Bonds

California Gov. Gavin Newsom prioritized programs to combat homelessness, prevent wildfires and make healthcare more affordable as he unveiled his $222.2 billion 2020-21 budget Friday. The expansive budget included much more than his stated trio of priorities. The budget proposal anticipates a surplus for the seventh time in eight years even as spending increased by
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A power plant with about 14% of Puerto Rico’s electrical power generating capacity will probably be down for about a year or more, the Puerto Rico Electric Power Authority executive director said. José Ortiz made the prediction about the Costa Sur power plant on Wednesday. PREPA’s Costa Sur plant, pictured, may be out of service
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The Iowa Finance Authority is aiming to broaden its investor appeal with a new financial information portal that debuted ahead of a $97 million single-family housing transaction and $250 million state revolving fund deal. The investor website lays out the 45-year-old authority’s programs, their ratings, upcoming deals, projects being funded, offering documents and sale dates
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Economists in Puerto Rico said that this week’s earthquakes will have limited impact on the island’s economy unless additional temblors follow. The earthquakes hit the island’s southwest. On Monday morning there was a magnitude 5.7 earthquake and on Tuesday a magnitude 6.4 earthquake was followed by a magnitude 5.6 earthquake and multiple smaller aftershocks. The
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The California Infrastructure and Economic Development Bank has agreed to issue $125 million more revenue bonds to construct a museum for the Academy of Motion Picture Arts and Sciences, presenter of the Oscars. A sale date hasn’t been set, but Wells Fargo expects to price the bonds in late January or early February, according to
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Atlantic City opened the new decade with a rating boost from Moody’s Investors Service, marking continued fiscal stability entering year four of a five-year state takeover period. Moody’s upgraded Atlantic City’s general obligation bonds two notches Friday to Ba3 from B2 and assigned a stable outlook, citing improved finances under an oversight program established under
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The municipal bond market rallied to the tune of seven basis points as the first new issuance of 2020 — and the biggest slate in over two weeks — looms on the horizon. Municipal bond buyers have plenty of cash in hand and will have various options as to where to put that money to
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Puerto Rico bankruptcy judge Laura Taylor Swain extended the mediation and stay periods for Puerto Rico’s central government debt by about a month. Swain issued her order Friday afternoon in Puerto Rico District Court. Mediation Team Leader Barbara Houser said that mediation has recently been “productive” and should be given more time. On Dec. 23
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St. Louis Mayor Lyda Krewson’s decision to scrap a possible privatization of the city’s airport came amid growing political opposition and deep-rooted questions over whether private interests stood to gain more than the public. The potential privatization of the city-owned St. Louis Lambert International Airport under a federal program began when then Mayor Francis Slay
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After spending more than $10 million on a process to find companies interested in buying the eighth-largest public utility in the country and the largest in Florida, JEA canceled the search on Christmas Eve. In an emergency meeting Tuesday, the board of directors for the utility voted unanimously to stop its procurement process in midstream
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Municipal bond volume will finish the year above $400 billion for the fourth time since 2010 and third time in the past four years. “Considering how slow the year started, no one had that number or thought we would get there,” said one New York trader. “We were one pace for only about $330 billion
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Although there will be no more new issuance in 2019, municipal bond investors can expect to get plenty of returns as seasonal trends should provide opportunities from now through January. Together, December and January have accounted for approximately 44% of full-year total returns on average the past five years, according to Blackrock. The Blackrock municipal
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The Municipal Securities Rulemaking Board set a compliance date of Nov. 30, 2020 for an amendment requiring additional data from underwriters in the primary market. Starting then, underwriters will be required to provide more information about new offerings of bonds. The change is in association with Rule G-32 on disclosures in connection with primary offerings,
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Gary, Indiana’s city council has approved $20.6 million in short-term borrowing against its future tax collections to help manage cash flow. The borrowing, approved Tuesday, comes on top of a $40 million sales-leaseback bond transaction the city closed in November that brought the city’s coffers back into the black and repaid $28 million in short-term
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The House voted Thursday 218 to 206 to suspend the $10,000 federal limit on deducting state and local taxes for two years while permanently raising the top individual tax rate to 39.6%. The legislation, which would make tax-exempt municipal bonds more attractive for high income income retail customers, has no chance of becoming law. A
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The Dormitory Authority of the State of New York priced its $3.39 billion of bonds, most likely the last big sale of 2019. Although the deal got done and was repriced with lower yields, some buyers had a hard time justifying value in the marketplace with so few options to choose from in the primary.
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The primary municipal market saw fresh paper greeted by bond-craving investors who are looking to put money to work before the new year and new decade begin. Amid the recent flurry of new issues, this week’s largest deal, $3.38 billion deal of exempt and taxable bonds for the Dormitory Authority of the State of New
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Ann Arbor Public Schools in Michigan is pricing its first-ever taxable bond refunding on Monday. The Michigan school district will price $55 million of taxable bonds to advance refund a portion of 2012 bonds for up to $4 million in savings, according to the district’s advisor, PFM. Ann Arbor Public Schools plans to issue the
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