Bonds

The Port Authority of New York and New Jersey will bring affirmations of its AA-minus level ratings to its next bond deal. The authority plans to sell $1.08 billion of bonds, according to a preliminary official statement published Thursday. Ity plans to issue two tranches, Series 242 for $535 million and Series 243 for $545

The Puerto Rico Oversight Board reached an agreement Friday with several bondholders of Puerto Rico Electric Power Authority debt in a proposed plan of adjustment that offers significantly more of the original value of outstanding bonds to them than to those who did not agree to the plan. BlackRock Financial Management, Nuveen Asset Management, Franklin

California has expanded the ability of its local agencies to use progressive design-build contracts for certain infrastructure projects in a bid to control costs and remain on schedule. Gov. Gavin Newsom in July signed into law the latest progressive design-build measure, Senate Bill 146, which allows the Department of Water Resources and the California Department

Connecticut’s first offshore wind farm is one step closer to reality after a federal ruling came down this week. On Tuesday, the Bureau of Ocean Energy issued a “record of decision” on a federal environmental review of Revolution Wind, a 704-megawatt offshore wind farm planned for development off the coast of the state in a

The Puerto Rico Oversight Board costs have been more than four times what the board and the Congressional Budget Office projected near its founding in 2016. In a report released Tuesday, Puerto Rico nonprofit Espacios Abiertos found the board has paid $1.5 billion to outside advisors through late June of this year. In summer 2016

The focus was on the primary market Wednesday as the New York City Transitional Finance Authority’s $1 billion deal saw good reception, repricing to lower yields, though municipals underperformed a U.S. Treasury rally. Equities ended in the black . Triple-A yields fell or rose a basis point or two, depending on the scale, while Treasuries

Kentucky and Indiana are lobbying for federal funds to cover half the cost of a bistate Ohio River bridge that would connect the Interstate-69 national trade corridor. The I-69 Ohio River Crossing is more than 20 years in the planning and in the end will feature a four-lane, tolled bridge carrying I-69 from southern Indiana to northern

Vermont launched part one of a two-part general obligation bond sale this week with a competitive auction of $61.2 million of new money bonds. That will be followed with a $53.5 million GO refunding that is expected to price by negotiation Thursday. The competitive bid was won by BofA Securities, according to Refinitiv TM3. The

The Puerto Rico Oversight Board hired José Pérez Riera as a revitalization coordinator to facilitate investment and infrastructure development on the island, as prescribed by PROMESA. Pérez Riera, who started work Monday, fills a job that has been vacant since February 2019. Puerto Rico Oversight Board Revitalization Coordinator José Pérez Riera has public- and private-sector

Municipals were weaker to start the week, while U.S. Treasuries saw more losses as investors continue to see a stronger-than-expected U.S. economy challenge Federal Reserve policy efforts. Equities ended mixed. Triple-A yield curves were cut up to five basis points, depending on the scale, while UST yields rose six to nine basis points, pushing the

The Inflation Reduction Act’s tax credits have the potential to transform the energy market, and in drafting best practices, the Department of Treasury and Internal Revenue Service should consider the compliance burdens, added premiums and easing the excessive payments statute for state and local governments.  That’s according to Emily Brock, director of the federal liaison

Citing rising U.S. debt to GDP ratio and climbing interest rates, a call to action for the public finance community frames the tax-exempt status of municipal bonds as at risk of becoming obsolete. But the report issued as a municipal commentary by Tom Kozlik, head of public policy and municipal strategy at Hilltop Securities, may

The inaugural sale of a California Housing Finance Agency credit that pools multifamily housing loans received a welcome reception from the market. It was the first time in nearly a decade that CalHFA has sold bonds under a party indenture for a pool of multifamily permanent loans, and as “a new California credit, the bonds

Municipals were mixed Friday while U.S. Treasuries made gains on global concerns over higher interest rates and the hopes for a soft landing fading. Equities sold off. “For those hoping things will be quiet on the [Federal Open Market Committee], or Fed front they can think again,” said Tom Kozlik, head of public policy and

After months of negotiations, the NHL’s Carolina Hurricanes have agreed to a 20-year lease extension at Raleigh, North Carolina’s PNC Arena, helped by a package of incentives officials hope will spur wider development in the area. The Centennial Authority, which owns the arena on behalf of the state, put the final touches on a deal

Bondholder-sympathetic Puerto Rico Oversight Board Member Justin Peterson resigned Friday afternoon in protest of the impending Puerto Rico Electric Power Authority plan of adjustment. Peterson announced his resignation on Twitter. The board says it will submit the proposed plan on Aug. 25. “To be clear, I’ve decided to resign because I do not wish to

The deadline for the Puerto Rico Oversight Board to submit a proposed Puerto Rico Electric Power Authority plan of adjustment was pushed back to Aug. 25 from Aug. 18. U.S. District Court Judge Laura Taylor Swain postponed the date despite objections from bond insurer Assured Guaranty and bond holder GoldenTree Asset Management. According to the

Municipals were weaker Thursday as outflows from muni mutual funds returned and U.S. Treasuries saw yields rise out long. Equities sold off. Triple-A benchmarks were cut three to nine basis points, depending on the scale, while UST yields rose up to four basis points out long, pushing the 10- and 30-year to multi-year highs. The

Parties to the Puerto Rico Electric Power Authority bankruptcy reached a deal on bondholder claims to PREPA special funds money. The parties were arguing whether bondholders had perfected liens on funds in PREPA’s construction, capital improvement and reserve maintenance funds. The sides reached a deal where PREPA would transfer $3 million to the sinking fund

Municipals were mixed Wednesday amid another busy new-issue day led by the University of California Regents in the negotiated space and gilt-edged Tennessee in the competitive market. U.S. Treasuries were weaker again, pushing the 10-year UST to a high not seen since 2008. Equities ended the trading session down. Triple-A benchmarks saw cuts out long,