California

A project that dealt municipal bond investors one of the biggest high-yield defaults of the past decade is about to ask them for more cash

The city has issued a second set of bonds to fund 266 housing units that are the first of some 8,000 planned on adjoining islands in the San Francisco Bay.

July volume was $31.9 billion keeping the annual pace ahead of last year's record-breaking total. Issuance still lags demand by a large amount — $60 billion by many accounts for August alone — as redemptions coupon payments pile up.

The question looms as to what point heightened wildfire activity becomes a significant risk for municipal debt.

A double-digit return will trigger a reduction in the California Public Employees’ Retirement System's discount rate under a risk mitigation policy.

The Fitch Ratings upgrade applies only to GO debt — the city's issuer default rating remains AA-plus. The GOs benefit from California’s 2016 statutory lien law.

S&P Global Ratings gave California an elevated risk in the environmental category on an ESG scorecard, partly because of wildfire risks.

The agreement sets milestones for the project, expected to halve border wait times, to be completed by 2024.

Brightline Holdings will wait until 2022 to try again to finance a passenger train to Las Vegas from Southern California with tax-exempt bonds.

Following the change, S&P now views all U.S. public finance sectors as stable with the exception of higher education.

The coalition wants the final budget signed by Gov. Gavin Newsom to include his broadband proposal, not the Legislature's.

Republicans warn about inflation while Democrats celebrate social program expansions.

Kroll analysts say federal aid helped the city avoid tapping deficit financing to pass a balanced budget.

The networking group created by a trio of San Francisco-based finance leaders just ahead of the pandemic is looking forward to in-person meetups.

The California treasurer also suggests adding flexibility to federal rail grants ,which are typically reserved for government projects, to include jointly undertaken public-private partnerships.

The measure would fund deferred maintenance projects at K-12 schools and state universities. It heads to the Assembly and would ultimately be decided by voters.

Kestrel Verifiers has certified as green a tranche of bonds that will finance the ethanol plant in California's economically challenged Imperial Valley.

Even with a 23.3% year-over-year drop in May, with five months now officially in the books, long-term muni volume stands at $169.45 billion, ahead of the $157.96 billion issued in 2020.

It could take the nation, heavily influenced by New York and California, 18 months to return to full employment, Fitch Ratings said.

California Gov. Gavin Newsom and President Biden outlined separate plans Monday to increase spending to prepare for natural disasters.