Bonds

The Puerto Rico Aqueduct and Sewer Authority will increase rates, change water meters and take other steps to raise $1 billion over five years to address growing expenses. The board’s fiscal plan includes a 4.95% increase in the base charge in fiscal 2023 and a 2% increase in consumption charges from fiscal 2023 to fiscal

The Municipal Forum of New York honored three industry leaders and awarded a scholarship to an Urban Leadership Fellows at its annual dinner on Thursday. Homer Schaaf, Of Counsel at Norton Rose Fulbright, was awarded the Forum’s Lifetime Achievement Award, Elizabeth Fine, counsel to the governor of New York State, receivedr the Public Service Award,

Laws proposed or passed by several states prohibiting local governments from paying ransoms in cyberattacks are viewed as an encouraging trend by Moody’s Investors Service. The laws enhance preparedness and incident response, which Moody’s wrote in a commentary, are both credit positives for local governments. “The measures to prohibit ransomware payments will encourage local governments

Municipals were better Friday after catching a bid in the secondary, finally following U.S. Treasuries in a flight-to-quality, while still underperforming, keeping valuations above 100% on the 10- and 30-year. Equities pared back earlier losses to end mixed after the S&P 500 dipped into bear market territory earlier in the session. “The correlation between stocks

Gerald Corrigan, who spent a quarter century at the Federal Reserve, including an eight-year stint as president of the Federal Reserve Bank of New York, died Tuesday in Boston. He was 80. The longtime Fed and Goldman Sachs banker was 80. After leaving the New York Fed in 1993, Corrigan entered the private sector. He

Municipals saw an uptick in secondary activity that led to a constructive tone, pushing yields lower for the first time since late April, while still underperforming another day of U.S. Treasury market gains on Thursday. Equities ended mixed after experiencing the worst losses in two years on Wednesday. Investors pulled more from municipal bond mutual

Illinois priced $1.64 billion of general obligation debt Wednesday at spreads on par with current trading levels that have more than doubled this year due to market turmoil despite a round of upgrades. A U.S. Treasury market rally helped calm the market, but news of a 17th week of outflows from municipal bond mutual funds

Municipals were mixed in secondary trading as large general obligation bond offerings from Illinois and New York City took the focus and saw yields lowered in repricings. U.S. Treasuries were better in a risk-off rally with the biggest gains 10 years and out while equities saw massive losses. Municipal to UST ratios rose further on

St. Louis County, Missouri, takes competitive bids Wednesday on $114 million of special obligation bonds that will provide its long-stalled share of public financing for the expansion and renovation of the downtown convention center. The bonds mature from 2034 to 2047. Columbia Capital Management LLC is advising the county. The bonds are rated AA rating

The government has sent $110 billion of infrastructure funds to states and local governments in the six months since President Joe Biden signed the Infrastructure Investment and Jobs Act. “Just in the last six months, this group behind us on behalf of the President of the United States has pushed out $110 billion of funding,”

Even as federal infrastructure money begins to flow, cities are facing fallout from rising construction costs, New Orleans Mayor LaToya Cantrell said at the outset of National Infrastructure Week 2022. “We’re seeing an impact on RFPs that are being released,” the mayor said. “We may get no bidders or we get one bidder, or we

New York City got some good news just as it prepares to come to market with more than $1 billion of general obligation bonds next week. Fitch Ratings revised the outlook on the city’s AA-minus rated GOs to positive from stable citing improved revenue performance as the city sees a recovery from the COVID-19 pandemic.

Federal Reserve Bank of Cleveland President Loretta Mester backed raising interest rates by half percentage points at the central bank’s next two policy meetings in order to tamp down surging inflation.  “Unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 basis points at each of

Illinois’ rosier near-term fiscal landscape and state bond rating momentum helped lift the ratings of public transit agencies and the state’s public universities and more than $5 billion of rated debt.   Earlier this month, Moody’s Investors Service upgraded the Illinois Regional Transportation Authority’s $1.7 billion of general obligation bonds to Aa3 from A1 due

California Gov. Gavin Newsom rolled out an $18 billion inflation-relief package during his May budget revision that included $400 rebates to car owners as well as expanded rental assistance and help covering past-due utility bills. The state budget boasts a $97.5 billion surplus, according to the governor’s estimates, but lawmakers also face spending restrictions from

A reversal of U.S. Treasuries added more selling pressure on municipals Friday with another day of cheaper trading in the secondary leading to cuts in triple-A scales after a week of underperformance to taxables that pushed ratios firmly above 100% out long. Municipal triple-A benchmark yields rose up to five basis points in another rough

As gas prices hit a fresh record high Friday, some analysts wonder when they will begin to impact the credit quality of transportation assets, like toll roads and airlines. Not now, S&P Global Ratings said in a report, but that could change if high prices stick around. “From a historical perspective, volatile fuel prices have

Municipals were mixed Thursday as the last of largest new-issues priced in the primary led by the Port Authority of New York and New Jersey, while U.S. Treasuries caught a risk-on trade and equities rebounded near the close after larger losses earlier in the session in another volatile day. Triple-A benchmark yields rose up to

Municipal securities trading volume fell significantly over the past 15 years, led by a drop in short-term paper, while trading volumes increased markedly during months of economic uncertainty and market dislocation, a Municipal Securities Rulemaking Board analysis found. The board, in its new analysis of trading volumes and activity over the last 15-year period, singled

S&P Global Ratings lifted the Illinois Sports Facilities Authority out from junk territory, upgrading the authority to BBB-minus from BB-plus. The hotel taxes that repay its Soldier Field bonds are on the mend and the agency is no longer putting efforts to spare Chicago’s city government from covering gaps between its tax revenue and debt