News and Information from Bond Buyer

The muni market "finally succumbed to the month-long rate selloff that had seen valuations test historically rich levels," said Birch Creek Capital strategists in a weekly report.

In direct costs to the budget, the proposal would cost Puerto Rico revenues $153.2 million of individual taxes and $283.6 million of corporate taxes per year, according to the governor. The Oversight Board disagrees.

The state's transportation secretary credited funding from a 2017 gas tax increase for enabling it to clear up a backlog of transportation projects.

The state is capping transfers of fossil fuel-related revenue to its general fund and will invest money that exceeds the cap through a Severance Tax Permanent Fund.

While muni buyers will see a meager slate of new issues this week, Jacksonville, Florida, heads to market with a sale of over $290 million of revenue and refunding bonds.

The investment firms that did not agree to the Oversight Board-led settlement would see only 3.5% of original par under the plan.

The Port Authority of New York and New Jersey will bring affirmations of its AA-minus level ratings to its next bond deal, a refunding expected in September.

The new-issue calendar for the final week of August is estimated at a meager $2.979 billion. Bond Buyer 30-day visible supply sits at $5.76 billion.

The procurement method fosters collaboration and allows flexibility to manage construction costs, proponents say.

The determination is based on the slow speed of expenditure and expectations.

The Attorney General's office found the firm complies with a 2021 state law banning contracts with companies that "discriminate" against the firearm industry.

Pittsburgh's long-running shift from the industrial Steel City to a technology hub is heading in a new direction — toward outer space and the moon.

The Revolution Wind, a 704-megawatt offshore wind farm being developed off Connecticut's coast, received a positive ruling after a federal environmental review.

Refinitiv Lipper reported $534.428 million of outflows from municipal bond mutual funds for the week ending Wednesday after $264.046 million of outflows into the funds the previous week.

The Puerto Rico General Fund has paid out $1.5 billion on the bankruptcies after initial expectations were $370 million over nearly a decade.

In other asset classes, there has been more transparency, activity and efficiency due to electronic trading. The muni market has been behind in realizing how beneficial electronic trading can be, sources said.

Municipalities are facing a deadline to obligate COVID-relief money.

The Uinta Basin Railway, which aims to transport crude oil, is eying up to $2 billion in private-activity bond authorization.

Municipal bond issuance in the Far West was down 2.3% in a first half that saw volume drop 17.1% nationally.

"The improved rating outlooks are critical for the Power Authority to ensure that we can continue leveraging the capital markets," said NYPA President and CEO Justin E. Driscoll.