Due to inaccurate information provided by the Massachusetts Turnpike Authority, Monday's story about the agency included incorrect details. MassPike is currently working with four different underwriters on refinancing $800 million of fixed-rate debt into variable-rate mode. Citi and JPMorgan will structure $229 million and $207 million, respectively. Morgan Stanley and Merrill Lynch & Co. will price $185 million each.
Brodie Killian has moved to PFM from Stifel Nicholas & Co., joining its Ann Arbor office as a director.
April continues to be "harsh" for munis as the asset class has given up roughly 72 basis points in the first two weeks of the month, said Jason Wong, vice president of municipals at AmeriVet Securities.
The city may have to make deeper cuts next year if voters don't approve two tax increases headed for the November ballot, if the City Council approves.
The most recent open solicitation period, last October, yielded three proposals.
Treasury representatives said Friday that they will be issuing further guidance to help counties deal with the upcoming reporting and compliance deadlines.
"We were originally thinking that we would offer five-, seven- and 10-year maturities, with $500 million in each tranche. But we decided today to just offer 5s and 10s — $500 million of five-year bonds and $1 billion of 10-year bonds," said Ben Watkins, Director of Florida's Bond Division.
