Bonds

Recent Securities and Exchange Commission enforcement actions signal that regulators are widening their net to charge more types of municipal market participants as so-called gatekeepers against misconduct. So said panelists Thursday at the National Association of Bond Lawyer’s annual conference in Chicago. The SEC’s enforcement division and Public Finance Abuse Unit activities are “reaching all
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A California-based company’s plan to sell up to $500 million of tax-exempt environmental improvement revenue bonds through the Indiana Finance Authority to build a garbage-to-jet fuel facility in Gary is on hold after the company’s bonds for a similar plant in Nevada went into default. Pleasanton, California-based Fulcrum BioEnergy sold about $290 million of environmental
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Municipals weakened further Thursday as outflows from muni mutual funds lessened, while short-term U.S. Treasury yields fell after Fed Chairman Jerome Powell suggested central bankers could raise rates again, but not at the upcoming meeting. Equities sold off. The two-year muni-to-Treasury ratio Thursday was at 71%, the three-year was at 71%, the five-year at 70%,
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Municipals faced more pressure Wednesday and two billion-dollar-plus deals for Connecticut and the New York City Transitional Finance Authority saw yields rise up to 12 to 13 basis points from Tuesday’s retail pricings while the third consecutive week of $2 billion plus outflows were reported. U.S. Treasuries saw more losses and equities sold off. Triple-A
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The new bank probe by Texas Attorney General Ken Paxton is one of his first major actions since his return to the AG’s office after facing impeachment proceedings earlier this year. Texas Attorney General Ken Paxton’s office said it’s reviewing whether 10 financial companies, including Bank of America and JPMorgan Chase, violate a Republican-backed state
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Amid a busy new-issue day, munis could not help but follow a U.S. Treasury selloff that was led by stronger economic data, reaffirming that rates will remain higher for longer. Equities were down late in the session. “The ‘higher for longer’ interest rate narrative continues to have a significant impact on all fixed income markets,”
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Connor Crews has rejoined the McGuireWoods public finance team in Raleigh after teaching for more than three years at the University of North Carolina’s School of Government. Crews will work on all aspects of public finance transactions, including governmental financings and financings for non-profit organizations. During his tenure at UNC, he taught local and state
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New York state tax collections from mobile sports betting totaled $727.4 million in fiscal 2022-2023, according to a report from the state comptroller’s office. “Gaming has significantly expanded in the state in the last several years,” Comptroller Thomas DiNapoli said Wednesday. “With the ease and 24/7 availability of mobile betting apps, problem gambling and addiction
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Cities and states should “keep calm and issue bonds” despite sticker shock from rising interest rates and a volatile municipal bond market. That was the message from panelists speaking Thursday at the Government Finance Officers Association’s annual MiniMuni event, a three-day online event for issuers. The rise in rates “makes our jobs as debt managers
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The U.S. Environmental Protection Agency has launched a civil rights investigation into Alabama’s Department of Environmental Management after reviewing complaints of discrimination in the distribution of federal funds. In a letter addressed to ADEM Director Lance Lefluer, the EPA said it would launch a probe into state policy concerning distributions from a federally backed sewage
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