City continued to see healthy job growth this year, according to a report issued by the New York State Financial Control Board. In the first half of the year, 175,800 jobs were created in the city, a 3.9% increase, exceeding the national growth rate of 2.8%, the Control Board heard at its yearly
Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started
Voters in Maine will have a lot of material to chew over before they decide later this year if a public agency should take over service provided by investor-owned electric utilities. What they won’t necessarily get is a slam-dunk yes or no recommendation. Maine’s Office of the Public Advocate, a state office created to represent
Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve
Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District
Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year
Proposed cuts to state revolving funds could be devastating for water utilities, lawmakers heard Thursday. The Senate Committee on Environment & Public Works heard testimony from local water officials highlighting triumphs and ongoing challenges in the drinking and wastewater arena. A spotlight was also focused on the evolving tug of war over Clean Water and
Municipals were weaker in spots Thursday amid an active primary market that included two billion-dollar pricings for institutions and the return of outflows. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year
Municipals were weaker in secondary trading, but the primary market took focus with billion-dollar retail pricings on deals from California and the Port Authority of New York and New Jersey. U.S. Treasury yields rose 10 years in, while equities ended the session in the red. In the primary market, Citigroup Global Markets held a one-day
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