Bonds

A group of investors have challenged the legality of the Regents of the University of California’s ability to trigger an extraordinary redemption provision to refund their outstanding Build America Bonds. This may not be the last challenge as several issuers have made clear they intend to use the ERP to refund billions of their outstanding

A Houston City Council vote Wednesday on initial financing for a $2.55 billion terminal renovation project at George Bush Intercontinental Airport was once again stalled by the city controller’s office. An advisory from Mayor John Whitmire’s office late last week indicated the city was finally ready to move the project forward with the placement of

Loop Capital Markets has added four former Citi and UBS public finance professionals to its ranks, joining the growing list of firms to expand their banking teams in the muni space. John Malpiede, John Giammarino and Alain Garcia will be joining Loop Capital from Citi, and Candace Kelly is moving over from UBS.  “The additions

The headwinds facing the University of Idaho’s plan to acquire the University of Phoenix got a lot stronger this week; as did obstacles toward issuing bonds to fund the $685 million purchase through U of I’s affiliated nonprofit, Four Three Education. On Tuesday, the state’s House of Representatives passed House Concurrent Resolution 26 in a

The Puerto Rico Electric Power Authority bond trustee said the Oversight Board’s proposed plan of adjustment breaches the bonds’ trust agreement. “There is a fundamental clash between the duties of bondholders to each other in the trust agreement and the three bondholder [plan support agreements (PSAs)] in the plan,” said bond trustee U.S. Bank N.A.

The Municipal Securities Rulemaking Board is gearing the industry up for two meetings aimed at addressing the now discarded 2024 rate card fee model. The board recently announced these meetings, the first of which will gather four trade associations and focus on the comments received, market projections and fee volatility as part of the board’s

The municipal primary kicked into swing Monday with New York City Municipal waters pricing for retail investors while the secondary was quiet in light trading leading to a steady tone, even as U.S. Treasuries were weaker and equities were mixed near the close. In the primary market Monday, Siebert Williams Shank held a one-day retail

Enjoy complimentary access to top ideas and insights — selected by our editors. William W. “Bill” Fish, who spent his career working with municipal bonds, died on Feb. 18 at The Connecticut Hospice overlooking the Long Island Sound, which he loved. Mr. Fish was born on Nov. 12, 1944, in Brunswick, Maine. He attended Bowdoin

Congress is expected to begin voting next week on the first set of fiscal 2024 budget bills – five months into the fiscal year – after the parties reached another short-term deal to avert a government shutdown Friday. The two chambers on Thursday passed a stopgap bill that extends the deadline for four spending bills,

On Thursday the Internal Revenue Service provided updated guidance on how utility companies are allowed to use securitization to recover costs through rate increases to customers.   The new regulations are denoted by the IRS as Rev. Proc. 2024-15 which updates Rev. Proc. 2005-62. The ruling expands the definition of public utility companies to include publicly owned power

Hawaii lawmakers grilled the budget director Thursday as recovery costs for the Maui wildfire are coming in double expectations, putting the budget at risk. During a hearing before the Senate Ways and Means Committee, Budget Director Luis Salaveria was asked when Gov. Josh Green’s administration realized costs to temporarily house people displaced by the fire

Municipals were little changed to end the week ahead of an estimated $6.1 billion new-issue calendar. U.S. Treasuries were firmer, and equities ended up. Muni yields were steady throughout the week, ignoring small but “well-behaved” UST movements, which stayed “in a relatively narrow range despite some important data releases,” according to Barclays PLC strategists Mikhail

The Ohio state Senate on Wednesday passed a bill that included $1.27 billion in bonds for state government agency facilities, K-12 classrooms, local subdivisions’ capital improvement projects and conservation projects. The bill, HB 27, was originally intended only to give students more information about college fees and loan repayment. And Senate Democrats voiced reservations about

Global exports from Kentucky rose 16.6% year-over-year to a record high of $40.2 billion in 2023, as more products made in the Bluegrass State were shipped around the world. Aerospace products and parts led the state’s exports by category in 2023, according to data released by the U.S. Census Bureau, Foreign Trade Division and WISERTrade.

Municipal bond mutual funds saw small inflows, the secondary market showed constructive trading with firmer prints in spots and the asset class is likely to see slightly positive returns for the month. Equities ended in the black, with the Nasdaq leading the rally. Triple-A yields were bumped a basis point or two, depending on the

West Virginia State Treasurer Riley Moore warned six more financial institutions that they may be placed on the state’s “Restricted Financial Institution List” if they are found to be “boycotting” the fossil fuels industry. The blacklist is authorized in a 2022 state law spearheaded by Moore authorizing the State Treasury to restrict financial institutions that

Puerto Rico leaders and analysts highlighted fiscal risks facing Puerto Rico’s central government, including a change in how multinationals are taxed, that could, if unresolved, jeopardize future bond payments. At the Puerto Rico Oversight Board meeting Wednesday, board Executive Director Robert Mujica Jr. said the government faced major risks in the coming fiscal years, including

New Jersey Gov. Phil Murphy Tuesday unveiled a $55.9 billion budget proposal for fiscal 2025 that would impose a new Corporate Transit Fee on the state’s largest and wealthiest corporations to create a “new, dedicated, and permanent funding stream” for NJ Transit. The fee, which would affect about 600 companies with net taxable income greater

Municipals were steady in secondary trading Tuesday as several large deals in the primary market took focus, including the retail pricing for the $1.5 billion-plus deal of general obligation bonds from New York City. U.S. Treasury yields rose 10 years and out and equities were mixed near the end of the trading session. Other large

Changes in leadership at the U.S. Treasury haven’t changed the fact that the Office of Tax Policy is still missing a go-to expert with a deep background in tax-exempt bonds, leaving lawyers and other stakeholders to adjust and with some worries it could eventually be a problem. The OTP is responsible for developing and implementing