Bonds

Connecticut officials say a debt service reserve fund insurance policy allowed them to fund the state’s new baby bond trust without resorting to borrowing. Since July 1 newborns birthed under Connecticut’s Medicaid program, Husky, have been automatically enrolled in CT Baby Bonds and credited with $3,200 deposit that will be invested on their behalf. Between

Amtrak and Texas railroad company Texas Central announced Wednesday they’re eying a partnership to breathe life into a long-stalled and controversial bullet train between Houston and Dallas. “If we are going to add more high-speed rail to this country, the Dallas to Houston corridor is a compelling proposition and offers great potential,” Amtrak Senior Vice

The White House’s supplemental funding request, sent to Congress yesterday, aims to pass $40 billion in additional funding measures and includes a $12 billion injection for the Federal Emergency Management Agency’s dwindling Disaster Relief Fund, but some are pushing for it to be considered as a standalone bill over fears that it could be held

A “substantial number” of Puerto Rico Electric Power Authority bondholders agreed in principle to a settlement, the Puerto Rico Oversight Board announced Thursday afternoon. As a result, the board sought and received an extension to Aug. 18 for the deadline to submit a proposed plan of adjustment. Board Spokesman Matthias Rieker said the board wouldn’t

Municipals were slightly firmer Thursday, outperforming U.S. Treasuries, as the last large new-issues of the week priced and mutual fund inflows returned. U.S. Treasuries saw losses across the curve following the July inflation read while equities closed out the session in the black. While the consumer price index came in mostly as expected, analysts remain

Voters in Tulsa, Oklahoma, approved an $814 million infrastructure funding package that includes nearly $385 million of general obligation bonds the city expects to sell over seven years. In Tuesday’s election, $170 million of bonds for street, bridge, and transportation systems passed with nearly 69% of the vote, $146.7 million of bonds for parks and

Municipals were firmer and Wednesday’s larger new-issue calendar was well received while U.S. Treasuries were weaker on the short end but improved 10 years and out. Equities were in the black as markets await Thursday’s monthly inflation data. “U.S. stocks pared losses after a strong auction signaled that Wall Street is very confident that inflation

A bipartisan group of U.S. senators is asking the Internal Revenue Service to clarify regulations that govern nearly 3,000 hospitals in the country operating as privately owned, not-for-profit organizations. The total number of hospitals in the U.S. is just over 6,100, per the American Hospital Association.  Not-for-profit hospitals are exempt from paying most federal and state

Puerto Rico’s June economic activity index rose 3% from June 2022 and 0.4% from May 2023, but the average monthly growth for fiscal year 2023 was 0.3%. Compared to the figure for June 2013, the economic activity index was down 2%. “Unless there is production, we cannot make headway,” Heidi Calero, economist and president of

Cincinnati voters in November will decide whether to greenlight a plan pitched by city leaders to sell a 338-mile freight railway line and use the money to create a permanent investment fund to support infrastructure needs. If approved, the deal would mark one of the few instances of true asset recycling in the U.S. The

Municipals were lightly traded and little changed for a typical summer Monday while U.S. Treasuries pared back some of Friday’s gains and were weaker out long. Equities were in the black to close the session. While triple-A yield curves were little changed the past two sessions, some damage was done last week, leaving market participants

New data show that air travel, especially international flights departing from the U.S. are coming back strong, a key driver for the health of airport credits that should provide some relief to a sector carrying a heavy debt load. A report from the Airports Council International – North America released on Monday shows an increase

Municipals were steady Friday, sitting out a U.S. Treasury rally after the jobs report showed the labor market continues to cool. Equities ended the session down. Triple-A yields were largely unchanged across all curves while UST yields fell up to 15 basis points. Muni to UST ratios rose as a result. The two-year muni-to-Treasury ratio

The Puerto Rico Oversight Board said settlements in the Puerto Rico Electric Power Authority bankruptcy are near after they sought and received another deadline extension for filing its debt adjustment plans. “While the Oversight Board cannot guaranty further settlement will be attained, it continues to believe the prospects of at least one major settlement is

Following Fitch Ratings downgrading the U.S. sovereign rating to AA-plus from AAA, the rating agency has downgraded certain municipal bonds tied directly to the creditworthiness of the country. Despite this, market participants say the muni market will see little impact. The bonds affected are “pre-refunded bonds whose repayments are wholly dependent on ‘AA+’-rated United States

State and local governments are starting to appropriate billions of dollars flowing in from the offer of settlement made by three major pharmaceutical companies due to the opioid addiction crisis. The often quoted $26 billion figure is tied to an offer to settle unveiled in February 2022 by three large pharmaceutical opioid distributors, McKesson, AmerisourceBergen, Cardinal Health

Nearly two years after Texas laws banning state and local contracts with companies that “boycott” the fossil fuel industry or “discriminate” against firearm businesses took effect, investment banks are still struggling with compliance concerns. Wells Fargo is the latest bank to be scrutinized under the firearm law just weeks after being selected for a state

Fitch Ratings’ dim view of the nation’s political and fiscal landscape dealt an ancillary blow to America’s largest public utility this week when the Tennessee Valley Authority’s nearly $20 billion of power bonds were dropped a notch by Fitch following its downgrade of the U.S. sovereign rating on Tuesday. The TVA, a corporate agency of

Municipals sold off Thursday, following U.S. Treasury losses after more economic data suggested the U.S. economy is strong enough to potentially warrant more rate hikes in the fall. Equities ended down. Ahead of Friday’s jobs report, Wall Street is “watching a global bond market selloff get uglier as U.S. stocks waver ahead of massive earnings

The Municipal Securities Rulemaking Board has added five new members to its board, as well as elected officers for its 2024 fiscal year, bringing Meredith Hathorn on for another term as chair and electing Ernesto Lanza, of counsel for Ballard Spahr and formerly of the Securities and Exchange Commission, as chief regulatory and policy officer.