Headlines for October 19, 2016
The tax exemption of municipal bonds, issue price, political subdivisions and disclosure top the agenda of the National Association of Bond Lawyers for the coming year, according to Cliff Gerber, who becomes NABL president on Oct. 19.
Illinois' arrangement to directly place $600 million of existing floating-rate debt with four banks received a positive review from Moody's Investors Service though its Baa2 rating and negative outlook are unchanged.
Education is potentially the most important public service to suffer from the $1.7 trillion pension funding crisis, said a Manhattan Institute report.
Nevada Gov. Brian Sandoval signed legislation to provides public money to build a National Football League stadium in Las Vegas.
Massachusetts Treasurer Deborah Goldberg has banned Wells Fargo from its list of approved underwriters for one year, citing the fake-accounts scandal,
Assured Guaranty and Orrick, Herrington & Sutcliffe LLP held onto their No. 1 rankings as competition among municipal bond insurers and counsel heated up through the first three quarters of 2016.
The Illinois Finance Authority signed off on $800 million of borrowing plans by several Illinois-based not-for-profit health systems and a Chicago art museum joining the parade of issuers to hit the market this quarter with both new-money and refunding paper.
New Jersey’s 23-cent gas tax hike, and its offsetting tax cuts in other areas, will help the state’s current 2017 operating budget at the expense of raising budgetary pressure for 2018 and beyond, according to S&P Global Ratings.
Gloria Papiez will become acting director of the Washington State Department of Financial Institutions, the state's primary financial regulator, on Nov. 1.
The city of Tamarac brings a small deal to market amid a heavy slate this week that officials believe is only the third public green bond offering from Florida.
The Transportation Department fast-tracked the Hudson Tunnel replacement portion of the $24 billion Gateway Program.
Chicago’s motor fuel bonds and a Transportation Infrastructure and Innovation Act loan fell a notch Tuesday as S&P Global Ratings’ moved the ratings down in tandem with its recent downgrade of the state’s general obligation rating.
The Puerto Rico Oversight Board directed six of the island’s public entities to develop and present fiscal plans.
Muni yields held steady as a surge of new issuance hit the market on Tuesday, with six deals of at least $500 million pricing from big name issuers in California, Connecticut, New York and Texas.
GovernmentSecurities Prices 10-year: 97 24/32 to yield 1.75%, up 5/3230-year: 94 15/32 to yield 2.51%, up 4/32 Municipal BondIndex 130 12/32, down 4/32 The Bond Buyer's30-Day VisibleSupply (as of 10/19) Total: $19.443 billion, down $4.010 billionCompetitive: $4.905 billion, down $2.188 millionNegotiated: $14.538 billion, down $1.822 million The MuniCenter List Offering total: $14.186 billion, down $424.9 million…