Bonds

Owners of the American Dream Mall in East Rutherford, New Jersey, want a downward reassessment of the shopping center’s property assessment, a move that if successful will reduce the amount of money paid to the municipality via a payment-in-lieu-of-taxes bond agreement. Those PILOT payments back $800 million of tax-exempt bonds issued to fund completion of

Illinois basked in a brighter fiscal picture as it met with the buy side this week than it did at its last event in 2019 when its ratings sat on the verge of junk, but investors still fret over how the state would weather a potential recession and its prospects for further progress. Illinois’ top

Municipals extended their selloff on the front of the curve Friday following U.S. Treasuries while equities sold off. Triple-A yields rose 11 to 15 basis points five years and in, depending on the scale, while UST saw smaller losses on the short end and improved slightly out long. Two- and three-year muni-UST ratios climbed to

Kaufman Hall & Associates LLC will acquire the consulting firm Claro Healthcare to scale up on the depth of its professional services for hospital and health systems that are navigating ongoing COVID-19 wounds made worse by a labor shortage and high expenses. Kaufman Hall, which specializes in the healthcare and higher education sectors, said Thursday

Municipals were hit hard on the front end of the curve but the damage was felt throughout as triple-A yields rose up to 15 basis points and mutual fund outflows topped $2 billion. U.S. Treasuries sold off and equities were mixed. Municipal yields rose up to 15 basis points on the one- and two-year with

Municipals were mixed after the Federal Open Market Committee implemented a third straight 75 basis point rate hike as it continues to combat inflation, pushing the two-year U.S. Treasury above 4% while the 10-, 20- and 30-year made gains. Equities ended in the red. The FOMC raised the fed funds rate target 75 basis points

The failed endeavor to build the Carolina Panthers football franchise a new headquarters in York County, South Carolina, has resulted in a thorny legal battle over who is to blame. Construction on the planned $800 million mixed-used facility in Rock Hill, meant to include state-of-the-art training facilities, office space, millions in utility investments, and green

New York City will dip its toes into the social bond municipal market for the first time next month when it offers a $400 million taxable general obligation deal to a growing investor base seeking bonds that address specific social objectives. This is the city’s first sale of social bonds, Mayor Eric Adams and New York

Municipals sold off across the yield curve amid elevated selling pressure as the first day of the Federal Open Market Committee meeting began Tuesday, with the one-year muni well above 2.5% and the 10-year surpassing 3%. U.S. Treasuries were weaker and equities ended down. Triple-A benchmark yields rose eight to 10 basis points, depending on

A look at lobbying action prior to election day shows some familiar sources making big contributions with the Securities Industry and Financial Markets Association showing $3.58 million dispensed through 49 lobbyists, according to nonprofit transparency group Open Secrets. The totals for the entire financial sector through the second quarter of the year, are over $66

Municipals were weaker on the front end of the curve ahead outperforming larger losses on U.S. Treasuries that saw the two- and three-year yields rise to near 4% and the highest they’ve been since 2007. Triple-A muni yields rose another five basis points on the short end while UST rose up to seven. Two- and

Puerto Rico’s government is taking steps to restructure Municipal Finance Agency bonds and other government debt. Puerto Rico’s Fiscal Agency and Financial Advisory Authority, which oversees debt for the administration of Gov. Pedro Pierluisi, on Friday told The Bond Buyer it would seek to restructure the MFA bonds and other non-bonded debt.  To pursue a

Ohio-based ProMedica Health System lost its final investment grade rating when Moody’s Investors Service cut the credit citing ongoing losses as the system struggles with ongoing COVID-19 related challenges that have hit its senior care business especially hard. Moody’s dropped the rating two notches to Ba2 from Baa3 Monday and warned of further deterioration by

New York City could use municipal bonds as a way to finance better outcomes for migrants coming to New York from Ukraine and the southern border, city Comptroller Brad Lander said. Asylum seekers coming to the Big Apple could benefit from a new economic initiative tied into an inclusive strategy, Lander said during a webinar

Puerto Rico Electric Power Authority mediation ended Saturday morning and the Oversight Board is proposing that litigation commence, as the sides were unable to reach an agreement. “[S]harp differences over what a reasonable settlement is” remain, the board said. The sides “also differ on some key legal issues.” The current round of mediation started in

Municipals were weaker on the front end of the curve as selling pressure mounted all week while U.S. Treasuries were mixed and equities ended down again. Investors will be greeted with a lackluster calendar of a mere $1.4 billion total and only two deals over $100 million as issuers hold back with the Federal Open

With their revenues beating expectations through stronger-than-expected tax receipts and federal pandemic aid, many states have used the extra funds to pay down unfunded pension liabilities accrued in some cases over decades, according to a Pew Charitable Trusts report on state pension systems. The combination of increased contributions and surging investment returns “has had a

Public education advocates in Arizona are pushing for a special legislative session to avoid more than $1 billion in school district budget cuts by suspending a spending limit for a second-straight year.  Democratic state lawmakers and others at a Thursday press conference said Republican Gov. Doug Ducey needs to call lawmakers back to session to

Municipals were weaker Thursday as mutual fund losses climbed another $1.4 billion, while U.S. Treasuries sold off five years and in and equities ended in the red as ongoing concerns over Fed policy hang over markets. Municipal triple-A yields rose two to three basis points while UST rose up to eight on the short end

Municipals were weaker in spots Wednesday as mutual funds continued to see more outflows, while U.S. Treasuries and equities were mixed. Two- and three-year muni-UST ratios are around 64% to 65%. The five-year was at 70%, the 10-year at 83% and the 30-year at 103%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services