News and Information from Bond Buyer

"Recent months have been trying for investors," said State Comptroller Thomas DiNapoli, "and there is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well-positioned to weather these storms."

It's the largest federal transportation grant to date, said Sen. Chuck Schumer, D-N.Y.

Municipal bond mutual fund outflows intensified as Refinitiv Lipper reported investors pulled $855.719 million from the funds for the week ending Wednesday following $25.331 million of outflows the week prior.

More than 80% of Michigan's larger cities said they are using ARPA funds for capital improvements like buildings and parks.

Hawaii and West Coast states are taking aim at helping the homeless in this year's budgets.

The upgrade "is driven by sustained improvements in the city's income tax collections and the city's superior gap-closing capacity," Fitch said.

Moody's negative outlook pinned on rough economic seas ahead for the city, possibly through 2025.

Chasse Rehwinkel most recently has held the position of director of banking for the Illinois Department of Financial and Professional Regulation. 

The Investment Company Institute reported investors pulled $136 million from municipal bond mutual funds in the week ending June 28, after $338 million of inflows the previous week.

While all four of Chicago's weakly funded pension funds hit a milestone by posting modest increases in their funded ratios in 2021, they lost ground in 2022 due to investment losses driving up the city's pension burden to $35.4 billion

The express train last week completed a long-awaited extension to the Orlando airport.

The rating agency said the airport has a one-in-three chance of an upgrade over the two-year outlook period.

Much uncertainty remains as the second half of the year begins, with Federal Reserve rates, recession and inflation all still to be decided.

The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.

"Lower volumes, lighter primary issuance, and heavier reinvestment cash flows are likely going to contribute to a continued bout of muni relative performance," said Birch Creek Capital strategists.

The $54.3 billion spending plan for fiscal 2024 is $5.4 billion larger than last year's and $1.2 billion more than the proposal Gov. Phil Murphy pitched in February. It features tax-relief programs and tax code changes.

Government says it is unsure how it will be able to make debt and pension payments.

Illinois Comptroller Susana Mendoza will highlight the state's progress on key fiscal metrics during upcoming meetings with the rating agencies and has updated the fiscal 2023 interim audit as the full audited results have not yet been published.

Charles Treece and Azer Akhtar in Washington, D.C., and Jennifer Santangelo in Philadelphia have become partners at Ballard Spahr.

The fund aims to provide capital preservation and use hedging strategies designed to minimize interest rate, event and directional risk.