Bonds

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

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

Municipals were steady Friday ahead of a smaller new-issue calendar, while short-term Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the

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

On Wednesday the Internal Revenue Service issued a notice of proposed adverse determination to the Port of Port Arthur Navigation District of Jefferson County, Texas, indicating that a 2017 $55 million bond issuance will be considered taxable, though attorneys caution that such situations nearly always resolve without impact to the investors. According to the notice posted on

Wells Fargo is eligible to underwrite municipal bonds in Texas after the state attorney general’s office said Friday it was unable to determine that the investment bank discriminates against the firearm industry. A review of Wells Fargo’s standing letter of compliance with a Texas law prohibiting state and local government contracts with companies that discriminate

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

Municipals saw some weakness in spots Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose and equities sold off ahead of Fed Chairman Jerome Powell’s Friday Jackson Hole speech. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 65%, the five-year at 67%, the 10-year at 70% and the 30-year

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

Issuers in the Southeast sold $30.3 billion of municipal bonds in the first half of 2023, 29.9% less than they did in the same period last year, according to data supplied by Refinitiv. There were 490 deals, down from 788 a year earlier, when the region’s issuers sold $43.2 billion of bonds. The Southeast recorded

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

Municipals were weaker across the curve as secondary activity showed cheaper trades and primary market deals faced concessions, as the asset class played catch up to recent U.S. Treasury losses. Triple-A yields rose two to seven basis points, depending on the curve, while USTs were mixed with some weakness on the short end and improvements

Michigan plans to price $1.182 billion of state trunk line fund bonds Tuesday. The deal, part of the Rebuilding Michigan road program, will fund the reconstruction of several major highways and other infrastructure projects in the state. It’s hitting the market nine months later than the state initially planned.  The deal received an Aa2 rating

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

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

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

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

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

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

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

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