Chicago must close a $733 million gap in its next budget as it looks to federal relief and savings from a $1 billion refunding to balance the books this year after scrapping scoop-and-toss plans. “While we still have hard work ahead of us in order to close this gap, this figure is a great indication
Bonds
Municipals faced pressure outside of 10 years Wednesday, moving benchmarks on those bonds cheaper by two basis points, while U.S. Treasuries were little changed and new issues showed the spread tightening that continues on sought-after credits. In the primary, an airport deal out of Pittsburgh saw compelling levels for the sector that has seen spread
Late in the fourth quarter of his tenure, New York Mayor Bill de Blasio has punted on a fix for the 70-year-old Brooklyn-Queens Expressway. The mayor last week, without mentioning any cost or funding mechanism, announced a plan to keep the city-owned 1.5-mile crumbling, layer-cake triple cantilever from Sands Street to Atlantic Avenue in Brooklyn
Municipals felt the pressure of an increase of supply and a weaker U.S. Treasury market, and benchmarks saw two- to three-basis-point cuts to scales, but new issues repriced to lower yields. The 10-year muni hit 0.90% on ICE Data Services scale and just below that on Refinitiv MMD, Bloomberg BVAL and IHS Markit, reaching early
A federal judge signed off on a consent judgment that brings to a close the Securities and Exchange Commission’s fraud charges against the former mayor of a Chicago suburb caught in a pay-to-play scheme tied to a bond-financed construction project. In addition to civil securities fraud allegations, former Markham, Illinois, Mayor David Webb, Jr. faced
Municipals were a touch weaker to start the week as U.S. Treasury yields rose again, with the 10-year topping out at 1.32% and the 30-year creeping closer to 2% while equities were mixed on negative COVID Delta news. Triple-A benchmarks saw cuts of one to two basis points across the curve, but still outperformed two
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
Cain Brothers, a division of KeyBanc Capital Markets Inc., has hired Kyle Hemminger as it looks expand its healthcare practice. Hemminger joined the healthcare public finance group in the Columbus, Ohio, office this month as a director to cover healthcare and senior living organizations nationally. He joins a healthcare team that now totals 23 professionals
Videos of floodwater in upper Manhattan went viral last month as storms flooded New York’s streets with four inches of rain. While subway commuters waded through waist-high water at 157th Street, water cascaded down the Dyckman Street subway station, home to the Metropolitan Transportation Authority’s A line. “These videos are a reminder of more dramatic
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
The Puerto Rico Oversight Board filed a brief summarizing the arguments it will make in November’s Plan of Adjustment hearing, arguing it has treated the creditors fairly, the plan is in their best interests, and its plan preempts dozens of local laws. The board was required by bankruptcy Judge Laura Taylor Swain to file an
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
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
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
As part of the ongoing expansion of its banking, trading, and sales platforms, USB has recently added eight new hires to enhance its overall global wealth management business, the firm announced this week. UBS management said the new hires will further the firm’s momentum in public finance and add leverage to its franchise. The latest
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
Federal Reserve Governor Christopher Waller said that if the next two monthly U.S. employment reports show continued gains, he could back an announcement soon on scaling back the central bank’s bond purchases. “I think you could be ready to do an announcement by September,” Waller said Monday in an interview on CNBC. “That depends on
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