Alabama

Underwriter Cantone Research’s alleged fraudulent misrepresentations are tied to two defaulted bond offerings.

ICI reported $704 million of inflows, a $1.1 billion drop from the week prior, bringing the total to $76 billion year to date.

The lion's share of the deal is taxable, with a $20 million tax-exempt new money series; proceeds from the taxables will refund outstanding debt.

Ratios have moved into a higher, more favorable range, especially in the belly of the curve. The municipal calendar is building, led by taxables and refundings, after they dropped significantly in September.

Two other banks set to underwrite the $634 million bond issue dropped out of the transaction after facing pressure from activists and investors.

The state said it would continue to move forward with the new prisons despite Barclays departure amid controversy over the role of private firm CoreCivic.

The P3 taxable deal aims to replace the state’s old, dilapidated and outdated jails with more modern alternatives in a bid to ease prison overcrowding and provide new services to inmates.

The Department of Justice filed a federal complaint alleging conditions at Alabama prisons violate the constitution, as the state continues to negotiate public-private partnerships to build three lockups.

The Alabama Public School and College Authority will issue nearly $1.5 billion of bonds and most of the deal will be tax-exempt new money.

The public-private partnership Alabama is using to build three new prisons is estimated to cost nearly $2.64 billion over 30 years, up from $900 million.

Fairfield, Alabama, weighed down by fiscal problems long before the coronavirus hit, filed for bankruptcy saying it is insolvent.

Refundings and taxable deals were also up substantially, driving the region to $75 billion of municipal bond volume, up 32.6% from 2018.

Kay Ivey requested the school funding during her State of the State address Tuesday, the first day of Alabama's legislative session.

Opponents of the $700 million adopted budget say $2.5 million of spending choices may begin a slide back to Chapter 9.

The governor declared the $2.1 billion Mobile River project "dead” after it a local planning organization voted it down.

Two Virgin Trains USA deals from Florida helped push the region's volume up 9.8% over last year, making it one of only two regions to sell more bonds.

The review of the final credit, Chicago's senior-lien water bonds, was resolved when the bonds were defeased.

The state is taking qualifications from firms interested in building three facilities to house male inmates.

Alabama’s highest-ever education budget and Louisiana’s largest increase in a decade are both credit positive, Moody’s says.

Five companies responded to a request for “expressions of interest” in building three prisons amid federal scrutiny of conditions in the prison system.