Bonds

Increased donations helped get junk-rated Bard College an outlook boost to stable from negative. Moody’s Investors Service changed its outlook for the private liberal arts school in Annandale-on-Hudson, New York, Thursday. The rating remains B1. Moody’s Investors Service revised its outlook for Bard College’s B1 rating to stable from negative. Bard College Donor support has
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Large swings in Port of Los Angeles container traffic numbers have one port official saying a U.S.-China trade agreement can’t come soon enough. Whether that will happen remains unclear; reports earlier this week of an interim deal were contradicted Friday by President Trump. A container ship approaches the Port of Los Angeles, which reports a
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Illinois’ $750 million general obligation issue proved an easy sell for broker-dealers as worries about the state’s finances took a backseat to demand for higher yielding paper. The state competitively sold the bonds in three tranches, two for $300 million and one for $150 million. The 10-year bond landed at a yield of 2.92%, a
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Nevada received an upgrade to Aa1 from Aa2 from Moody’s Investors Service Tuesday ahead of plans to sell $201.7 million in general obligation bonds The upgrade affects $1.2 billion in outstanding general obligation bonds. The outlook is stable. “We are excited about it,” Nevada State Treasurer Zach Conine said after Moody’s upgraded the state to
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Just past its first merger anniversary, Advocate Aurora Health will sell a taxable $363 million refunding with a rating outlook boost that signals the system is faring well through the early strains that sometimes come with joining operations. The deal is selling Wednesday with Citi and JPMorgan as senior managers. Proceeds will refund bonds sold
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Ohio-based American Municipal Power Inc. plans a $360 million refunding that mixes taxable and tax-exempt debt. The deal from the nonprofit electricity wholesaler will generate savings on some of the $1.5 billion of outstanding debt tied to its ownership of the Prairie State Energy Campus in Illinois. The deal is expected to price Tuesday. Citi
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The fate of Illinois Gov. J.B. Pritzker’s proposed public safety pension fund consolidation and two state law changes pursued by Chicago Mayor Lori Lightfoot won’t be settled until the second half of the Illinois General Assembly’s fall veto session. The legislature wrapped up the first three-day session Wednesday and will reconvene for a three-day session
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PHILADELPHIA — Strong investor demand for Philadelphia bonds underscores the city’s fiscal strides, according to Mayor Jim Kenney. A $293.4 million general obligation bond offering Aug. 1 was more than 10 times oversubscribed and netted Philadelphia $15.9 million in interest savings compared to its previous GO deal. Two weeks later the city completed a $250.7
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Chicago Mayor Lori Lightfoot needs to achieve her 2022 target of structurally balancing the city’s books to preserve the city’s BBB-plus rating, S&P Global Ratings said in a special report Friday. The 2020 budget Lightfoot proposed Wednesday relies on roughly 60% recurring revenues and measures and 40% one-shots in order to wipe out a more
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Municipal bonds keep pouring into the market, as issuers try to keep pace with demand. Primary market The market was bombarded with issuance once again Thursday, as billions of dollars in new deals priced. “Muni demand is reacting to muni fundamentals versus rates, as supply is heavy but being well received,” said one Texas trader.
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Chicago Mayor Lori Lightfoot proposed a 2020 budget that would close a more than $800 million deficit with a mix of permanent and one-time maneuvers that include spending cuts, new tax revenue, debt restructuring, and a record tax-increment surplus declaration. The proposed $11.65 billion all-funds budget is based on $9.9 billion of local funds and
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Puerto Rico’s Oversight Board said there may less money to pay bondholders than it has projected and Puerto Rico’s $18 billion in bank accounts allows for no additional money to pay bondholders. The board made these arguments in two documents it made public on the Electronic Municipal Marketplace Access web site Thursday night. The documents
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MBIA Inc. is seeking to have its $720 million suit against nine Puerto Rico bond underwriters returned to Puerto Rico’s local court system, where one observer said the bond insurer may expect a more receptive audience. MBIA and its subsidiaries, National Public Finance Guarantee and MBIA Insurance Corp., filed a motion for remand and memorandum
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Kutak keeps third place Kutak Rock LLP remained number three, accounting for $11.75 billion , outpacing its $11.04 billion in deals it worked on in the same period last year. Norton nosedives Norton Rose Fulbright dropped from second to fourth, to $10.05 billion from $16.11 billion, as its market share fell to $3.8% from 6.8%.
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Preston Hollow Capital LLC is seeking to keep its defamation claim against Nuveen Investments alive as a court decision looms on its lawsuit alleging Nuveen orchestrated an industry boycott against its smaller private lender rival. The Dallas-based lender made the request late last week to move the dismissed claim to the Delaware Superior Court, which
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JEA received 16 responses to its request for bids from potential buyers of its electric and water systems in northeast Florida. Companies interested in purchasing some or all of the utility’s assets turned in responses to JEA’s invitation to negotiate Sept. 30. JEA expects to release the names of bidders interested in purchasing the utility
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Puerto Rico has requested and received an additional year from the federal government to submit reconstruction plans as officials prepare for a Supreme Court hearing Tuesday and a congressional hearing the following week on proposed changes to the law that created the island’s Oversight Board. Commonwealth officials filed a request Thursday with the Federal Emergency
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The rampant muni issuance continues even in a holiday-shortened week, as the primary market is expected to see $12.4 billion of issuance, with the calendar made up of mostly taxable deals. Meanwhile, the backdrop for the end of a volatile week on Friday had the secondary getting whacked, with AAA benchmarks showing cuts of up
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