St. Louis-based Ascension Health Alliance will use a mix of taxable and tax-exempt paper when it prices up to $856 million of refunding debt Tuesday and Wednesday. Morgan Stanley is running the books and will begin taking orders on Tuesday with the final pricing on Wednesday on up to $708.8 million of taxable debt and
The New York State Thruway Authority will sell its first big bond deal since getting a Moody’s Investors Service upgrade. The NYSTA is scheduled to hold a $2.65 billion transaction next week comprised of $950 million of federally taxable Series M general revenue bonds and $1.7 billion of general revenue Series 2019B junior indebtedness obligations.
The Puerto Rico Oversight Board said its plan of adjustment for Puerto Rico’s debt was unaffected by the Supreme Court’s recognition that pension bondholders’ had a lien on the pension system’s revenues. There are about $3.2 billion of Employees Retirement System bonds outstanding. The current board-proposed plan of adjustment says that the ERS bondholders would
PG&E Corp., the California utility giant forced into bankruptcy by two years of devastating wildfires, warned that it may orchestrate its biggest planned blackout yet to keep power lines from sparking more blazes. PG&E may cut electricity to more than 645,000 customers in the Bay Area and beyond, including parts of Santa Clara and Alameda
Jerome Powell, chairman of the U.S. Federal Reserve. The future actions of the Fed will have a key impact on bond markets. Photographer: Andrew Harrer/Bloomberg We’re now firmly into a rising interest rate cycle in the U.S. With several bond metrics approaching extreme levels relative to recent history, here are a few things to be aware of, and
A sudden mayoral change in Atlantic City is not expected to yield any major policy changes as the Jersey Shore gambling hub gets set to begin its fourth year under state intervention. City Council President Marty Small was sworn in as acting mayor Friday after the resignation of Frank Gilliam, who pleaded guilty in federal
Shutterstock The interest rate on the 10-year Treasury is trending higher every month that goes by. The price of oil is trending higher every month as well. This has been the case for a while now and I’m surprised that, so far, the stock market mostly continues on as if little of that mattered. I’m
The municipal market continues to flex its muscles even as the U.S. economy seems to be slowing, which could lead to an even flatter yield curve. According to Dan Heckman, senior fixed-income strategist at U.S. Bank Wealth Management, the muni market right now is “pretty strong” with a “pretty flat” yield curve. After just an
Picture of 10.000 bolivar-bill taken in Caracas on July 26, 2018. – Venezuelan President Nicolas Maduro on July 25 announced the removal of five zeroes from the country’s currency — two more than originally planned — amid hyperinflation the IMF said could reach one million percent this year. (Photo by Juan BARRETO / AFP) (Photo
A plan to privatize St. Louis Lambert International Airport took the first big step toward finding a private partner with the launch of a request for qualifications process. Three of four voting members of the Airport Advisory Working Group approved the action: representatives for Mayor Lyda Krewson and Council President Lewis Reed, and the group’s
California’s spreads to municipal market benchmarks have tightened over the past decade and its ratings have risen as the state’s economic and budget conditions improved, according to the state treasurer’s annual debt affordability report. The state has sold $7.5 billion of general obligation bonds since Treasurer Fiona Ma took office in January, including $5.2 billion
Increased financial pledges from city and state sources triggered a two-notch upgrade for the long-struggling Philadelphia School district to a higher speculative-grade rating ahead of a more than $600 million bond deal that will also benefit from state credit support. Fitch Ratings upgraded the system’s issuer default rating to BB-plus from BB-minus Thursday, citing positive
Municipal bonds were on the move Wednesday as two big issuers came to market with over $1 billion in transportation bonds. Primary marketCitigroup priced the Massachusetts Department of Transportation’s $694.535 million of Metropolitan Highway System revenue bonds. The deals consisted of $495.05 million (A2/A+/A+) of Series 2019A senior revenue refunding bonds and $199.485 million (Aa2/AA/AA+)
The University of Hawaii is moving ahead with plans to construct a new Aloha Stadium and entertainment district using $330 million in bonds even as colleges have been discussing how to combat declining attendance at college sporting events. The team developing a master plan for the university’s new football stadium and entertainment district is holding
Gov. Wanda Vázquez García said over the weekend she supports the Puerto Rico Oversight Board’s plan of adjustment, removing an obstacle to the restructuring of the commonwealth’s debt. By supporting an adjustment plan that includes a reduction to pensions, she walked a different path than the one former Gov. Ricardo Rosselló said he’d have taken.
As we enter the fourth quarter, municipals continue their remarkable performance with the market continuing to follow trends of demand outstripping supply and inflows into the asset class. “The classic law of physics — a body in motion stays in motion, is how I would describe the inflows,” Jim Colby, senior municipal strategist and portfolio
A prolonged Michigan budget battle would hit the state’s charter schools the hardest, according to S&P Global Ratings. The Republican-led Michigan legislature approved $59.9 billion in state spending in budget bills while axing a controversial 45-cents-a-gallon fuel tax hike proposed by Gov. Gretchen Whitmer, setting the stage for a budget battle. Charter schools are vulnerable
The Federal Aviation Administration awarded $986 million in grants this week in the fifth dispersal from a $3.18 billion program aimed at renovating the nation’s airports to improve safety. More than 350 airports in 44 states, Micronesia, and Puerto Rico were awarded grants, the majority less than $1 million. Construction and rehabilitation projects will help
Three of six recent Major League Soccer stadium plans rely on public financing to pay for the stadiums backers promised to secure or keep their franchises. Nashville, Cincinnati and Columbus, Ohio will issue bonds to help subsidize the new venues. Austin, Texas, Miami, St. Louis and Sacramento have MLS stadiums in development without municipal bond
David Einhorn, president of Greenlight Capital Inc., speaks. Photographer: Michael Nagle/Bloomberg Famed hedge fund investor David Einhorn is having a brutal year. He’s down over 18% in 2018, posting one of the worst performances in the entire hedge fund industry. Surprisingly, it could have been worse for Einhorn. Despite his losses, Einhorn actually dodged a big bullet in
The Republican-led Michigan legislature approved $59.9 billion in state spending in budget bills, axing a controversial 45-cents-a-gallon fuel tax hike proposed by Gov. Gretchen Whitmer. Whitmer, a Democrat who won election last year, said the tax would have generated $2.1 billion for roads and bridges. Instead lawmakers proposed spending $400 million in general funds to
Venezuelan President Nicolas Maduro is pictured during the left-wing Latin America Forum of São Paulo held in Havana on July 17, 2018. In a rare moment of honesty, Maduro blames himself and his party for the country’s crisis. (Photo by YAMIL LAGE / AFP) News flash! Socialism in poor, closed-door economies is a failure. So
The municipal market had no trouble digesting the sizable issuance on Tuesday, with one deal garnering $4 billion of orders. Bank of America priced Texas Water Development Board’s ( /AAA/AAA) $876.94 million of state water implementation revenue fund master trust taxable bonds on Tuesday. “We had a great market environment for this transaction, and saw
These 31 funds are the cheapest for short-term stakes in short-term bonds. Shutterstock Do you have idle cash in your brokerage account? Chances are it’s not earning much. Consider switching to a brief investment in an exchange-traded fund that owns short-term bonds. The scorecard below shows the cheapest ETFs for a position held for three months.
A new generation of muni market rising stars is eager to help finance U.S. infrastructure through hard work and innovation as the market adapts to a tax code that eliminated advance refundings and a renewed regulatory push for transparency. The 28 members of The Bond Buyer’s 2019 class of Rising Stars are ready to take
Share to facebook Share to twitter Share to linkedin These 23 funds are the cheapest of their type for in-and-out trades. Shutterstock What does it cost to own the whole bond market for a brief period? This ranking tells you. The table scores exchange-traded funds for their three-month holding costs, defined to include the effect
Puerto Rico’s employment rose above a million for the first time in six years in August. The August level of employment of 1,003,320 was up 0.6% from July and 0.8% from August 2018, according to the U.S. Bureau of Labor Statistics household survey released Friday. The number of people employed rose 3.6% from August 2014.
Share to facebook Share to twitter Share to linkedin Just a handful of long-term bond funds are cheap to own for a brief interval. Shutterstock If you want to make a bet on declining interest rates, shares in a fund that owns long-term bonds are a good option. This table ranks exchange-traded long-term bond funds on
Retail investors are gobbling up municipal securities as bank holdings of munis continue to decline. Those developments emerged in the quarterly flow of funds data released by the Federal Reserve Friday. Bank holdings fell to $476.4 billion in the second quarter of 2019 from $491.1 billion in the first quarter of 2019, about a 3%
Share to facebook Share to twitter Share to linkedin These 15 funds are the cheapest in their categories for short-term speculations. Shutterstock Owning a bond fund is one way to bet on a decline in interest rates. The table ranks the cheapest exchange-traded funds for three-month holding costs on a $10,000 investment. 3-month Holding Cost*