Bonds

Outstanding Illinois debt is now smoke-free after the state defeased the last $449 million of bonds backed by payments from a master settlement agreement with tobacco companies.  Gov. J.B. Pritzker said the move, which was included in Illinois’ fiscal 2024 budget, will save the state $50 million. “Today’s action reflects Illinois’ strong fiscal position and
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While times have been difficult for nonprofit and public sector healthcare organizations, finances should improve in the coming quarters, according to reports. “Hospital leaders are facing a ‘new normal’ of persistently flat operating margins and reduced operational performance compared to pre-pandemic levels through the first seven months of 2023,” said Kaufman Hall Senior Vice President
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Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,
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Fiscal 2023 ended with higher revenue for most Southwest states, but shrinking growth rates indicate their coffers won’t continue to overflow as federal stimulus subsides and tax cuts erode collections.  Texas wrapped up its fiscal year Aug. 30 with general fund revenue growth shrinking to 8.3% compared to fiscal 2022 when collections zoomed 26.4% higher
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Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started
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Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve
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Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District
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Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year
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Municipals were weaker in spots Thursday amid an active primary market that included two billion-dollar pricings for institutions and the return of outflows. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year
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California Attorney General Rob Bonta conditionally approved the $35.6 million sale of three northern California skilled nursing facilities owned by Eskaton. Eskaton, a Carmichael, California-based not-for-profit senior healthcare provider formed in 1968, had $102.8 million in revenue bonds and notes at the end of fiscal year 2022, according to combined audited financial statements for the
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The Huntsville Healthcare Authority issued $190 million of hospital revenue bonds as it saw a financial rebound from tough post-pandemic conditions. The North Alabama-based public hospital operator, whose flagship Huntsville Hospital is the state’s second largest, structured the deal with a 2053 maturity and a mandatory tender date of June 1, 2030. Bond proceeds will
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The Department of Health and Human Services has sent a letter to the Drug Enforcement Agency recommending that marijuana be reclassified to Schedule III, down from Schedule I, and if passed, the change could have an impact on how local governments collect taxes on cannabis businesses. That’s the latest in the Biden Administration’s efforts towards
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Pension obligation bonds may be on a list of options for Dallas officials as they tackle a persistent funding problem in the city’s retirement system. During a presentation to the city council last month on debt capacity for a 2024 general obligation bond referendum, Dallas Chief Financial Officer Jack Ireland said $400 million of available
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