Organization Root Tag

Funding for a $2.55 billion expansion and renovation of George Bush Intercontinental Airport's Terminal B had been held up for months by the city's former and current controller.

"The upgrades reflect our view of Louisiana's demonstrated commitment to improving and maintaining reserves above levels that we consider very strong," said S&P.

"The balance of March may continue to be better-than-expected, particularly given existing demand and decent reinvestment needs over the next 30 days," according to Oppenheimer's Jeff Lipton.

California State Controller Malia Cohen says her office will get the release of the state's ACFR back on track within two years.

The deal announced by Mayor John Whitmire last week would end an eight-year-long impasse with the firefighters union and require $650 million of judgment bonds.

On Friday, the Chicago City Council's Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds.

Despite several larger deals entering the primary, the vast amount of cash on hand has not allowed munis to cheapen amid UST volatility and ultra-rich ratios

There is no timetable for rulings in bankruptcy case or appeal of lien rulings, which could lead to months of additional work on a new payment plan.

The House Financial Services Subcommittee on Oversight and Investigations gathered in Tennessee on Monday to discuss the implications of the SEC's newly finalized climate rule.

The securities industry accounted for roughly $28.8 billion in state tax revenue and $5.4 billion in New York City tax revenue for fiscal 2023, state Comptroller Thomas DiNapoli estimated.

Laws banning banks from underwriting municipal bond deals because of their fossil fuel or firearm policies dramatically boosted underwriting spreads, a business group's study said.

Analysts ponder what the Fed will do this year with a March cut ruled out amid recent reports of higher-than-expected inflation.

The New York MTA has not sold fixed-rate transportation revenue bonds since February 2021. The first maturity of that deal (4% 11/15/44) priced at +81 and was evaluated at +78 as of Wednesday by BVAL, according to CreditSights strategists. The same maturity but with a 5% coupon was priced at +59 to BVAL.

"While rate volatility returned this week, should the market return to range-bound levels for a protracted period of time, investors might want to add exposure to sectors that provide the most value and have underperformed thus far," Barclays said. 

The $650 million settlement will fund back pay for firefighters, who will also get future wage hikes.

The Municipal Securities Rulemaking Board brought four trade groups together to discuss the volatility and allocation of its fees under the now abandoned rate card model.

"My 'One Philly Budget' invests $2 billion over five years in new operating and capital dollars focusing on five pillars — public safety, clean and green, economic opportunity, housing and education," said Mayor Cherelle Parker, the city's first woman mayor.

Separately, Fitch raised Orlando's $159.87 million of Series 2017A senior tourist development tax revenue bonds, 6th-cent contract payments, to A from BBB.

While the SEC's cybersecurity rule does not apply to municipal issuers, there are a few points discussed in the Adopting Release that may be useful for municipal market participants. 

Since Gov. Ron DeSantis took office in 2019, Florida has paid down $5.3 billion of state debt, or about 25% of the Sunshine State's total debt.