State of Louisiana

The state bond commission approved Wells Fargo, Bank of America and JPMorgan as part of an underwriting pool Louisiana can hire on debt deals.

The state's new law requires companies like investment banks to provide written verification of their positions, part of a trend among similar bills aimed at preventing Wall Street banks from lying about their positions, said a firearms industry lobbyist.

John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.

Despite an S&P rating upgrade ahead of this week's GO bond deal, Louisiana paid a wider spread to a 10-year benchmark than it did a year ago. Longer maturities saw tighter spreads on from a year ago.

"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 new governor and concessionaire on the $2.1 billion P3 have reached a revised deal that will lower tolls and provide a 15% equity contribution to the local area.

John Fleming, a four-term congressman and former Trump administration official, took office as state treasurer. Jeff Landry of the GOP was sworn in as governor.

The 50-year concession will rebuild the aging Calcasieu Bridge, and impose the first tolls on Interstate 10.

The Louisiana Stadium and Exposition District is selling bonds to continue renovations on the Caesars Superdome, which will host the 2025 Super Bowl.

"What are our options? You either pick these banks or you don't. If you don't, business shuts down. We stop building infrastructure," said state Treasurer John Schroder, the bond commission chair.

The rating agency affirmed Louisiana at AA-minus. The state also received its first-ever rating from Kroll Bond Rating Agency: a AA rating and stable outlook.

Facing calls to disqualify six more underwriters from negotiated bond sales, the state Bond Commission opted to sell GOs competitively.

Vern Breland is representing himself, and told a court he relied on his municipal advisor.

The Louisiana Bond Commission approved $600 million of notes to help pay Hurricane Ida damage claims after several insurers went bankrupt and up to $1.1 billion to build a biorefinery.

The GOP-controlled state legislature adjourned without passing a bill barring government contracts with firms, including banks that underwrite municipal bonds, if they “discriminate” against the firearm industry.

The rating agency said the action reflects significant progress the state has made restoring its financial reserves and liquidity in recent years.

The Louisiana House passed a bill to limit firms that "discriminate" against the firearms industry from government business. A similar bill was vetoed last year.

The deal priced into a market that has seen rising rates for municipal bonds along with record high oil and gas prices.

The company's $200 million capital investment is expected to create more than 1,000 jobs in the city.

Moody's affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.