Headlines for November 30, 2016
A second rating agency has dropped Chicago-based Roosevelt University into junk territory over as enrollment struggles and a heavy debt load strain its balance sheet.
A request for state Supreme Court validation on $420 million of toll revenue bonds has sidelined the Oklahoma Turnpike Authority deal as rates rose in post-election investor uncertainty.
Connecticut and Illinois state treasurers, in partnership with shareholder activists, called for a change in Wells Fargo’s corporate bylaws to ensure an independent non-executive board chair.
Joining the crowd of borrowers, the Minneapolis-St. Paul Metropolitan Airports Commission plans a $438 million deal next week, marking its first new money sale in four years.
Ranking Democrats on House Transportation Committee seek full road funding boost promised for 2017.
Citigroup Global Markets Inc. scrapped the closing on $377.6 million in revenue and general obligation bonds it priced for El Camino Hospital in northern California after the U.S. Justice Department subpoenaed documents from the hospital.
Puerto Rico Governor-Elect Ricardo Rosselló chose his campaign manager, Elías Sánchez Sifonte, to replace public finance veteran Richard Ravitch as the island government's non-voting representative to the Puerto Rico Oversight Board.
WASHINGTON – Capping the tax exemption for municipal bonds over a nine-year period would have cost state and local governments roughly $175 billion in additional borrowing costs, while a full repeal would have cost them nearly $500 billion more, state and local officials warned Tuesday.
The Municipal Securities Rulemaking Board has announced that its dealer markup rule will take effect on May 14, 2018.
The National Association of Bond Lawyers wants the Treasury Department and Internal Revenue Service to revise the management contract guidance released in August, which it says is confusing and could limit the usefulness of safe harbors in short-term contacts.
Legislative backers of Chicago’s funding overhaul of its municipal and laborers’ pension funds expect a vote in the final days of the General Assembly’s veto session after dropping language from the bill that would have subordinated pension contributions to bond repayment.
Veteran public finance banker Warren “Bo” Daniels Jr. has rejoined Loop Capital Markets to lead the firm’s efforts in Georgia and neighboring southern states from a new Atlanta office.
New York State has secured international certification for nearly $100 million in new green bonds to be issued for affordable housing projects, Gov. Andrew Cuomo said Tuesday.
Top-rated municipal bonds finished weaker on Tuesday, according to traders, as action got underway in the primary market. The yield on the 10-year benchmark muni general obligation rose five basis points while the yield on the 30-year increased three basis points.
GovernmentSecurities Prices 10-year: 97 10/32 to yield 2.30%, up 5/3230-year: 98 18/32 to yield 2.95%, up 25/32 Municipal BondIndex 121 29/32 down 12/32 The Bond Buyer's30-Day VisibleSupply (as of 11/30) Total: $17.269 billion, down $683.0 millionCompetitive: $4.836 billion, up $118.7 millionNegotiated: $12.432 billion, down $801.7 million The MuniCenter List Offering total: $16.320 billion, up $249.7 million