Bonds

Georgia Gov. Brian Kemp has suspended his state’s gasoline tax for one month as prices at the pump continue to increase. Kemp cited high fuel costs and persistent inflation when he declared a legal state of emergency last week and signed an executive order suspending Georgia’s 31.2 cents-per-gallon tax on gas and 35-cents-per-gallon tax on

The Texas Water Development Board is planning a $1 billion bond sale next week to finance water-related projects for local governments as the drought-prone state awaits a November vote on a constitutional amendment to further support water supply infrastructure. The State Water Implementation Revenue Fund for Texas revenue bonds are scheduled to price Sept. 27

Guam Gov. Lourdes Leon Guerrero let a Senate-passed $1.168 billion budget go into law without her signature, despite her concerns about use of a rainy-day fund, executive branch appropriation and “phantom” revenues. The Senate passed the budget on Aug. 30, with nine Democrats voting in favor and six Republicans voting against. Leon Guerrero, a Democrat,

Municipals were a touch weaker to close out the week ahead of a smaller new-issue calendar and the Federal Open Market Committee meeting. U.S. Treasuries closed out weaker while equities were in the red. Triple-A yields rose one to three basis points, depending on the curve, while USTs rose three to four. The two-year muni-to-Treasury

Port and shipping industry experts discussed the past and future of New York and New Jersey’s ports at an event hosted by the Federal Reserve Bank of New York this month. The “Ports of Tomorrow” event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan

As the appropriations tug of war goes back and forth in Congress, municipalities are concerned about a wide range of federally-supported infrastructure projects which might end up on the chopping block. The National Association of Counties is already ringing a warning bell via a letter addressed to both chambers of Congress imploring the need  to “prioritize federal

For a market anchored by self-regulation and tax-exemption, creeping regulation and political crossfire are nothing new, but also show no sign of abating — look no further than the Securities and Exchange Commission’s “regulation by enforcement” and the hyper-politicization of environmental, social and governance investing factors. That’s the message from a group of municipal market

Municipals were little changed Thursday as U.S. Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year at 64%, the

As transit agencies across the country face a dreaded fiscal cliff when federal stimulus dollars dry up, those agencies that win permanent revenue from their states and local governments will boost their profile while others will see their credit erode. That’s the view of experts who spoke at a transit panel Wednesday at The Bond

A record number of tourists came to New York State last year, pumping more than $78.6 billion of direct spending into the local economy. The 291.5 million tourists who visited the Empire State also generated roughly $123 billion in financial impact for the economy in 2022, according to reports issued by Tourism Economics on Wednesday.

Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the

Outstanding Illinois debt is now smoke-free after the state defeased the last $449 million of bonds backed by payments from a master settlement agreement with tobacco companies.  Gov. J.B. Pritzker said the move, which was included in Illinois’ fiscal 2024 budget, will save the state $50 million. “Today’s action reflects Illinois’ strong fiscal position and

Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large

The Oklahoma Turnpike Authority could be in the municipal market as early as next month after winning conditional approval for $500 million of revenue bonds from a state oversight board. Monday’s approval by the Oklahoma Council of Bond Oversight in a 3-1 vote is subject to the resolution or dismissal of a petition for a

Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,

Responding to a migrant influx estimated to cost New York City about $12 billion over the next three fiscal years. Mayor Eric Adams directed every agency to implement a 5% cut in future spending for the next financial update. The cuts will be accomplished through the so-called “program to eliminate the gap” (PEG) with a

Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year

Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District

Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve

Voters in Maine will have a lot of material to chew over before they decide later this year if a public agency should take over service provided by investor-owned electric utilities. What they won’t necessarily get is a slam-dunk yes or no recommendation. Maine’s Office of the Public Advocate, a state office created to represent

Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started