Louisiana is set to float $1.34 billion of private activity bonds in April as part of its largest public-private partnership to date, which will replace an aging bridge over Interstate 10 near St. Charles. The Louisiana Public Facilities Authority released details of the financing after the State Bond Commission last week signed off on the
Bonds
Alabama airports would be able to enter into public-private partnerships under a bill that advanced through the state House this week. House Bill 87 passed the House Tuesday less than three weeks since it was introduced by Republican state Rep. Chip Brown. It is now pending at the Senate Transportation and Energy Committee. “Alabama is
The Securities and Exchange Commission (SEC) is partnering with other federal regulators to lessen fears regarding the implementation of the Financial Data Transparency Act. The goal of this new law, which was passed in 2022, is to provide more transparency to the financial markets by introducing machine-readable formats into the Municipal Securities Rulemaking Board’s EMMA
Miami International Airport received $27 million from the federal government for infrastructure projects designed to improve the passenger experience at one of the nation’s busiest airports. The funding was announced at a Thursday ceremony at MIA: Miami-Dade County Mayor Daniella Levine Cava welcomed Polly Trottenberg, U.S. Department of Transportation Deputy Secretary, and Shannetta Griffin, the
S&P Global Ratings has revised the outlook on Chicago’s general obligation bonds to stable from positive, the rating agency announced Thursday. S&P affirmed its BBB-plus rating on the bonds. The downward revision reflects budgetary pressures that have not been counterbalanced by new revenue growth, S&P said. Specifically, S&P cited rising public safety labor costs, recent
Dispensing infrastructure spending, combined with the need for advising on the implementation of the Financial Data Transparency Act has the Treasury Department looking to the private sector for talent and expertise. Recent hires by Treasury seem to indicate the agency’s desire to bolster its staff with experienced experts from the private sector. The money flowing
U.S. District Judge Laura Taylor Swain rejected Puerto Rico Electric Power Authority bond parties’ motion for immediate consideration of their request for a receiver. Bond parties last week requested a hearing within 30 days to lift the bankruptcy’s stay on remedies, like their appointment of a receiver for PREPA. Swain said she would consider the
The Biden administration Tuesday announced $5.8 billion in water infrastructure funds for states, tribes and territories, the latest round of funding from the Infrastructure Investment and Jobs Act record level of clean water investment. Th money includes $3.2 billion for the Drinking Water State Revolving Fund for water projects and $2.6 billion for the Clean Water
Municipals were little changed Tuesday as most investors were awaiting new-issue supply, U.S. Treasuries offered little direction in a mixed session and equities were down near the close. Wednesday will see the release of January’s Federal Open Market Committee Meeting minutes, which “should show any division amongst the committee members as to the continued direction
The Federal Railroad Administration has proposed 15 daily long-distance Amtrak routes as part of the Biden administration’s effort to create a national passenger rail system. The FRA is seeking feedback on the preferred routes by March 8, and plans to make final recommendations to Congress in the spring. The map of 15 routes, released Friday
The Financial Industry Regulatory Authority has censured and fined Morgan Stanley $1.6 million for failing to close out 239 inter-dealer transactions within twenty days, as well as for failing to obtain physical possession of 247 short positions. In doing so, the banking giant violated MSRB Rule G-12(h) on uniform industry practices, MSRB Rule G-27 on
Sparse secondary trading and the long holiday weekend allowed municipals to outperform U.S. Treasuries and corporates Friday as the dearth of primary issuance has kept investors engaged without demanding as much concession despite volatility. Triple-A yields were slightly cheaper on the short end while UST yields rose up to nine basis points on the short
Austin, Texas, officials are heading to court to seek validation for a controversial issuance of bonds to help fund a multi-billion-dollar light-rail project. The Austin City Council on Thursday authorized the move, as well as amendments to an agreement with the Austin Transit Partnership (ATP), a corporation created by the city and its Capital Metro
Paulina Woo was named senior director of treasury management in Western Alliance Bank’s corporate finance and public and nonprofit finance groups. In her new role, Woo, who is based in Phoenix, will lead teams that tailor banking solutions for municipalities, local governments, nonprofit organizations, corporations and institutional investors. “Western Alliance Bank provides a distinctive set
As the infrastructure law nears the halfway point of its life, the rollout of its expanded Buy America provision, a key part of President Joe Biden’s bid to strengthen American manufacturing, has been confusing and failed to address gaps in the domestic supply chain. That was the message from state transportation departments and construction experts
Exceptions for manual trades and limited trading activity are crucial if the Municipal Securities Rulemaking Board’s amendments to Rule G-14, its controversial move to a one-minute reporting standard from the current fifteen minute window, is adopted by the Securities and Exchange Commission. That’s according to comments submitted to the SEC, which ranged from cautious acceptance
South Carolina Gov. Henry McMaster signed the ESG Pension Protection Act — which requires the state pension fund’s decisions be based on maximizing returns — in a ceremony at the governor’s office. The bill, H.3690, was officially signed by the Republican governor on Feb. 5 and went into effect on Feb. 9. The bill directs
Tax incentives have long been a favored economic development tool of governments, but do we know how to actually use them ourselves? Well, we’re about to find out. The Inflation Reduction Act (IRA) deployed billions of dollars of tax incentives to fund clean energy and other green investments. In a history-making move, the bill opened
The secondary market was active and trading showed strong prints across the curve, pushing triple-A yields lower following a stronger U.S. Treasury market. Triple-A yields fell two to four basis points while UST yields fell two to three basis points. Municipal bond mutual funds saw the second week of outflows, with LSEG Lipper reporting $142.2
The Chicago Park District Board of Commissioners on Wednesday unanimously approved ordinances laying the groundwork to issue roughly $26 million of general obligation limited bonds and $11 million of alternate revenue bonds, and to refund up to $145.9 million outstanding of Series 2021A bonds through a tender that would convert the taxable bonds to tax-exempt
Munis were steady to a touch firmer in spots and new-issues fared well in the primary, while U.S. Treasury yields fell and equities ended the trading session up as markets further digested inflation data and its effects on future Fed moves. Triple-A yields fell a basis point or two, depending on the curve, while USTs
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