Bonds

During a contentious meeting of the Louisiana Bond Commission Thursday, J.P. Morgan Chase was disqualified from underwriting a $700 million bond refinancing due to unanswered questions about its gun policies. State Treasurer John Schroder and his staff announced the decision to recommend that Wells Fargo Corporate & Investment Banking underwrite the deal after he said

Cities will be key to allocating the $1.1 trillion in the new Infrastructure Investment and Jobs Act signed into law by President Joe Biden Monday. That’s what Secretary of Transportation Pete Buttigieg told local government leaders Thursday while speaking at the National League of Cities conference. “We’re really going to be looking to you to

Teachers’ and judges’ unions and organizations argued Wednesday with the Puerto Rico Oversight Board about how the bankruptcy court must interpret a local law on pensions, with the outcome likely to determine the viability of the proposed Plan of Adjustment. The teachers and judges, through their attorneys, said Act 53 bars the board, if it

Chicago launched a tender/exchange offer to holders of $4.3 billion of general obligation and motor fuel tax-backed bonds as part of a long planned $1.25 billion refinancing set for next month to help balance its 2021 and 2022 budgets. The city will refund various GO, motor fuel, and Sales Tax Securitization Corp. debt in the

Municipals faced some pressure Tuesday on another day of a weaker U.S. Treasury market while equities made gains. A large new-issue calendar began pricing, with a few deals bumped off the day-to-day calendar. Triple-A benchmarks saw cuts of one to two basis points. Ratios held in a range Tuesday. Municipal-to-Treasury ratios were at 49% in

The inclusion of tax-exempt income in a proposed federal corporate alternative minimum tax in the Build Back Better bill may have been an “oversight,” municipal market lobbyists say. And even if the AMT ends up becoming law, its impact on muni demand may be muted in an environment that has already seen many institutional buyers

President Joe Biden Monday signed into law a $1.1 trillion infrastructure package that will infuse billions into state and local governments. “We’re taking a monumental step forward to build back better as a nation,” said Biden at a White House ceremony attended by lawmakers, governors, mayors and others. “Things are going to turn around in

Louisiana voters on Saturday approved a constitutional amendment to change personal and corporate income taxes while giving a thumbs down to three other ballot measures including one that would have streamlined tax collections. Voter turnout totaled less than 14% on Nov. 13. Amendment 2 passed by a 58% to 42% margin, according to unofficial results.

Residents in the San Diego area and across the Mexico border in Tijuana, received welcome news when the U.S. Environmental Protection Agency announced plans to move forward on $627 million of investments in water quality projects. The projects, which will now undergo environmental review, will capture and treat sewage that routinely flows from the Tijuana

Gov. Phil Murphy’s surprisingly narrow re-election victory and Senate President Steve Sweeney’s stunning loss to an unknown resonated well beyond New Jersey. National pundits flagged the election-night drama, along with Republican Glenn Youngkin’s gubernatorial victory in Virginia over Terry McAuliffe and other developments, as warning signs for Democrats heading into national midterm elections. New Jersey

The Municipal Securities Rulemaking Board has re-established two key advisory groups for its 2022 fiscal year: the Compliance Advisory Group (CAG) and the Municipal Fund Securities Advisory Group (MFSAG). The MSRB is also seeking input on topics it should consider in developing compliance resources and tools for municipal fund securities. In a November 11 announcement,

Municipal bonds were slightly weaker Friday inside 10 years, but trading was light and munis still outperformed U.S. Treasuries, which weakened further on the day from Wednesday’s large sell-off. Investors put nearly $2 billion into municipal bond mutual funds for the most recent week with high-yield reversing a downward course to hit $1.2 billion following

Two sets of teachers’ unions and a judiciary association filed separate challenges to a Puerto Rico Oversight Board pension law interpretation the board has said is necessary to enact of the Plan of Adjustment. The teachers’ unions filed in the final hour before the 5 p.m. AST Friday deadline that Puerto Rico bankruptcy Judge Laura

Raising the cap on state and local tax deductions to $80,000 from $10,000 would reduce the federal income tax liability by $55.9 billion in 2021, making it less concentrated among those with the highest incomes and making it $35.3 billion cheaper for the government than repealing the SALT cap altogether. That was the takeaway from

A federal judge in Michigan signed off on a $626.25 million settlement that resolves litigation over the state’s role in the Flint water contamination crisis, closing one chapter of the debacle as legal cases proceed on other tracks against former state officials and bond underwriters. The state sold $603 million of taxable bonds in June

A registered general securities representative has agreed to pay $10,000 to settle Financial Industry Regulatory Authority charges that he violated the Municipal Securities Rulemaking Board’s fair dealing rule when he provided incorrect and misleading account reports to a customer. Antoine Nabih Souma agreed to pay the fine and be subject to a two-month suspension from

Robin Prunty, chief analytical officer, U.S. Public Finance at S&P Global Ratings, and Arlesa Wood, director of bond administration for Miami-Dade County, Florida, have been named the private and public sector winners of 2021’s Freda Johnson Award for Trailblazing Women in Public Finance. Along with Prunty and Wood, the Northeast Women in Public Finance have

Incoming New York Mayor Eric Adams has already heard calls from watchdog groups to boost New York’s new rainy-day account and fine-tune the policies controlling deposits and withdrawals. New York’s mechanisms are less defined than other U.S. cities’, state Comptroller Thomas DiNapoli said in a report Wednesday. DiNapoli urged city officials to tap recent changes

It was a good day to be an issuer in the municipal primary market. With U.S. Treasuries rallying, municipals followed with triple-A benchmark yields falling as much as five basis points out long and more than $6 billion of new issues were digested in both competitive and negotiated markets, some deals seeing large repricings to

Cook County, Illinois, drew a rating upgrade and an outlook boost pushing early pandemic clouds further into the background as it preps a nearly $250 million refunding. The county will offer its general obligation refunding in two series: one for $202 million of tax-exempts and the other for $45 million of taxables on Nov. 17.