Bonds

The Purdue University Trustees priced $72.43 million of student fee bonds Tuesday, joining other issuers in refunding some of the university’s outstanding Build America Bonds. Lead managers Jefferies and Ramirez & Co. priced the deal Wednesday, with Wells Fargo Securities serving as co-manager. The municipal advisor is Blue Rose Capital Advisors. Bond counsel is Ice

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields

There’s a lot more than $10,000 at stake in the University of Chicago Harris School of Public Policy’s 2024 Policy Innovation Challenge, but that’s what the winning team of students will take home, along with a chance to influence decision-making on the Gordian knot of Chicago policy questions: public pensions.  The city currently has $31.8

A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and

Moody’s Ratings on Friday raised Detroit’s issuer and general obligation unlimited tax bond ratings to Baa2 from Ba1, a major milestone for the city, which has waited 15 years to return to investment-grade status. It’s been just over a decade since Detroit filed for bankruptcy and defaulted on its bond debt. In December 2014, the

Municipals were steady as investors await several larger new-issues, including $2.68 billion of California GOs, which were offered to retail investors Monday, while U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Monday was at 61%, the three-year at 61%, the five-year at 58%, the 10-year at 58% and the 30-year at

Legal challenges to the New York Metropolitan Transportation Authority’s congestion tolling program for lower Manhattan have already slowed down the authority’s capital construction projects, months before toll collections are slated to begin. The authority announced a pause on new capital contracts in February, reiterated in the offering documents for $1.3 billion of revenue refunding bonds

While a move to raise New York City’s borrowing capacity by $12 billion is reasonable and sufficient for the city to meet future capital needs, the debt service threshold must be kept within safe limits, officials say. Letting New York City sell more bonds will allow it to meet its capital needs over the next

New York City is stepping up to the plate on Tuesday with the second biggest bond sale of the week, a $1.45 billion issue of general obligation bonds. Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, the tax-exempt GO deal is tentatively structured in four series with

In a majority vote, the California Public Employee Retirement System board came out against a state initiative headed for November’s ballot that would limit the ability of state and local governments to levy taxes and make pension contributions. The initiative, called the “Taxpayer Protection and Government Accountability Act,” would amend the California constitution altering the

Chicago Mayor Brandon Johnson’s proposed real estate transfer tax change — also known as the mansion tax or Bring Chicago Home — was defeated in Tuesday’s election. The city has said the revenue generated from the tax would go to fight homelessness in Chicago. About 53.6% of Chicago voters had rejected the measure by Wednesday,

Municipals were steady to end the week ahead of a surge in supply, helped by three billion-plus deals. U.S. Treasuries were firmer and equities were mixed. While USTs yields fell up to five basis points late in the session Friday, they sold off for most of this week, with various market participants seeing “even more

Ryan Hallam, who spent nearly three decades at Citi, has been hired as a managing director and co-head of high-yield trading on Piper Sandler’s fixed-income team. Hallam will handle high-yield muni sales and trading, focusing on large institutional accounts. “As we look to grow our market share in the municipal industry, Ryan’s tremendous experience and

Municipals saw spots of weakness on the short end of the curve while two high-grade issuers priced the largest deals left of the week, mutual funds saw smaller inflows and U.S. Treasuries closed the session softer 10-years and in, but a touch stronger out long. Equities rallied as the markets contemplated the better likelihood of

With the high-yield municipal bond market riding a tide of inflows and new deals in 2024, investors say Citigroup’s December exit from the space appears manageable so far, but that the true test will come when flows reverse and the market has to fare without its longtime, go-to liquidity provider. For a thinly traded market

State tax revenue collections are softening and some are even negative compared to a year earlier, analysts say. “Most states are now grappling with weakened tax revenues and growing uncertainties, particularly related to the presidential election, potential federal policy changes, and geopolitical crises,” said Urban Institute Principal Research Associate Lucy Dadayan. “Overall, growth in state

On Friday, the Chicago City Council’s Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds that Mayor Brandon Johnson has urged the City Council to approve. But no vote will take place on the bonds as of yet. The Johnson administration is reportedly aiming to pass the bond measure

The municipal primary market was active Tuesday while triple-A scales were little moved despite U.S. Treasury gains ahead of the Federal Open Market Committee meeting conclusion Wednesday. Various large new-issues were well-received and cleared the market Tuesday, with several repricing to lower yields. Despite several larger deals entering the primary, the large amounts of cash

Texas laws that bar investment banks from underwriting state and local government debt if their policies are deemed harmful to the fossil fuel or firearms industries will have negative consequences for taxpayers and the business climate, according to a study released last week by a state business group. The study, conducted for the Texas Association