Bonds

An oversight panel on Tuesday approved $500 million of bonds for the Oklahoma Turnpike Authority subject to conditions that include the dismissal or resolution in its favor of two lawsuits challenging a toll road extension plan and state supreme court validation of the debt. The Oklahoma Council of Bond Oversight gave the OTA until Feb.

It was all about the primary Tuesday, with a lightly traded secondary market taking the back seat doing little to move triple-A yield curves in either direction, as large deals from Minnesota, the Los Angeles Department of Airports, San Antonio, Texas, and Philadelphia were the focus. U.S. Treasuries were weaker on the short end and

Raymond James has hired two retired school superintendents to bolster its school district specialty practice in the Midwest. Richard Allan Markley and Michael Reik joined the firm’s Kansas City, Missouri, office in July as directors. They will focus on working with school districts in Missouri and Kansas while also helping out with the firm’s general governmental practice.

A federal judge is weighing a request for summary judgment in favor of Brandon Comer, in response to the Securities and Exchange Commission’s allegations that Comer and his firm breached their fiduciary duty in connection with a 2015 bond offering by the Harvey, Illinois Public Library District. The SEC is opposing that motion, and if

Detroit is asking the bankruptcy court to require that its police and firefighters retirement system stick with a 30-year amortization period agreed to in the city’s plan of adjustment that paved the way for its Chapter 9 exit in 2014. The city’s Police and Fire Retirement System threw a wrench in the city’s post-bankruptcy COVID-19

It was a steady start to the week, with municipal triple-A yield curves little changed, U.S. Treasuries took a break from last week’s volatility to close out firmer across the curve while equities were mixed. Muni-UST ratios on Monday were at 61% in five years, 81% in 10 years and 97% in 30 years, according

Despite several years of efforts, Hawaii’s funded pension ratio hovers around 50%, the same level as Illinois and New Jersey, the states with the lowest bond ratings, and yet the state retains its double-A-level ratings. S&P Global Ratings upgraded the state a notch to AA-plus from AA in 2016 with analysts partly citing a plan

Cook County, Illinois, heads into the market this week with two deals totaling nearly $500 million that will benefit from an outlook from boost from Moody’s Investors Service over its healthy fund balances. The $215 million sales tax transaction pricing Tuesday offers two tranches to refund outstanding debt and take out a credit line that

U.S. Virgin Islands voters mainly supported incumbents in Saturday’s primary election. Those who went to the polls voted in the Democratic primary for governor, legislature, and a host of less prominent positions. The Republican party has no significant presence in the islands. The winners will face independent candidates in the Nov. 8 general election. Five

A surge in the use of alternative trading systems in the municipal bond market through the first half of 2022 punctuated the growing prevalence of such platforms among dealers and other market participants in recent years, according to data published in a recent MSRB report. The number of customer transactions completed through ATSs jumped from

The looming end of a lucrative economic incentive program in Texas has led to a stampede by companies seeking to lock in billions of dollars in local tax breaks that, in the case of semiconductor manufacturers, may be needed to snare new federal funding. So far this year, more than 400 applications from energy and

Consumer expectations for U.S. inflation over the coming years declined sharply in the latest survey by the Federal Reserve Bank of New York, a finding that may ease the Fed’s concern about ever-rising prices getting baked-in to household behavior. Expectations for U.S. inflation three years ahead fell to 3.2% in July, from 3.6% the previous

The Senate Sunday passed the $740 billion Inflation Reduction Act, which provides billions in climate and energy funding for states and local governments. The House plans to return Friday to vote on the legislation. The long-negotiated bill features $430 billion in spending and $740 billion in revenue generated largely by corporate taxes. Roughly $300 billion

Retired Wisconsin Capital Finance Director Frank Hoadley — who left an influential mark on the public finance industry as a champion of issuer advocacy and best marketplace practices — died unexpectedly this week. He was 77. Hoadley was traveling with his wife, Elizabeth, in Scotland when he died. “Frank Hoadley was a giant among the

Municipals sold off Friday with the front end of the curve being hit the hardest, though damage was felt across the curve. Triple-A benchmarks outperformed a U.S. Treasury rout where yields rose double-digits, and equities were down near the close. Nearly all triple-A benchmark yields were cut six to 10 basis points and UST yields

A budget impasse that’s left Trenton, New Jersey, without an approved budget well into the new fiscal year continues, despite a recent brush with default. Beset by political rivalries, the state capital’s seven-member City Council, which must approve annual spending according to local law, has as of yet failed to produce the majority vote necessary

The Ontario City Council approved a sales tax measure Tuesday for the November 8 ballot to fund $1.2 billion of infrastructure projects, and other local governments in California are expected to take similar steps. The November midterms are expected to be particularly popular this year for tax and bond measures among cities, counties and school

The indictment of former Puerto Rico Gov. Wanda Vázquez on bribery charges damages the reputation of her political party, according to some analysts, but since her party is the only one advocating statehood for the island, the pain may be limited. Still, the arrest should have no impact on how long the Puerto Rico Oversight

The Senate is set to take action Saturday on a newly inked budget reconciliation bill that continues to lack municipal market priorities but includes climate and energy provisions that issuers support. Under a deal struck to gain the vote of Sen. Kyrsten Sinema, D-Ariz., the bill now features a slightly revised 15% corporate minimum tax

The Federal Reserve is committed to cooling inflation and needs to raise interest rates to a little above 4% to ease demand, Cleveland Federal Reserve Bank President Loretta Mester said. “We’re committed to getting inflation down” to the 2% target, which will require more rate increases, Mester said during an event hosted by the Economic