Bonds

Florida’s unemployment rate dropped to 2.8% in June as the state’s labor force continued to grow, according to the state Department of Economic Opportunity. The state’s unemployment rate has declined or held steady for 23 straight months, DEO said Friday. The national unemployment rate remained unchanged at 3.6% in June. Florida’s labor force grew by

The dismissal of Arizona Gov. Doug Ducey’s lawsuit to block the Treasury Department from clawing back some pandemic relief money highlights both the complexities of state compliance with federal guidance and the antagonism that exists between certain states and the Biden administration. But while Ducey was unable to make his case in federal court this

The U.S. House of Representatives Natural Resources Committee passed a binding plebiscite on Puerto Rico’s status Wednesday but immediately faced opposition by some United States-based diaspora groups. The bill would offer Puerto Rico voters three options: statehood, independence, or sovereignty in free association with the United States. The current status — remaining a territory —

Investors will be greeted Monday with the smallest new-issue calendar year-to-date ahead of the Federal Open Market Committee’s July meeting where rates are anticipated to be hiked at least three-quarters of a point. To end the week, munis were firmer, underperforming the extended U.S. Treasuries rally where yields again fell double-digit basis points. Equities ended

Michigan drew an upgrade from Fitch Ratings over analysts’ view that a rebuilding of reserves and cash balances along with flush tax collections and conservative budgeting strengthens the state’s edge in weathering a future downtown. The upgrade to AA-plus from AA impacts $1 billion of outstanding general obligation debt and the Michigan School Bond Qualification

As the U.S. airline industry appears to shake off the lingering effects of the pandemic, experts expect a rapid return to profitability and previously predicted growth. After a staggering 96% drop in the volume of domestic air travel shortly after the adoption of travel restrictions in March of 2020, passenger flight rates have rebounded to

Citigroup Inc.’s municipal-bond business, for decades a powerhouse in the $4 trillion market for U.S. state and city debt, has seen a wave of high-profile departures as the bank revamps parts of the group’s trading and banking units. The bank in recent months shuttered its muni proprietary trading unit — which used the firm’s own

Genesee County, Michigan, drew an upgrade from Moody’s Investors Service over its healthier reserves, action that also benefits the Karegnondi Water Authority pipeline’s debt as it’s ultimately backed by the county.   Moody’s raised the county’s general obligation limited tax and issuer ratings to A1 from A2 Monday, impacting $578 million of mostly self-supporting GOLT debt

The Miami-Dade Board of County Commissioners voted to enact Mayor Daniella Levine Cava’s proposal to lower the property tax by 1%, the first cut in over 10 years. The board voted on Tuesday to cut the countywide, unincorporated municipal service area, library and fire levies, bringing the combined millage rates to their lowest levels since

Prescott Valley, Arizona-based nonprofit charter school operator Park View School filed for bankruptcy protection July 21 following years of financial mismanagement and a federal enforcement action targeting a fraudulent municipal bond offering. Bond holders have a lien on the school, which listed $9.4 million in liabilities and $9.7 million in assets, according to court documents.

Municipals were weaker on the long end of the curve, largely ignoring the U.S. Treasury rally where yields fell double-digits Thursday, while outflows from municipal bond mutual funds returned. Equities made gains. Triple-A yields were cut up to three basis points while UST saw yields fall 12 to 16 basis points 10-years and in. Muni

The U.S. Court of Appeals for the First Circuit ruled Puerto Rico must pay $400 million eminent domain claims in its bankruptcy, despite the Oversight Board’s arguments to the contrary. The ruling will not affect the amount bondholders are legally owed but will affect how much money the Puerto Rico government has to make the

Pennsylvania has revamped its law governing public-private partnerships in the wake of a court decision that struck down a high-profile P3 bridge program. The new law voids the Pennsylvania Department of Transportation’s ability to impose tolls to pay for the $2.5 billion Major Bridge P3 Initiative. It also reduces the department’s ability to impose user

A rise in interest rates since last year will mean heftier-than-expected charges on electricity bills for Oklahoma ratepayers in the wake of the first of four state-sanctioned utility securitizations related to 2021’s Winter Storm Uri. The $761.6 million taxable bond sale through the Oklahoma Development Finance Authority closed on Wednesday, just days after a state

Riders are not returning to New York City’s public transportation system as fast as expected and this may place the Metropolitan Transportation Authority in a difficult financial position as federal funds dry up, according to a report. Even as the drop in riders has left revenue well below pre-pandemic levels of 2019, the MTA has

Though the fortunes of state pension plans made a 180-degree turn as the stock market fell this year, only a handful appear to be at risk of insolvency over the next few decades. “Most public plans are fragile, not distressed,” said Anthony Randazzo, executive director of Equable, a bipartisan non-profit that works with public retirement

Federal Reserve Chair Jerome Powell recently sold more than $1 million of municipal bonds issued by various entities across the U.S. as tough new ethics rules took effect for central bank officials in the wake of a trading scandal last year. The 22 separate transactions on June 30, with a total value ranging from about

All municipal bond insurers wrapped $18.306 billion in the first half of 2022, a decrease from the $20.842 billion of deals done in the first six months of 2021, according to Refinitiv data. The figures align with the overall decrease in issuance so far in 2022. The two most active bond insurers — Assured Guaranty and Build

The Puerto Rico Oversight Board said it opposes a just-enacted law that walks back some pro-employer rules put in place five years ago and demanded the governor suspend enforcement of it, arguing it will harm economic growth and island revenues. Gov. Pedro Pierluisi rejected the board’s request to publicly announce suspension of Act 41’s enforcement,

The Biden Administration will host a summit this fall to help cities and states in line for federal infrastructure funds avoid the tangle of red tape that is known to stall American projects. As funds begin to flow from the $1.2 trillion Infrastructure Investment and Jobs Act, the government is eyeing ways to manage issues