In the week ended May 19, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell two basis points to 3.88% from 3.90% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.
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Mission Regional Medical Center, in the Lower Rio Grande Valley of Texas, suffered a five-notch downgrade to B-minus from Standard & Poor's Global Ratings. The downgrade affects $26.5 million of outstanding debt.
The Texas Supreme Court’s decision to uphold Texas’ “Byzantine” school funding formula will end three years of litigation but have no immediate impact on state or local school district credits, according to Moody’s Investors Service.
Days after winning voter approval of $155 million of bonds to keep pace with growth, the Anna Independent School District on the outskirts of Dallas took a two-notch downgrade from Moody's Investors Service. Anna was one of dozens of Texas school districts whose voters approved nearly $5 billion of bonds May 7.
Chris Hamel, managing director and head of municipal finance at RBC Capital Markets, discusses why the infrastructure problem in the U.S. is not one of capital but of funding, why P3 has not yet taken off in this country and how it could, how design-build could work well within the muni framework, and issues a call-to-action to the muni industry to come together to advance an infrastructure agenda.