Bonds

President Biden’s proposed budget unveiled Thursday includes the lowering of the private activity bond threshold for Low Income Housing Tax Credits to 25% from 50% and muni lobbyists, though skeptical about the prospects of the budget passing as is, say they will work hard to include the provision in any final budget. “While the President’s
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The private partner in a prominent Maryland public-private partnership dropped out Thursday, citing environmental delays, lawsuits, and disagreements with the state, in a move that leaves the fate of the country’s largest P3 in doubt. Australia-based toll road operator Transurban, the lead partner in a consortium known as Accelerate Maryland Partners, said it had submitted
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The largest tax cut in West Virginia’s history has been signed into law by Gov. Jim Justice. “The world is watching West Virginia. The world sees West Virginia in a different light today,” Justice said at the signing ceremony in Charleston on Tuesday. “We’re not the blunt end of a bad joke. We’re the diamond
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Municipals were little changed in secondary trading Wednesday amid an active primary market with two billion-dollar deals priced, although details on one were not immediately available. U.S. Treasury yields were weaker in spots and equities ended mixed. The three-year muni-UST ratio was at 59%, the five-year at 61%, the 10-year at 66% and the 30-year
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Nossaman added Michelle McCarthy as a partner in its Los Angeles office and changed the name of the practice she joined to reflect the new line of services her addition brings. The practice she joins was renamed to Pension, Benefits & Investments Group from the Public Pensions & Investments Group. “Michelle’s deep, nuanced experience in
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The Securities and Exchange Commission’s reintroduction of a 2011-era rule proposal to ban conflicts of interest for sponsors of asset-backed securities could have wide implications for conduit borrowers and could raise borrowing and compliance costs for underwriters, municipal advisors and conduit issuers alike. The proposed rule would stop participants involved in securitization transactions from shorting
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Unsteady leadership has challenged the financial stability of Wellfleet, Massachusetts, according to a state review of the town’s financial management that was recently made public. High turnover rates in key government positions over the last decade left the Cape Cod town of 4,035 without sustainable revenue streams and in need of fundamental reforms, the Division
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Municipals were firmer in spots Friday, with pressure easing for short-end munis, ahead of a robust new-issue calendar where issuance tops $10 billion. U.S. Treasuries rallied out long, and equities ended up. Triple-A benchmark yields were bumped three to 12 basis points, depending on the scale, at one-year, while UST yields fell four to 13,
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S&P Global Ratings on Friday revised the outlook on Reedy Creek Improvement District, Florida’s general obligation bonds to stable from developing. S&P also affirmed the AA-minus long-term rating on the district’s outstanding GOs, saying the rating reflects the strong tax base, very strong collection rates and consistent financial performance. “The outlook revision reflects recent state
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Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,
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New Mexico would authorize public-private partnerships on the state and local level under a bill unanimously approved by the state House Thursday and now headed to the Senate. The bill, House Bill 213, would allow P3s for transportation and broadband projects. “Those are two of the most pressing needs in the state,” said Rep. Cathrynn
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