Bonds

Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget

Municipals resumed their selloff Tuesday, while U.S. Treasuries were slightly weaker and equities ended down as debt ceiling negotiations and Fed policy uncertainties hang over financial markets. Triple-A yields rose from two to five basis points on the one-year and up to 10 basis points across the rest of the curve. Municipal to UST ratios

A ruling by federal officials that could make or break New Jersey’s first major offshore wind farm project is expected this summer. On Monday, the U.S. Department of Environmental Protection’s Bureau of Ocean Energy Management released its Final Environmental Impact Statement for the $1.6 billion Ocean Wind 1 project, a state-supported plan by Danish energy

After selling off last week, municipals saw some pressure ease as triple-A yields rose only a few basis points while U.S. Treasuries were weaker and equities ended mixed. Municipal to UST ratios were steady. The two-year muni-Treasury ratio Monday was at 71%, the three-year at 72%, the five-year at 71%, the 10-year at 69% and

Governor Brian Kemp of Georgia on Thursday announced the recipients of $225 million of federal health and public facilities development grants funded by the American Rescue Plan Act of 2021. The state selected142 projects from a crowded field of proposals submitted by local governments and nonprofit organizations as per federal regulation that would help “improve

Laura Allen, budget analyst for the Maryland Department of Budget and Management, takes over as president of the Government Finance Officers Association from Terri Velasquez in a role she feels can be instrumental in bringing members together and addressing the most pressing challenges for the industry. “We’re in a really rapidly changing world and public

Muni yields climbed even higher to end the week, while U.S. Treasuries were weaker and equities ended down. Muni yields, after outperforming USTs the prior week, “have adjusted higher in a hurry this week in sympathy with the UST selloff,” said Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel. Triple-A benchmark yields rose four

Michigan trimmed its revenue estimates Friday to account for tax changes that carry a multi-billion-dollar price tag. The new projections could require roughly $600 million in reduced spending over what Gov. Gretchen Whitmer proposed earlier this year in the fiscal 2024 budget that would take effect Oct. 1. It relies on available revenue from what

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension

Economic and interest rate uncertainties greet the Pittsburgh Water and Sewer Authority’s planned sale of $257.9 million in water and sewer bonds as the authority mixes new money and refinancing in a deal with four distinct pieces. The deal is planned the week of June 4, according to an online “roadshow” presentation for investors. BofA

Prominent bond traders said appetite for restructured Puerto Rico bonds is high and the future will likely bring greater market acceptance. Puerto Rico’s local government, through its Fiscal Agency and Financial Advisory Authority, brought the five traders to talk about the bonds at its PRNow conference in New York City Friday. “There’s an enormous demand

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state. The Star Wars: Galactic Starcruiser, a pet project of former Chief Executive Officer Bob

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

State and local government leaders are coming out of the COVID-19 pandemic and looking at their investments in infrastructure in ways that not only satisfy their bottom line today, but set them up for the future. That’s according to panelists at the 2023 National Federation of Municipal Analysts Annual Conference Wednesday, where panelists took the

Short-term munis sold off Wednesday, as triple-A benchmarks rose in sympathy with U.S. Treasuries. Equities rallied. Muni yields rose seven to 12 basis points five years in, while USTs rose two to eight basis points. Performance-wise, Matthew Buscone, co-head of portfolio management at Breckinridge Capital Advisors, said the muni market has been soft this week.

A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to

Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the

Municipals were steady to weaker in spots to start the week, while U.S. Treasury yields rose and equities ended up. The two-year muni-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data

Jackson County, Missouri, hits the market with a $260 million special obligation issue that will wrap up financing for a new jail complex long in the works that was chosen as the best option to deal with overcrowding and other public safety and mental health treatment goals. The bonds are expected to price as soon

UBS will pay $850,000 to a Texas public school district in a settlement over the bank’s inability to underwrite bonds under a state law prohibiting government contracts with companies that “boycott” the fossil fuel industry, the state attorney general announced Friday. The settlement involves a $18.6 million Normangee Independent School District competitive bond sale the