Bonds

The U.S. Virgin Islands Water and Power Authority said it may stop making payments to debt service funds soon. In a posting to the MSRB’s EMMA website, WAPA said it is running low on cash and may be forced to take this or other cash-conserving steps soon. “If liquidity strains persist, this could result in

Jefferson County, Alabama, plans to return to the municipal bond market next month with a $2.5 billion sale of tax-exempt revenue warrants for its sewer system after a late change of lead managers. Citigroup is no longer book-running manager on the deal, according to a resolution drafted by the county Tuesday, less than a week

Municipals were steady to slightly firmer in spots while Connecticut priced for institutions with yields lowered from Monday’s retail offering. U.S. Treasury yields fell and equities made more gains. The two-year muni-to-Treasury ratio Tuesday was at 58%, the three-year at 58%, the five-year at 59%, the 10-year at 59% and the 30-year at 87%, according

The Puerto Rico Oversight Board called Friday for dismissal of a Puerto Electric Power Authority bond party suit against Puerto Rico’s central government that had the backing of the PREPA Ad Hoc Group, a separate group of bond parties. GoldenTree Asset Management and bond insurer Syncora Guarantee filed the suit in U.S. District Court for

Municipals were little changed Monday as U.S. Treasuries were weaker and equities ended up. Volume this week is relatively light with the new-issue calendar estimated at $1.6 billion. There are only two deals over $100 million. The Bond Buyer 30-day visible supply sits at $4.03 billion. In the primary market Monday, Jefferies held a one-day

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Municipals closed out the week firmer, boosted by Fed policy decisions and yearend positioning ahead of a fading new-issue calendar, while U.S. Treasuries traded in a narrow range all session and equities ended mixed. Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but

S&P Global Ratings revised California’s rating outlook to stable from positive Friday, citing the state’s projected $68 billion multi-year deficit, revenue uncertainties and economic conditions. The state holds ratings of AA-minus from S&P, AA from Fitch Ratings and Aa2 from Moody’s Investors Service. The state also has a stable outlook from Fitch. Moody’s revised the

A tough year for Wall Street municipal underwriting firms culminated Thursday with Citigroup’s announcement it would exit the business, a stunning move that market participants warned would raise state and city financing costs and that Citi would come to regret as headwinds calm and business rebounds. “It’s a major disappointment,” said Matt Fabian, a partner

A proposed deal for a massive mixed-used arena project in Alexandria, Virginia, would be mostly financed through $1.05 billion in project revenue bonds issued by the newly named Virginia Stadium Authority. Details and hardening local opposition are emerging regarding the development of a 12-acre site in Potomac Yard, a former rail hub that straddles Arlington

Connecticut is set to price $840 million of general obligation bonds next week, the state’s last issuance of a year with landmark fiscal policy decisions. The state, which renewed fiscal responsibility measures, lowered income taxes and maintained strong economic metrics, kept its solid ratings from all four agencies for the upcoming deal.  “Management in Connecticut,

Puerto Rico Electric Power Authority bond parties presented the court with written expert testimony supporting their claim the Oversight Board’s proposed plan of adjustment assumptions underestimate Puerto Rico’s economic future and overestimate PREPA’s future expenses. The testimony could impact U.S. District Court Judge Laura Taylor Swain’s ruling on the plan, according to an attorney not

Citigroup will close its municipal division by the end of the first quarter of 2024, leaving behind a historic tenure in a market it once dominated in both underwriting and secondary market-making. The firm decided to “wind down our municipal underwriting and market-making activities” after a “broad-based review” of its muni business, according to a

Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed

Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is

Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a

Municipals were mostly steady to a touch softer in secondary trading while newly upgraded gilt-edged Ohio upsized its general obligation refunding deal and repriced to lower yields. U.S. Treasuries improved on the day following cooler inflation data that many participants said would not move the needle on the Federal Reserve’s rates decision Wednesday. Triple-A yields

Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription:Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Keeley Webster (00:04):Hello, I am Keeley Webster. Welcome to another Bond Buyer podcast. The Governors of

Bondholders and other parties involved in the Puerto Rico Electric Power Authority bankruptcy returned to court Friday in an effort to move the needle on their opposing cases seeking better repayment terms. Bond parties defended their adversary complaint against Puerto Rico’s central government’s actions regarding PREPA since the central government emerged from bankruptcy in March

Ohio for the first time can boast of a trifecta of triple-A ratings after S&P Global Ratings on Friday gave top marks to the state’s issuer and general obligation ratings. “The upgrades reflect our view of Ohio’s demonstrated commitment to active budget management and building and maintaining reserves through economic cycles,” said S&P analyst Rob