Bonds

About 33 years after former junk bond king Michael Milken pleaded guilty to multiple counts of securities and reporting violations, Richard Sandler, his personal attorney and a childhood friend, has published a book on the investigation to “set the record straight.” “I can’t change the fact I wrote it now, rather than years ago,” Sandler

Municipals were firmer Wednesday while a busy primary market saw Pennsylvania sell $2.1 billion of general obligation bonds competitively and the New York City Transitional Finance Authority repriced its $1.3 billion of revenue bonds in the negotiated market with yields lowered by up to 12 basis points from Tuesday’s retail offering. Treasuries were firmer five

A plan to modify outstanding Puerto Rico Industrial Development Company debt with an upfront cash payment and a new series of longer-dated taxable bonds, which had overwhelming support of bondholders, was approved by U.S. District Court Judge Laura Taylor Swain Wednesday. The PRIDCO bonds, federally taxable, have $150 million in principal outstanding ($189.6 million when

The city of Chicago and its Sales Tax Securitization Corporation won The Bond Buyer’s 22nd annual Deal of the Year award for its $1.7 billion financing that addressed initiatives related to affordable housing, homelessness support services, environmental justice, and community development. The issuance, which was the Deal of the Year in the Midwest category, included

Municipals improved amid a large new-issue slate pricing in the primary while U.S. Treasuries were back in the black and equities were mixed throughout the day. Triple-A yields fell three to four basis points, depending on the scale, while USTs saw the largest gains out long. The primary market is robust this week, with several

Municipals were little changed Monday, while U.S. Treasuries were weaker and equities ended down. November was a “positive month” for munis as triple-A yields fell on an average of 89 basis points, bringing month-to-date returns of 6.35% and pushing year-to-date returns to 3.98% through the end of the month, Jason Wong, vice president of municipals

Two years into a public-private partnership to rebuild and take over the New York State Thruway Authority’s service areas, the project is 225 days behind schedule, a delay that has led to a technical default and prompted Fitch Ratings to revise its outlook to negative from stable. AECOM Tishman, the design-build contractor who is responsible

Moody’s Investors Service Friday lifted Ohio’s issuer default and general obligation ratings to triple-A based on strong financial management and an economy that’s “poised for diversification and growth.” The state now boasts the coveted top issuer rating from Moody’s and Fitch Ratings, which upgraded it in September, 2022. S&P Global Ratings pegs the state one

Municipals were firmer Friday ahead of a large new-issue calendar, which boasts billion-dollar-plus deals from Pennsylvania and the New York City Transitional Finance Authority along with a sizable taxable Hawaii general obligation bond deal. U.S. Treasuries were rallying and equities were up near the close. Triple-A yields fell up to six basis points, depending on

The highly publicized Florida Gov. Ron DeSantis v. California Gov. Gavin Newsom debate frequently devolved into a shoutfest. Fox News moderator Sean Hannity mostly stuck to his promise to moderate and not join the debate after introducing himself as a well-known conservative. Democrat Newsom, who recently outed himself as a friend of Hannity’s, said he

Puerto Rico Electric Power Authority bondholder GoldenTree Asset Management and bond insurer Syncora Guarantee gave notice they will appeal several PREPA bankruptcy decisions. The appeal, announced Thursday, covers all “interlocutory orders merging into the final judgment,” issued by U.S. District Judge Laura Taylor Swain Tuesday for an adversary proceeding that the Oversight Board filed in

A $2.6 billion terminal renovation at Houston’s George Bush Intercontinental Airport was officially launched Thursday, while a feud over bond financing for the project continues between the city’s mayor and controller.  Mayor Sylvester Turner joined United Airlines officials at the airport to highlight the Terminal B project, which includes the expansion of 40 gates to

Water systems will need to turn to municipal bonds, federal loans, state revolving funds and federal legislative help to meet a new Environmental Protection proposal requiring water systems to replace all lead pipes within the decade. “It’s a big task,” said Dan Hartnett, chief advocacy officer at the Association of Metropolitan Water Agencies. “We’ll be

Municipals were firmer to close out the month, outperforming U.S. Treasury market losses Thursday, while the California Community Choice Financing Authority jumped into the primary with $1 billion-plus of clean energy revenue bonds, joining other issuers that moved up deals to take advantage of the strong market conditions. Municipals are poised to return well over

The judge in the Puerto Rico Electric Power Authority bankruptcy rejected five bondholder arguments Tuesday, bringing approval of the Oversight Board’s plan of adjustment closer. U.S. District Judge Laura Taylor Swain granted the Oversight Board’s motion to dismiss the bond parties’ — bond trustee U.S. Bank N.A., Assured Guaranty, Syncora Guarantee and the now defunct

Municipals rallied hard in secondary trading as issuers benefited in the primary market, which saw another active day, including an upsized $2 billion pricing from New York Transportation Development Corp. and a competitive loan from high-grade Alexandria, Virginia, which saw yields come well through triple-A curves. U.S. Treasuries were firmer and equities ended mixed. Triple-A

It took about two minutes into a House transportation subcommittee hearing Wednesday before the California high-speed rail project was singled out for criticism. Rep. Troy Nehls, R-Texas, chair of the Railroads, Pipelines and Hazardous Materials Subcommittee, opened the hearing on intercity rail by emphasizing the importance of balancing federal policies and spending with realistic consumer

After decades of underfunding, West Virginia dramatically closed its pension funding gap, according to a recent report from Pew Charitable Trust. The state, which had the poorest funding ratio in the entire nation in 2000, reduced its debt burden by 90% over the decades, marking one of the most impressive turnarounds amid a national trend

Municipal yields dropped up to another seven basis points led by strong secondary trading Tuesday while an $875 million competitive general obligation deal from Illinois took focus in the primary. U.S. Treasuries made gains and equities ended mixed. Municipal triple-A curves saw yields fall four to seven basis points, depending on the curve while USTs

New York’s Metropolitan Transportation Authority faces potential budget gaps that could widen to nearly $900 million in 2026, according to the Citizens Budget Commission. The nonprofit think tank that analyzes state and city finances warns in a report released Monday that the MTA’s promised cost-saving measures may fall short and revenue from yet-to-be-built casinos could