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Capital Projects to Keep Infrastructure Steady Through Slow Year
Capital projects scheduled by infrastructure-related issuers like transportation and utility entities will keep the sector busy despite expected low issuance this year, investors and issuers said at a JP Morgan conference.
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New issuance of more than $7 billion is expected to arrive in the primary this week, as Illinois tests the market's appetite for a second time this month with its general obligation credit — this time a $750 million sale that will be joined by large financings from issuers in Texas and New Jersey. more »
Tax-exempt money market funds reported losses of $3.67 billion in the week ended April 14 as total net assets fell to $266.72 billion, according to The Money Fund Report, a service of iMoneyNet.com. The losses come on the heels of the prior week's inflows of $1.58 billion. more »
Financial Guaranty Insurance Company received a $584 million cash payment from Bank of America as they settled a lawsuit over nine mortgage-backed securities insured by FGIC. more »
Robert W. Baird & Co. is planning to broaden its footprint in the Pacific Northwest with the recent announcement of its merger with Seattle-based investment firm McAdams Wright Ragen, Inc. more »
William Hayden, former managing director of public finance at JPMorgan, has been hired by PNC Financial Services as the Pittsburgh bank expands its municipal practice. more »
A bond insurer Wednesday asked the bankruptcy judge overseeing Detroit's case to force the city to consider four new bids for the city's art collection that could bring in as much as $2 billion. more »
New York City Transitional Finance Authority received about $200 million of retail orders before its $760 million sale of future tax secured fixed-rate subordinate bonds. more »
Energy Northwest is planning to sell $647 million next week to fund capital projects at its nuclear power plant and to refund outstanding debt. more »
Siebert Brandford Shank & Co. jumped up the municipal bond senior manager ranks in the first quarter, rising to ninth place from 18th on the strength of two big airport and utility revenue deals. more »
Susannah Page, a former director in the municipal research sector at Bank of America Merrill Lynch, has joined Roosevelt & Cross Inc. more »
The average fee that state and local governments in California pay bankers to underwrite their municipal bonds hit a record low last year at $3.98 per $1,000 of bonds sold. more »
Tax-exempt money market funds had outflows of another $1.48 billion as total net assets dipped to $268.81 billion in the week ended March 31. more »
Attorney John Kraft said he's preparing to pass the torch at New Jersey's oldest bond counsel firm, adding Jason Capizzi as a member and renaming it Kraft & Capizzi, LLC. more »
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New York's budget leaves it at risk of becoming one of only five states that do not allow the use of design-build procurement to deliver public infrastructure projects.

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