Bonds

Disgruntled fans have filed a pair of lawsuits against the National Football League seeking damages for moving the San Diego Chargers to Los Angeles. The most recent complaint, filed in San Diego Superior Court in mid-February, contains allegations similar to those in a separate lawsuit filed in January. Robert Kirkbright, a five-year season ticket holder

It’s been a long time since bond reps at retail firms have had to worry about de minimis disclosure, the heads-up that buyers paying below the de minimis level will see their discount treated as ordinary income and not capital gain. That’s because a long bull market has made discount bonds very scarce. But higher

Budget season has kicked off in New York City as the first public comments on the nearly $100 billion spending plan were heard this week. The city is in good financial shape, analysts said, thanks in part to federal aid. The City Council on Wednesday began the first of a series of public hearings that

A pair of high-profile public-private partnership projects will advance after winning key federal loans this week. Maryland’s Purple Line light rail project received a $1.7 billion Transportation Infrastructure Finance and Innovation Act loan and the Capital Beltway Express LLC got a $1.05 billion loan. Both loans will be used in part to refinance outstanding TIFIA

The U.S. Court of Appeals for the First Circuit set the hearing for a stay on the Puerto Rico Plan of Adjustment for Wednesday after several teachers’ associations filed the request. On Friday the Appeals Court gave until 5 p.m. on Sunday for the Puerto Rico Oversight Board to respond to the teachers’ request for

Municipals ended the week mixed, while the swings in U.S. Treasuries continued and equities sold off as Russia’s invasion of Ukraine escalates. Triple-A yield curves saw one to four basis point cuts while UST yields fell up to 12 basis points on the 10-year, with ratios inching closer to 100% as a result. Municipal to

The White House is rejecting Republican demands to split up its nominees to the Federal Reserve, with President Biden’s spokeswoman telling GOP lawmakers to show up and vote no on Sarah Bloom Raskin rather than further stalling consideration. “All five of our nominees, including Sarah Bloom Raskin, are well qualified for these positions and we’re

Idaho school districts will ask voters to approve $288.4 million of bonds and tax levies during Tuesday’s election to help districts deal with enrollment growth. The state has experienced rapid population growth over the past several years that has transformed its metropolitan areas from small towns into fast-paced cities. The state’s population has grown by

Another day of losses for municipals on Thursday as U.S. Treasuries fluctuated throughout the session, equities were back in the red while another round of outflows were reported from municipal bond mutual funds. Triple-A yield curves saw three to seven basis point cuts, with the larger losses out long, while UST reversed earlier losses to

The University of Michigan’s upcoming $2.1 billion new money and refunding issue marks two firsts for the state flagship school as it offers both a century bond and green-designated paper. The series that include a taxable $1.2 billion century bond and $300 million of axable green bonds could begin selling as soon as next week

Oppenheimer & Co. launched a municipal restructuring group Wednesday in response to a rise in high-yield municipal bond defaults as more transactions show impairments. The 18-member group will be headed by Eric Scroggins, co-head of debt advisory and restructuring, and Bill Reisner, head of public finance investment banking. Depending on the deal, the group can

The climate in South Florida is changing, but some municipalities along the coast have taken a proactive approach in adapting to the rise in sea levels. Additionally, a new report from CreditSights Inc. noted that risks will only increase for coastal issuers of municipal bonds as increased flooding at high tides and during storms may

Municipals improved on Tuesday as the U.S. Treasury flight-to-safety bid continued and equities sold off on the escalating turmoil in the Ukraine. Municipal yields fell three to six basis points across triple-A yield curves while five- and 10-year USTs saw yields fall 14 and 11 basis points, respectively. Municipal to UST ratios rose as a

Detroit’s fiscal recovery from the COVID-19 pandemic gained ground, according to its latest round of revenue and economic projections, thanks to growing income tax and internet gambling tax revenues. The city expects to collect $1.137 billion in general fund revenue in the current fiscal year, including $1.087 million of recurring revenues that serve as a

If Russian hackers target the U.S. as retribution for economic sanctions prompted by its invasion of Ukraine, it could mean more harmful and longer-term cyberattacks than the public sector has experienced previously. “We remain concerned about the potential for cyberattacks on U.S. public finance related targets such as utilities, infrastructure and state and local governments,”

Municipal bond issuers in the Northeast sold $115 billion of debt in 2,261 deals during 2021, an 11.7% volume decline from 2020, according to Refinitiv data. The Dormitory Authority of the State of New York was the top issuer in both the region and in the nation last year. In 2021, DASNY issued $7.86 billion

Fitch Ratings on Friday revised Pittsburgh, Pennsylvania’s outlook to stable from negative and affirmed its AA-minus rating ahead of an upcoming general obligation bond deal. Fitch said the revision reflects its expectation “the city will maintain stable financial performance, gradually rebuilding reserves after a large draw on fund balance in 2020 that resulted from pandemic

The Puerto Rico Oversight Board on Friday rejected the possibility of renegotiating the Puerto Rico Electric Power Authority debt deal with the local government and also filed an objection in the PREPA bankruptcy to bondholders’ motion to compel mediation. In a press conference following the board’s public meeting, Board President David Skeel said, “There are

The new Illinois fund set up to manage the assets of suburban Chicago and downstate police pension funds would get an extra year to complete the consolidation under legislation being pursued by the fund that says it can’t meet a June 30 deadline. The Illinois Police Officers’ Pension Investment Fund told lawmakers during a committee

Los Angeles Controller Ron Galperin gave a “still needs improvement” rating to the city’s efforts to put a $1.2 billion bond authorization for affordable housing to work. The city spent $870,000 per unit on one project and if it doesn’t rein in costs, the per unit price could soar to $900,000 or $1 million, Galperin

Municipal triple-A yields rose three to four basis points on Friday, losing up to half the gains they made Thursday, as U.S. Treasuries saw losses throughout the day but ended flat. Equities rallied hard after the European Union imposed sanctions on Russia and the U.S. indicated it would follow suit. Municipals had a hard time