Bonds

The federal infrastructure package will boost Illinois’ six-year transportation spending by $4 billion, Gov. J.B. Pritzker said Friday. The state will spend an overall $24.6 billion under the six-year program for roads and bridges with $3.7 billion in spending during the current fiscal year. About $18.8 billion goes to roads with the remainder spent on

Smaller-sized cities and towns worried they won’t be able to snag a piece of the infrastructure dollars unleashed in the new federal law have until the end of the month to apply for a first-of-its-kind program aimed at boosting their chances. The “specialized training boot camps” led by the National League of Cities will help

After nearly thirty years at the Securities and Exchange Commission in various roles, Lori Price has been promoted to director of the Office of Credit Ratings. She’ll begin the new role Aug. 14. The OCR is responsible for oversight of nationally recognized statistical rating organizations and conducts exams, develops and administers rules and maintains standards.

With the plan of adjustment hearing for the Puerto Rico Highways and Transportation Authority less than a week away, arguments remain over five legal objections to the plan. Insured bondholders, Puerto Rico’s Fiscal Agency and Financial Advisory Authority, HTA wage earners, an insurance company, and a dairy are challenging the plan.  The plan of adjustment

Municipal bond issuance in the Northeast slumped by 18.3% year-over-year for the first half of 2022 as taxable sales plunged more than 60%, according to data compiled by Refinitiv. The region’s issuers sold $49.69 billion of municipal bonds in 870 issues, after selling $60.78 billion in 1,234 issues during the first half of 2021. The

Fresh off a ratings upgrade, Erie County, New York, will be in the market during the upcoming week with a small but significant deal. FHN Financial Capital Markets is set to price the county’s $29.675 million of Series 2022 general obligation bonds on Tuesday, Aug. 16. The deal consists of $28.525 million of Series 2022A

If all goes according to plan, municipal markets will see the largest ESG bond pricing ever next week as Massachusetts prepares to issue $2.7 billion of taxable business-tax backed special obligation revenue bonds. The sale of the socially designated bonds was delayed in July as state lawmakers debated a last-minute spending bill that would allocate

Municipals were weaker on the short end and mutual fund outflows returned Thursday while U.S. Treasuries saw losses across the curve and equities ended mixed. Triple-A curves saw yields rise as much as five basis points on the one-year while leaving yields a basis point weaker to little changed along the rest of the curve

The states are flush with cash thanks to trillions of dollars of federal rescue funds, leading Fitch Ratings analysts to predict an explosion of infrastructure projects with a focus on water and sewer undertakings. Fitch analysts discussed their recently released, “U.S. States Budgets Balanced in 2023” report during a Wednesday webinar. The discussion revealed fifty

Veteran public finance attorney Renee M. Friedman stood out as a talented advocate for her clients who relished taking on tough transactions with a knack for boiling them down to plain English and always carved out time for social justice causes close to her heart, friends and colleagues said. Friedman, a former partner who most

When Manju Ganeriwala looks back at her time as Virginia state treasurer, she can be proud of steering the state’s finances and fiscal health through two economic downturns and a pandemic. Ganeriwala recently retired after more than a decade as state treasurer. Ganeriwala was treasurer of the commonwealth from January 2009 until June when she

The financing stars are aligning for a Montana-based aerial firefighting firm that has grown quickly to meet demand driven by massive wildfires that have plagued Western states for the past several years. A total of $160 million of taxable municipal bonds for Bridger Aerospace priced in July and August. The deal, carrying third-party verification as

In one of the largest funding awards yet under the bipartisan infrastructure package, the Biden administration Thursday is announcing $2.2 billion for 166 projects across the country. The money is part of the Rebuilding American Infrastructure with Sustainability and Equity, or RAISE program, a longtime popular grant program that’s seen its annual funding double under

U.S. Sen. Elizabeth Warren rebuked Federal Reserve Chair Jerome Powell for withholding information on trading by central bank officials during the pandemic and said an investigation into the matter by the Fed’s inspector general was “troubling.” The IG report “raises new concerns about the reasons why you continue to withhold key information about Fed officials’

Chicago’s heads into 2023 budget season with a $127.9 million gap to close, offering the market a key fiscal update as the buy-side heads to town for the city’s annual investors’ conference. The shortfall unveiled by Mayor Lori Lightfoot and her finance team Wednesday marks a sharp decline from the last three years. Lightfoot came

Two Federal Reserve officials responded to softening inflation data by saying it doesn’t change the U.S. central bank’s path toward even higher interest rates this year and next. Minneapolis Fed President Neel Kashkari, who prior to the pandemic was the central bank’s most dovish policy maker, said Wednesday that he wants the Fed’s benchmark interest

Municipals were little changed on the day Wednesday in light trading with few deals of size pricing while the Investment Company Institute reported the largest inflows into municipal mutual funds since November. While other markets made moves following better-than-expected inflation figures, with U.S. Treasuries ending mixed and equities rallying, triple-A muni yield curves saw a

The Dallas City Council on Wednesday put a measure on the Nov. 8 ballot that would allow for the planning, financing, and construction of a replacement of its convention center, partly financed by an increase in the hotel occupancy tax. The measure, which passed the council unanimously, will let voters decide on raising the city’s

Following a strong summer collections season, Georgia’s Department of Revenue recently announced revised revenue predictions for the fiscal year 2022 that beat the previous year by more than $6 billion. The department on July 7 reported that in the fiscal year ending June 30, Georgia had collected more than $33 billion in taxes, marking a

Guam Gov. Lourdes Leon Guerrero told the legislature that the territory’s finances are improving. She said her government anticipates general fund revenues will rise $50 million in fiscal year 2023, which starts Oct. 1, compared to the current fiscal year.  Leon Guerrero estimates general fund revenues totalled $700.2 million in fiscal 2019, $747.2 million in