News and Information from Bond Buyer

Michigan's flagship public university's enjoys a healthy and diverse balance sheet but the scandal's taint poses other challenges.

The bulk of the IIJA money will flow first to the states, so cities need to be organized and ready to work with governors, White House Infrastructure Coordinator Mitch Landrieu told the U.S. Conference of Mayors.

Swain's order affects $1.9 billion of PRIFA bonds and $384 million of CCDA bonds, for which insurers and bondholders will receive minimum recoveries of 14% and 29% of par, respectively.

Maryland blames a "post-pandemic market" for cost increases lifting the light rail line's price tag to $9.28 billion. The system is to open four years late in 2026.

As New York's new City Council continues to organize, the new mayor, Eric Adams, says how he will achieve his "paycheck in crypto" promise.

In the near term, federal aid is sitting on balance sheets ready to be deployed if some of the downside economic risks become reality, experts say.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

A long-awaited report from the Federal Reserve is a historic step toward the possible development of a central bank digital currency. But the Fed emphasized it would not create one without a clear directive from Congress and the White House.

The law concerning bankruptcy advisor disclosures comes after the SEC fined Oversight Board advisor McKinsey in November.

Refinitiv Lipper reported $238.926 million of outflows, but $182.035 million of inflows to high-yield, reversing last week's outflows. New-issues faced concessions.

The fiscally stressed Chicago suburb offered terms, including a 20-year maturity extension for a possible bond exchange, as it looks to restructure debt.

Joe Biden's comments about splitting up Build Back Better into separate bills represents a new opportunity for muni advocates to push for the inclusion of key priorities.

The budget proposal reflects the state’s improving financial position, due in part to aid from the federal government.

Groups believe that the draft compliance resources contain some useful information, though they could be construed as creating new compliance requirements.

“To date, there haven’t been any rating actions taken as a result of the drought,” said Fitch's Audra Dickinson. “But it could pressure issuers acutely."

The Investment Company Institute reported a large drop of inflows into municipal bond mutual funds at $142 million in the week ending Jan. 12, down from $1.413 billion in the previous week.

Participants note there is a long road to sustainable recovery for the island that is dependent on the local government keeping its spending in check.

Skokie held on to its double-A tier ratings as it preps a pension obligation bond issue to bring its public safety pension funding ratios to 90%.

Supporters of a ballot measure for projects to increase California’s water supply put out a call for donations to help get the measure on the 2022 ballot.

The Municipal Securities Rulemaking Board has launched its“innovation sandbox” which intends to enhance the use of data already available through EMMA.