Bonds

Legal challenges to the New York Metropolitan Transportation Authority’s congestion tolling program for lower Manhattan have already slowed down the authority’s capital construction projects, months before toll collections are slated to begin. The authority announced a pause on new capital contracts in February, reiterated in the offering documents for $1.3 billion of revenue refunding bonds

Municipals were steady to end the week ahead of a surge in supply, helped by three billion-plus deals. U.S. Treasuries were firmer and equities were mixed. While USTs yields fell up to five basis points late in the session Friday, they sold off for most of this week, with various market participants seeing “even more

Chicago Mayor Brandon Johnson’s proposed real estate transfer tax change — also known as the mansion tax or Bring Chicago Home — was defeated in Tuesday’s election. The city has said the revenue generated from the tax would go to fight homelessness in Chicago. About 53.6% of Chicago voters had rejected the measure by Wednesday,

In a majority vote, the California Public Employee Retirement System board came out against a state initiative headed for November’s ballot that would limit the ability of state and local governments to levy taxes and make pension contributions. The initiative, called the “Taxpayer Protection and Government Accountability Act,” would amend the California constitution altering the

New York City is stepping up to the plate on Tuesday with the second biggest bond sale of the week, a $1.45 billion issue of general obligation bonds. Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, the tax-exempt GO deal is tentatively structured in four series with

While a move to raise New York City’s borrowing capacity by $12 billion is reasonable and sufficient for the city to meet future capital needs, the debt service threshold must be kept within safe limits, officials say. Letting New York City sell more bonds will allow it to meet its capital needs over the next

The state of Washington is the second large issuer to face pushback from investors as it heads to market with a deal to refund Build America Bonds using extraordinary call provisions. Wells Fargo Securities, leading a seven-bank syndicate, plans Tuesday to price $1.08 billion of Washington state motor fuel tax and vehicle related fees refunding

Municipals saw spots of weakness on the short end of the curve while two high-grade issuers priced the largest deals left of the week, mutual funds saw smaller inflows and U.S. Treasuries closed the session softer 10-years and in, but a touch stronger out long. Equities rallied as the markets contemplated the better likelihood of

The Kentucky State Property and Buildings Commission has $649 million of bonds on the calendar next month in a deal that will refund all of its outstanding Build America bonds, provide new money for capital projects and include a tender offer. Separately, the Kentucky Housing Corp. and the Kentucky Infrastructure Authority are seeking firms to provide

State tax revenue collections are softening and some are even negative compared to a year earlier, analysts say. “Most states are now grappling with weakened tax revenues and growing uncertainties, particularly related to the presidential election, potential federal policy changes, and geopolitical crises,” said Urban Institute Principal Research Associate Lucy Dadayan. “Overall, growth in state

On Thursday, southeast North Dakota residents voted down a $14.84 million bond referendum for the Oakes Public School District. The district is about 114 miles from Fargo, near the border with South Dakota. The general obligation bonds were to go toward HVAC and window replacements, Americans with Disabilities Act-compliant restrooms, underground sewer pipes replacements and

The municipal primary market was active Tuesday while triple-A scales were little moved despite U.S. Treasury gains ahead of the Federal Open Market Committee meeting conclusion Wednesday. Various large new-issues were well-received and cleared the market Tuesday, with several repricing to lower yields. Despite several larger deals entering the primary, the large amounts of cash

The number of Federal Reserve rate cuts expected this year has dwindled and the first one isn’t likely before June, analyst said, as inflation numbers continue to come in hotter-than-expected. While the market was initially expecting six or seven 25 basis point cuts this year, Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement

Municipals were slightly weaker by a few basis points Monday as the New York Metropolitan Transportation Authority offered $1.3 billion of revenue refunding green bonds to retail investors. U.S. Treasury yields rose ahead of the Federal Open Market Committee meeting and equities ended the session up. In the primary market Monday, Jefferies held a one-day

Rich valuations 10-years and in, municipal outperformance to U.S. Treasuries and an overall drumbeat that supply is not meeting demand — yet cash sits sidelined — was the theme for the week. All else being equal, expectations for more of the same will greet the market next week, along with several New York credits and

Houston will end its eight-year-long impasse with its firefighters union under a $650 million settlement financed through the issuance of judgment bonds, Mayor John Whitmire announced Thursday. The agreement provides lump sum payments to current and retired firefighters to cover back wages owed while they worked without a contract since the last one expired in

The Municipal Securities Rulemaking Board held the first of its two stakeholder meetings on Thursday, gathering trade groups representing the professionals from which the board derives its fees to discuss its now abandoned rate card model, the volatility of its fees and how many of its fees and expenses are allocated. According to both members

Property insurers’ growing reluctance to insure homes exposed to severe weather should raise a red flag for the municipal bond market, which so far has shrugged off risks but will soon have to grapple with major climate-driven shifts in credit quality and bond prices. That’s according to panelists who spoke Thursday during a webinar titled

Hawaii Department of Transportation airport division revenue bond ratings and bonds issued by the state backed by car rental fees were upgraded by Fitch Ratings, which cited full recovery on enplanements. Fitch upgraded the airport’s $1.7 billion in revenue bonds to AA-minus from A-plus and $111.6 million in certificates of participation to A-plus from A

Dealers are stepping up lobbying efforts and bringing the Municipal Bonds for America Coalition, a group headed by Bond Dealers of America, back into view as the tax debate begins again. The coalition, comprising investors, underwriters, municipal advisors, insurers and bond counsel has pounced on the idea of tax reform after President Biden made tax