Bonds

When it comes to investing along environmental, social and governance principles, West Virginia’s Treasurer Riley Moore has two words for it — “coercive capitalism.” Moore said he has been standing behind the state’s coal, oil and natural gas industries, which play a major role in the state’s economy, since the day he’s been elected. Moore,

A Delaware Superior Court judge dismissed Preston Hollow Capital LLC’s lawsuit accusing Nuveen Investments of defamation for pressuring banks and broker-dealers to blacklist the direct lender from high-yield deals. The June 14 opinion originally issued under seal came from Judge Mary Miller Johnston ahead of a July 11 trial date. It evened the legal score

Atlanta Mayor Andre Dickens, recently tapped to head up the U.S. Conference of Mayors’ newly created public-private partnership task force, thinks now is the perfect time for cities to consider P3s for their infrastructure projects. “The Biden administration is really doing a lot for cities right now,” Dickens said. The $1.2 trillion Infrastructure Investment and

The unsecured creditors, union, and retiree group for the Puerto Rico Electric Power Authority, frustrated by a lack of progress, want to argue their case before Bankruptcy Judge Laura Taylor Swain, while continuing mediation. The mediators, the Oversight Board, and other parties oppose the move, made in filings Sunday with the U.S. District Court for

The Texas Supreme Court breathed life into a controversial and costly project that aims to be the nation’s first bullet train Friday when it ruled the company has the power of eminent domain. The 5-3 ruling comes amid financial uncertainty for Texas Central, the private entity developing the $30 billion project, whose CEO and top

Cook County, Illinois, is heading into budget and borrowing season with plans to sell about $540 million of debt and release a preliminary budget with the lowest gap in a decade. The county projects an $18.2 million general and health fund gap as it plots out a fiscal 2023 budget that covers spending beginning Dec.

The Idaho Falls School District plans to pay off a $53 million bond early to lessen the tax burden as it plans to ask voters to approve a bond measure for a new high school in August. The trustees approved a resolution June 15 to use $5.65 million from the district’s payment and redemption fund

Puerto Rico bankruptcy Judge Laura Taylor Swain this week approved key Puerto Rico Highways and Transportation Authority bankruptcy documents and dates, moving the plan closer to confirmation with a final hearing set for mid-August. Swain filed her order Wednesday in the U.S. District Court for Puerto Rico, approving the Oversight Board-proposed disclosure statement, ballots, and

States using American Rescue Plan Act federal aid for revenue replacement could face fiscal cliffs in the years to come. That’s according to Beverly Bunch, professor at the School of Public Management and Policy at the University of Illinois-Springfield, speaking on the Volcker Alliance and Penn Institute for Urban Research’s special briefing on how states

Federal Reserve Bank of San Francisco President Mary Daly said she expects the central bank to raise interest rates to levels that restrain the economy, though it’s not clear how much further policy makers will need to go to bring down hot inflation. The central bank, which raised interest rates by 75 basis points this

The small size of most of America’s municipal governments may once have offered them anonymity and a degree of safety from hackers seeking bigger ransomware payouts from larger organizations. That dynamic is changing and cybercriminals, balancing risk and reward in a shifting security landscape, have found local governments a path of low resistance for smaller

After wrapping up his final deal, Wisconsin Capital Finance Director David Erdman is packing up an office filled with three decades of paperwork as his tenure with the state winds down and he makes the leap to the private sector at Baker & Tilly Municipal Advisors LLC. There’s also a “retirement” party to attend Thursday

Six months into the roll out of the Infrastructure Investment and Jobs Act, inflation, coupled with chronically high cost of building U.S. transportation projects, is proving to be the biggest challenge. And the longer it takes to spend the money, the more cost pressures threaten to swallow the once-in-a-generation level of funding. “Externally our biggest

Constructive secondary trading and an active primary pushed triple-A muni yields lower on the back of a U.S. Treasury flight-to-safety rally after Federal Reserve Chair Jerome Powell acknowledged for the first time that it was “certainly a possibility” the U.S. economy may face a recession as the Fed continues to contend with inflation. “Inflation has

Alabama vowed last year it would go forward with a project to build two new prisons and next week it plans to fulfill its promise to do it, even as it jettisoned the controversial private-prison model that caused it so much grief. The Alabama Corrections Institution Finance Authority will price $725 million of tax-exempt revenue

Moody’s Investors Service boosted Denver International Airport’s bond ratings a notch ahead of a $1.84 billion sale for its current capital plan. The senior revenue bond rating was raised to Aa3 from A1 and the rating on subordinate revenue bonds was upgraded to A1 from A2, affecting about $5.2 billion of outstanding debt.  “The ratings

Transcription:Caitlin Devitt: (00:04)Hello, I’m Caitlin Devitt, infrastructure reporter at the Bond Buyer. And I am here in Austin, Texas at the GFOA’s annual conference. It’s the 116th annual conference. And that’s where we’re broadcasting from. So welcome to another bond buyer podcast. Also I would just like to say on a programming note, if you

The municipal bonds that helped finance the nation’s second largest mall are showing signs of wobbling. The American Dream mall in East Rutherford, New Jersey, was delayed for years, then opened shortly before the COVID-19 pandemic. On June 3, the trustee for $800 million of bonds said in a notice posted on the Municipal Securities

The team developing John F. Kennedy International Airport’s flagship new terminal will tap the municipal bond market for more than $6 billion through 2026, with more debt on the horizon for future phases of the high-profile project.   The New Terminal One private consortium overseeing the $9.5 billion development closed June 10 on a $6.63

Eleven U.S. sites were chosen Thursday to host some of World Cup soccer matches in 2026, an event that could add millions of dollars to a municipality’s coffers. FIFA, the governing body of international soccer, said Miami-Dade County, Atlanta, Philadelphia, Boston and the New York-New Jersey area were among the 11 U.S. locations chosen to

Texas is getting closer to producing a list of financial companies that it deems to be boycotting energy businesses — a move that could further diminish the number of big banks eligible to underwrite municipal bonds in the state. The looming list and a law barring banks that “discriminate” against the firearm industry from deals

The acquisition of Cancer Treatment Centers of America and financial weaknesses over the past two years have resulted in City of Hope, the Los Angeles region’s world-renowned research and cancer treatment center, receiving a one-notch downgrade to A2 by Moody’s Investors Service. The downgrade to A2 from A1 affects $2 billion in long-term debt issued

Federal Reserve Bank of Kansas City President Esther George said she opposed the Fed’s biggest interest-rate increase in almost three decades because the move, combined with the shrinking of the central bank’s balance sheet, created uncertainty about the outlook. “The speed with which we adjust the policy rate is important,” George said in a statement

Chicago-based Loop Capital Markets LLC has hired two senior transportation and housing sector managers away from Wall Street competitors and put more banking boots on the ground in Texas with three recent hires. Ira Smelkinson started in the minority-owned firm’s New York office June 1 as a managing director and head of a now-four member

Municipal market veteran Stephen Winterstein has been tapped to lead capital markets at Alphaledger, a growing muni blockchain firm. Winterstein, who has 30 years of experience in a variety of leadership positions across the municipal industry, including portfolio management, credit and quantitative research, and strategy was most recently head of municipal fixed income at MarketAxess.

Municipals took a backseat as the Federal Open Market Committee announced its decision to implement a three-quarter point rate hike while U.S. Treasuries rallied into late afternoon following the news. Equities rallied. The move, prompted partly by hotter-than-expected inflation data Friday, is the largest rate hike since 1994. “Investors appear encouraged that the FOMC is

Maui County reaped a windfall in its fiscal 2023 budget from changes to its tax structure that it plans to use to counter its housing affordability problem. The state approved a law last year that allowed counties to start charging an additional 3% tax on resorts and hotel rooms, on top of the state’s 10.25%

The Securities and Exchange Commission has charged the City of Rochester, New York, the Rochester City School District’s former finance director and the city’s former chief financial officer with misleading investors and providing outdated financial statements in connection with a $119 million bond offering in 2019. The Commission also charged municipal advisory firm Capital Markets

Chicago-based public finance banker Phil Culpepper has joined veteran-owned Drexel Hamilton LLC to lead a banking push into the Midwest and other regions as co-head of public finance. Culpepper is taking on a role that marries his banking and issuer-side experience with his pride in military service. Culpepper served seven years in the U.S. Army

Municipals were hit hard Monday with a quarter-point selloff as munis could not ignore the continued U.S. Treasury selloff and the start of a bear market for equities as inflation-led recession fears grow. Municipals saw cuts up to 25 basis points, though some particular secondary prints pointed to larger losses. This is the largest one-day