Bonds

Stephanie Wiggins has been tapped to head the Los Angeles County Metropolitan Transportation Authority as the transit agency struggles to recover from pandemic-driven ridership losses. As LA Metro’s CEO, Wiggins will manage a budget of nearly $7 billion and oversee up to $20 billion in capital construction projects. The agency has 11,000 employees that transport

Florida has filed a federal lawsuit against the Biden administration and the Centers for Disease Control and Prevention for safety orders that have continued to keep cruise ships locked at the dock amid a pandemic that killed dozens of cruise ship passengers in the early days of the outbreak. The suit alleges that the Centers

The municipal market took a breather on Friday after a busy week which brought with it continued strength as triple-A general obligation yield curves were largely unchanged and Treasuries were stronger. A hefty slate of taxables, corporate CUSIP and unversity-led issues will dominate the calendar next week. An estimated $7.33 billion of new supply is

Chicago will host a virtual investors’ conference May 6 with the municipal market looking for insights into how the city will use its $1.8 billion of new federal relief, manage rising pension payments and the long-term COVID-19 fiscal fallout. The city has so far only sent out a “Save the Date” for the May 6

Federal Reserve Vice Chair Richard Clarida said policy makers will await evidence on whether they’re reaching their goals on price stability and employment before adjusting monetary policy. “It’s not projective progress — it’s hard numbers on the labor market and on prices” that the Fed is looking for, Clarida said Friday in an interview on

AFL-CIO president Richard Trumka called on President Joe Biden to use a current vacancy on the Federal Reserve’s Board of Governors to bring greater diversity to the central bank. Trumka said in an interview Thursday that union officials have recommended the White House nominate William Spriggs or Lisa Cook for the Fed board seat. Either

Municipal bonds improved by two to five basis points, with the biggest moves out longer as an active and diverse primary re-priced to lower yields and stronger U.S. Treasuries helped the tone. Refinitiv Lipper reported $2-plus billion of infows into municipal bond mutual funds, with high-yield alone adding $821 million, furthering the market’s strength. “That

Ohio formally put an end to the $1 billion ratepayer bailout for two nuclear power plants owned by then-bankrupt FirstEnergy Solutions Corp. at the center of a $60 million pay-to-play scheme that led to the arrest of Ohio House Speaker Larry Householder on federal corruption charges. Tainted House Bill 6, enacted in July 2019, bolstered

Investors welcomed a flurry of new deals from diverse credits, including four competitive deals that pushed triple-A benchmarks richer as the minutes from the recent Federal Open Market Committee meeting were released with more of the same story: rates will stay low with “transitory” inflation increases. The Investment Company Institute reported another week of inflows,

Miami-Dade County, Florida, is selling $622 million of revenue bonds this week to finance improvements to the biggest water and sewer system in the southeastern United States. The deal arrives with a boost from Fitch Ratings, which ahead of the deal revised its outlook to positive from stable on the county’s water and sewer revenue

Municipal primary deals repriced to lower yields, competitive deals saw lower coupon structures and strong demand, and both helped push yields lower on triple-A benchmarks as U.S. Treasuries made gains on Tuesday. Gilt-edged Forsyth, North Carolina, general obligation bonds came competitively with 4% coupons through triple-A 5% levels in some maturities, and 2s in 2041

Last week in Pittsburgh, President Joe Biden delivered a seminal speech on infrastructure investment, introducing his American Jobs Plan. As someone who is conversant in Biden’s long standing leadership on infrastructure matters, much was familiar in terms of his distinctive public-private partnership investment strategy and assiduous concern for practicalities. That said, it was evolved, decidedly

San Diego has been emboldened by recent California state court rulings to seek certification of a hotel tax that passed with lower than a two-thirds supermajority. Measure C, a hotel tax that would provide funding for the convention center, services for homeless people, and street repairs, garnered 65.24% of the vote on March 3, 2020,

The deadline for bond insurer withdrawal of support for the Puerto Rico central government bond Plan Support Agreement was pushed back to 5 p.m. April 5 from 5 p.m. March 31. The relevant PSA covered general obligation and Public Building Authority bonds. It is a key component of the overall plan of adjustment. Assured Guaranty,

A comprehensive list of the public finance tax changes the Biden administration supports are expected to be released simultaneously with the proposed 2022 federal budget later this month. In the meantime, President Biden said Wednesday he plans to finance his $2 trillion American Jobs Plan by reversing some of the tax cuts congressional Republicans enacted

The Puerto Rico Aqueduct and Sewer Authority may refund more high-yield debt. The authority is considering refunding its $1.8 billion of Series 2012A and Series 2012B bonds, according to a Wednesday evening posting on the Municipal Securities Rulemaking Board’s EMMA website. This would follow its successful high-yield 2008A and B refunding on Dec. 9, when

Many states are taking advantage of federal aid and higher than projected revenues by putting the money to work on infrastructure. The pandemic hit all issuers differently. In the case of Florida, the state faced a total shortfall of $4 billion over two years because of the pandemic, Ben Watkins, Florida’s director of the Division

California will have extensive resources to improve its high-speed internet connectivity if a coalition of statewide organizations gets its way. The cross-sector coalition penned a letter to California lawmakers asking that they include $8 billion in one-time funding in the fiscal 2021-22 budget to improve the state’s high-speed broadband infrastructure. The COVID-19 pandemic has underscored

Municipals were steady to slightly stronger Thursday as the market opened with news of an unexpected rise in the weekly jobless claims number and ended by preparing for a long holiday weekend. The bond markets will close Friday at noon ET, ahead of the Easter weekend. The triple-A benchmark scale was mostly stronger across the

U.S. employers added the most jobs in seven months with improvement across most industries in March, as more vaccinations and fewer business restrictions supercharged the labor market recovery. Nonfarm payrolls increased by 916,000 last month and February employment was revised up to a 468,000 gain, according to a Labor Department report Friday. The unemployment rate