Bonds

California’s revenues for the first eight months of the fiscal year are $17.53 billion above projections included in the governor’s proposed budget in January, according to the Department of Finance. The state won’t know until May when Gov. Gavin Newsom releases his revised budget proposal if that alters the amount of the massive $45.7 billion

A restructuring deal for the Puerto Rico Electric Power Authority will not include any mediators who participated in the central government’s plan of adjustment while the Oversight Board doubled-down on excluding the local legislature in negotiating a new PREPA restructuring plan. Puerto Rico bankruptcy Judge Laura Taylor Swain said in a court filing on Thursday

Municipals were steady to firmer in spots Friday with decent two-way flow in the secondary but a quieter session overall after weeks of major volatility led by geopolitical turmoil and central bank policy uncertainty. Markets were generally calmer in a post-rate hike environment with clearer signals from the Fed for its plans going forward. Short

The COVID-19 pandemic stung not-for-profit hospital balance sheets hard in January amid the omicron surge and while those strains have eased, challenges persist as hospitals navigate a growing shift away from in-hospital care. The fiscal damage from the highly contagious omicron variant put a dent in margins, which sunk for the time in 11 months.

Municipal yields fell on Thursday for the first time since March 1 as buyers emerged, while U.S. Treasuries rose out longer and equities improved again a day after the Fed’s first rate hike. Trading was stronger out of the gates, with large blocks of high-grades changing hands at stronger levels. Triple-A benchmark yields were bumped

Puerto Rico’s Plan of Adjustment went into effect Tuesday as did the restructuring of $33 billion of bonds, with bondholders and bond insurers beginning to receive the newly restructured bonds and trading starting in earnest. Puerto Rico completed the exchange of more than $33 billion of existing bonds and other claims into $7 billion of

Helping small local governments win a piece of the new infrastructure money has become a theme of federal officials, which White House Advisor Mitch Landrieu echoed Tuesday at the National League of Cities annual Congressional Cities Conference. “We need to find a way to work together to make sure small towns and communities have technical

Comments on the Municipal Securities Rulemaking Board’s second request for comment on its draft solicitor muni advisor rule highlight concerns over recordkeeping expectations, harmonization with the Securities and Exchange Commission’s “Pay-to Play” rule and whether oral or written disclosures are the most effective for municipal advisors. The board received comments from The Securities Industry and

WASHINGTON — Sarah Bloom Raskin, President Biden’s pick for vice chair for supervision of the Federal Reserve, has taken herself out of the running for the position. Raskin submitted a letter to the White House on Tuesday saying she would step aside so the politically gridlocked Senate Banking Committee would move forward with the Biden

Triple-A yields rose further Tuesday with four to six basis point cuts across the yield curve following along U.S. Treasuries while equities rallied. Municipal to UST ratios showed the five-year at to 80%, 92% in 10-years and 96% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 79%,

The Puerto Rico Oversight Board is working on a Puerto Rico Electric Power Authority restructuring deal that will avoid local government involvement, a board member said. Board Member Justin Peterson said Wednesday the new deal will be created without local government involvement and will not require local legislation. Peterson also told The Bond Buyer the

The Securities and Exchange Commission has charged Crosby Independent School District in Texas and its former chief financial officer Carla Merka with misleading investors in a $20 million municipal bond sale, in addition to charging district auditor Shelby Lackey with improper professional conduct in the district’s 2017 fiscal year financial statements. Crosby ISD has agreed

As the COVID-19 pandemic recedes, Florida’s economy is recovering quickly while its job picture has improved, but several threats to its economic health have appeared on the horizon. On Monday, the state Legislature approved a record $112.1 billion budget for fiscal 2022-2023 that includes tax cuts for residents, pay raises for state employees and a

Political corruption taints the reputations of Chicago and Illinois and may influence decisions by businesses and voters at the polls, but it’s harder to measure the indirect toll on ratings, borrowing costs, and population trends. While federal authorities in recent decades have nabbed several dozen city and state officials including two past governors, the high

After the Federal Reserve hiked interest rates for the first time since 2018 and said it would raise them six more times this year, U.S. Treasury yields continued to rise, while munis were relatively stable and equities rallied to close the session. Municipal to UST ratios showed the five-year at 76%, 90% in 10-years and

Puerto Rico bankruptcy Judge Laura Taylor Swain rejected legal challenges to the proposed Plan of Adjustment and suggested she would approve it in the middle or end of this month. Swain set out her positions on Monday evening in an order filed in the United States District Court for Puerto Rico.In her filing, Swain said

Municipal yields rose again Monday by three to six basis points on elevated selling pressure while short U.S. Treasuries saw pressure and equities ended mixed. Municipal to UST ratios rose slightly on the day’s moves. The five-year was at 50%, 67% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE

The Department of the Treasury’s final ruling on its State and Local Coronavirus Fiscal Recovery Fund provides issuers with the guidance they had been seeking for months, giving them a better path to spending the money in ways to benefit states and localitirs. The ruling, released last week, expands the list of water, sewer and

Los Angeles City Controller Ron Galperin announced plans Thursday to run for state controller entering an increasingly congested race. The termed-out Galperin seeks to replace State Controller Betty Yee, who also terms out this year. He throws his hat into a race that already includes Republican Lanhee Chen, a former George W. Bush White House

Among the U.S. Virgin Islands government’s many problems is an economy that shrunk 24% in real terms from 2009 to 2019. The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5% through from February 2020 to October 2021, according to New York Federal Reserve Bank Early Benchmarked