Bonds

The shutdown of a major California hydroelectric power facility underscores the severity of drought conditions in the state. The California Department of Water Resources’ Hyatt Powerplant at Lake Oroville, without enough water in the reservoir to operate normally, is offline. “This is the first time Hyatt Powerplant has gone offline as a result of low

The $5 billion American Dream super mall in New Jersey’s Meadowlands had to tap into a reserve fund to make a bond payment as it copes with a cash flow crisis exacerbated by the coronavirus. The 3.3 million-square-foot behemoth, which features an indoor ski slope, amusement park and water park, used the reserves to make

Municipal benchmark yields rose by as much as five basis points Friday, following a stronger-than-expected jobs report, but the asset class outperformed the moves in Treasury bonds. An increase in supply next week may test current low levels. Continued strength in the economy was seen as nonfarm payrolls rose 943,000 and the jobless rate fell

Ohio inched closer to a triple-A rating as Fitch Ratings Thursday lifted the outlook on its AA-plus rating to positive. The rating agency cited “Ohio’s sustained trend of balanced finances and growth in reserves that strengthens the state’s financial resilience as it confronts cyclical economic and revenue trends.” Fitch’s action comes ahead of a $56.5

Municipals were mostly steady, ignoring other markets Thursday as the week’s last sizable new issues closed books while U.S. Treasuries rose and equities were up on better economic data. Secondary trading petered off into the afternoon, holding triple-A benchmarks steady, as most participants await Friday’s nonfarm payrolls. For the 22nd consecutive week, Refinitiv Lipper reported

The Federal Reserve Bank of San Francisco has declined to comply with a document request by Sen. Patrick Toomey as part of the Pennsylvania Republican’s investigation into Fed research on topics including climate change and racial justice. A Republican aide on the Senate Banking Committee who is familiar with the matter said that instead of

Bankruptcy Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico’s debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions. Swain made both rulings at Wednesday’s omnibus hearing for the Puerto Rico bankruptcy. While Puerto Rico

Municipals struck a firmer tone on the short end Tuesday as the new-issue calendar got underway, with strong competitive loans, while U.S. Treasuries held steady and equities strengthened into the afternoon. Triple-A benchmark yield curves were bumped on the short end as bonds inside of 10 years have been more tightly bid. Municipal-to-UST ratios were

Illinois’ flawed pension funding system weighs heavily on the ratings of some struggling local government ratings and legislative action to date has made little headway in solving the quagmire, S&P Global Ratings warns. State legislative action consolidating suburban and downstate public safety funds and moving Chicago to an actuarial-based contribution help but they fall short

Jeffrey Mark Baker, 72, of River Edge, N.J., a career municipal analyst who was known as a leader and innovator in the municipal market and was chair of two municipal organizations, died on July 26. Baker joined Chase Manhattan Bank in 1972 as a municipal analyst, and later retired from its predecessor firm JPMorgan Chase

Municipals opened the week steady with a firmer tone Monday, while U.S. Treasury yields fell again and equities moved up and down throughout the day, as the COVID Delta variant’s spread and its effects hang over all markets. Municipal-to-UST ratios rose as a result. ICE Data Services showed the 10-year muni/UST ratio at 71% and

Illinois Gov. J.B. Pritzker signed legislation moving governance of Chicago Public Schools to an elected school board, leaving the fate of $500 million of city financial obligations to the district unsettled. House Bill 2908 passed the legislature in June over the objections of Mayor Lori Lightfoot. Its sponsors sent it to Pritzker’s desk after promising

Florida’s ports will be getting $250 million in state and federal funds to help speed their economic recovery from the effects of the COVID-19 pandemic, Gov. Ron DeSantis said Thursday. The money is coming in through the federal American Rescue Plan President Biden signed in March and its Coronavirus State Fiscal Recovery Fund. It is

A Michigan Supreme Court order paves the way for Detroit voters to decide the fate of charter revisions opposed by Mayor Mike Duggan, who warns they threaten the city’s fiscal independence. The state’s high court, in a split decision published Thursday, reversed Wayne County Circuit Court and Court of Appeals decisions removing Proposal P from

Puerto Rico net General Fund revenues came in 3.1% ahead of projections in May. The Puerto Rico Department of the Treasury said through the first 11 months of fiscal 2020-2021, net revenues were ahead by 1.14%, at $10.2 billion. The Treasury Department’s actual figures are compared to the Puerto Rico Oversight Board’s projections. In May

Triple-A benchmarks were little changed on Friday while U.S. Treasuries ended the week stronger amid mixed economic data. Muni participants await a new month with growing issuance, but perhaps not quite enough as issuers are hesitant to add more debt before final word from Washington on infrastructure. The net negative supply likely will keep interest

Issuance in July fell more than 30% short of 2020 figures but is roughly 13% above the month’s 10-year average, while total issuance for the year-to-date is ahead of last year’s record-breaking pace by a small margin. At $31.9 billion, municipal bond volume was 33.1% lower this month than July 2020 when it totaled a

As climate change accelerates, electric grids are expected to experience severe weather events that are well beyond the historical conditions for which they were built. In this session, moderator Donald J. Gonzales, senior managing director of the San Antonio office of Estrada Hinojosa & Co., Inc. is joined by panelists Chris Jumper, director of Assured;

The Chicago Board of Education approved a federal aid-infused budget amid warnings of a financial cliff that could knock it off the track needed to win back investment-grade ratings. The board unanimously approved the $9.3 billion spending package for the fiscal year that began July 1. It directs $707 million toward capital and spends down

Municipal bond market participants got little of what they hoped for fromf the slimmed-down bipartisan infrastructure agreement the Senate advanced this week. That raises the market’s stake in the outcome of Senate Democrats’ plan to move a massive social spending plan along party lines later this year. Despite the inclusion of a few provisions applauded