Bonds

In a week where big municipal bond sales are as rare as hen’s teeth, one deal stands out: Jacksonville, Florida, is set to hit the market with $290 million of tax-exempts. Senior manager Raymond James & Associates is set to price the city’s $290.345 million of revenue and revenue refunding bonds on Tuesday, weather permitting.

The Puerto Rico Oversight Board reached an agreement Friday with several bondholders of Puerto Rico Electric Power Authority debt in a proposed plan of adjustment that offers significantly more of the original value of outstanding bonds to them than to those who did not agree to the plan. BlackRock Financial Management, Nuveen Asset Management, Franklin

Municipals were steady Friday ahead of a smaller new-issue calendar, while short-term Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the

The Port Authority of New York and New Jersey will bring affirmations of its AA-minus level ratings to its next bond deal. The authority plans to sell $1.08 billion of bonds, according to a preliminary official statement published Thursday. Ity plans to issue two tranches, Series 242 for $535 million and Series 243 for $545

California has expanded the ability of its local agencies to use progressive design-build contracts for certain infrastructure projects in a bid to control costs and remain on schedule. Gov. Gavin Newsom in July signed into law the latest progressive design-build measure, Senate Bill 146, which allows the Department of Water Resources and the California Department

On Wednesday the Internal Revenue Service issued a notice of proposed adverse determination to the Port of Port Arthur Navigation District of Jefferson County, Texas, indicating that a 2017 $55 million bond issuance will be considered taxable, though attorneys caution that such situations nearly always resolve without impact to the investors. According to the notice posted on

Pittsburgh’s long-running shift from the industrial Steel City to a technological hub is heading in a new direction — toward outer space and the moon. With Pittsburgh as hub, western Pennsylvania, West Virginia and Ohio are becoming a region where robotics, materials science, engineering and advanced manufacturing come together to serve the new space race.

Connecticut’s first offshore wind farm is one step closer to reality after a federal ruling came down this week. On Tuesday, the Bureau of Ocean Energy issued a “record of decision” on a federal environmental review of Revolution Wind, a 704-megawatt offshore wind farm planned for development off the coast of the state in a

First-half municipal bond issuance in the Far West region was down 2.3% year-over-year to $38.2 billion, according to Refinitiv data. California drove the Far West bus as usual with $26.6 billion in bonds sold by issuers in the Golden State, compared to $4.52 billion from Oregon and $4.47 billion from Washington, the states with the

The focus was on the primary market Wednesday as the New York City Transitional Finance Authority’s $1 billion deal saw good reception, repricing to lower yields, though municipals underperformed a U.S. Treasury rally. Equities ended in the black . Triple-A yields fell or rose a basis point or two, depending on the scale, while Treasuries

Moody’s Investors Service raised North Broward Hospital District, Florida’s revenue bonds to Baa1 from Baa2 and revised its outlook to stable from positive. North Broward Hospital District has about $300 million of debt outstanding. Broward Health Medical Center in Fort Lauderdale is part of Broward Health Medical Center.AdobeStock The upgrade to “reflects the durability of

Vermont launched part one of a two-part general obligation bond sale this week with a competitive auction of $61.2 million of new money bonds. That will be followed with a $53.5 million GO refunding that is expected to price by negotiation Thursday. The competitive bid was won by BofA Securities, according to Refinitiv TM3. The

Municipal bond issuers in the Midwest largely tracked their national peers in the first half of 2023, with volume down 19.4% compared to the first half of 2022. They sold $32.6 billion of debt spread over 1,223 deals in the first half, down from $40.5 billion in 1,764 deals in the year-ago period, according to

Municipals were weaker to start the week, while U.S. Treasuries saw more losses as investors continue to see a stronger-than-expected U.S. economy challenge Federal Reserve policy efforts. Equities ended mixed. Triple-A yield curves were cut up to five basis points, depending on the scale, while UST yields rose six to nine basis points, pushing the

Underwriting spreads for all bonds inched up in the first half of 2023 bucking a nearly 15-year downward trend, according to Refinitiv data. After hitting what was a 20-year low last year, gross underwriting spreads for all bonds rose modestly to $3.70 in the first six months of 2023, up from $3.54 in the first

Bondholder-sympathetic Puerto Rico Oversight Board Member Justin Peterson resigned Friday afternoon in protest of the impending Puerto Rico Electric Power Authority plan of adjustment. Peterson announced his resignation on Twitter. The board says it will submit the proposed plan on Aug. 25. “To be clear, I’ve decided to resign because I do not wish to

After months of negotiations, the NHL’s Carolina Hurricanes have agreed to a 20-year lease extension at Raleigh, North Carolina’s PNC Arena, helped by a package of incentives officials hope will spur wider development in the area. The Centennial Authority, which owns the arena on behalf of the state, put the final touches on a deal

Municipals were mixed Friday while U.S. Treasuries made gains on global concerns over higher interest rates and the hopes for a soft landing fading. Equities sold off. “For those hoping things will be quiet on the [Federal Open Market Committee], or Fed front they can think again,” said Tom Kozlik, head of public policy and

The inaugural sale of a California Housing Finance Agency credit that pools multifamily housing loans received a welcome reception from the market. It was the first time in nearly a decade that CalHFA has sold bonds under a party indenture for a pool of multifamily permanent loans, and as “a new California credit, the bonds

The deadline for the Puerto Rico Oversight Board to submit a proposed Puerto Rico Electric Power Authority plan of adjustment was pushed back to Aug. 25 from Aug. 18. U.S. District Court Judge Laura Taylor Swain postponed the date despite objections from bond insurer Assured Guaranty and bond holder GoldenTree Asset Management. According to the