Bonds

The Florida Hurricane Catastrophe Fund remains in “very good position” after Hurricane Milton, according to the head of Florida’s Division of Bond Finance. But, Ben Watkins on Thursday noted that only modeled losses are available for Hurricane Helene, which hit in late September, and no figures have been advanced for Milton yet. The CAT fund

The Equitable School Revolving Fund LLC., a first-of-its-kind loan pool for charter schools, will hit the market next week with $300 million of A-rated social bonds. The deal, set to price Wednesday, marks the sixth borrowing for the fund, said Equitable Facilities Fund CEO and founder Anand Kesavan. Its most recent deal came last November

Cook County, Illinois, officials released a $9.89 billion executive budget recommendation Thursday, after saying in a press briefing Wednesday that the nation’s second-most populous county will see no new taxes or layoffs. Cook County Board President Toni Preckwinkle said 56 open positions are being cut. The eliminated positions were ones the county anticipated filling with

Muni advocates are gearing up for a contentious tax fight next year, particularly if Kamala Harris should prevail in the presidential election, as Congressional Republicans are already digging in with a nationwide tour preemptively attacking the tax policies of the current Vice President. On Tuesday, Rep. Jason Smith R- Mo., Chairman of the House Ways

Third quarter trade count this year has remained steadily above the one million mark, a trend that the Municipal Securities Rulemaking Board said could be a fundamental change in the market after a few less than consistent years. Trade counts increased 13% compared to the third quarter of 2023 and year-to-date average daily trade count

The Puerto Rico Oversight Board and the bondholders opposed to the proposed plan of adjustment remain far apart, according to disclosures on the EMMA web site Tuesday night. U.S. District Court Judge Laura Taylor Swain earlier this week extended the bankruptcy stay and set a Dec. 11 omnibus hearing to hear the opposing bond parties’

Municipals were slightly weaker Wednesday for the fourth consecutive session following more losses in U.S. Treasuries while equities made gains. Muni yields were cut up to three basis points, depending on the scale, while UST yields rose four to five basis points, pushing the two-year UST yield above 4% for the first time since late

Municipals were weaker Tuesday with the largest losses out long while U.S. Treasuries saw narrow gains on the day and equities ended up. Triple-A yields rose by up to five basis points, depending on the scale, while USTs saw yields flat or lower by a basis point or two. The two-year muni-to-Treasury ratio Tuesday was

An ongoing investigation into overcharging on San Diego’s state route 125 toll road found implementation of the back-office system encountered problems from the onset, and San Diego Association of Governments’ executive management failed to address the situation in a timely manner, including informing the board of directors. SANDAG’s independent performance auditor released two investigations Monday

Investors will have a chance to buy New York City’s third-ever social-labeled general obligation bonds this week. Comptroller Brad Lander said he has high hopes for the taxable $1.5 billion deal despite the awkwardness of Mayor Eric Adams’ recent federal criminal indictment on bribery charges.  “[The credit rating agencies] have reported they believe the city’s

Texas Capital is expanding its public finance team with the addition of five industry professionals, the Dallas-based financial services firm announced Friday. The public finance business was launched in May with the hiring of Steve Genyk, a former public finance head at UBS, as a managing director. The move came as the ranks of underwriters

U.S. Treasuries sold off Friday after payrolls came in much hotter than expected, leading economists and traders to pare back rate cut expectations. The municipal market could not ignore the moves and triple-A yields rose, but outperformed taxables to a large extent, pushing ratios lower. Equities rallied on the news, pushing the Dow to close

Dennis J. Enright, founding principal of NW Financial Group and NW Capital Markets, has died, the New Jersey-based firm announced Thursday. He was 76. Enright’s career spanned a half-century, and he was a pioneer in many now-common financing strategies.  “He was a premier banker, always innovating and searching for client solutions that would save money,”

Taxpayers shoulder a heavy burden for sports stadium subsidies, the Tax Foundation said this week. Reams of research shows that using bonds to finance sports stadiums and arenas do not generate enough revenue to justify the costs, the foundation said in a blog post Thursday. “According to the academic research, the tangible economic benefits job

The California Infrastructure and Economic Development Bank board of directors approved $26 million in loan financing for the city of Santa Cruz for two wastewater improvement system projects, IBank officials said Thursday. The funding will help the city replace and upgrade decades-old equipment with the aim of preventing costly repairs, protecting pipelines from corrosion, improving

Municipals saw some weakness up front while U.S. Treasuries saw losses across the curve after Federal Reserve Chairman Jerome Powell signaled the Fed’s rate-cutting schedule was not yet certain as the U.S. economy remains strong. Equities closed in the black. USTs saw the largest losses on the short-end, with yields rising up to 7 basis

Jerome Powell, chairman of the US Federal ReserveAl Drago/Photographer: Al Drago/Bloomberg Inflation and unemployment are the two key data points the Federal Reserve leans on when setting monetary policy, but Fed Chair Jerome Powell flagged another potentially relevant metric: personal savings.  Powell said government measures of gross domestic income, or GDI, had been coming in

The municipal market muscled through this week by holding yields mostly steady as investors digested a large new-issue slate, heavy on tax-exempt paper, even as U.S. Treasuries were weaker until Friday’s session. Municipal triple-A yield curves closed out the week with few changes, valuations were little changed — though at attractive levels — and the

Minneapolis will bring general obligation bonds to market next week in a deal that includes funding to repair damage left by the 2020 riots after a police officer killed George Floyd. The city will sell $123.59 million of tax-exempt Series 2024 general obligation bonds via competitive sale Tuesday. The municipal advisor on the deal is

While Hurricane Helene could have short- and long-term impacts on government finances and the economy, observers say Florida’s hurricane catastrophe fund has sufficient funds to cover damages without requiring immediate replenishment. Meanwhile, for now, BofA still plans to price $233 million of water and wastewater revenue bonds for Tampa on Tuesday and $210 million of