News and Information from Bond Buyer

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

The last week of July marks a lighter calendar while August redemptions are huge compared to the expected supply. Investors need to get in line and likely accept lower yields and continued historically low ratios.

FirstEnergy will pay $230 million under a deferred prosecution agreement with federal authorities in the alleged pay-to-play that benefitted its former subsidiary FirstEnergy Solutions.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

It was a busy quarterly board meeting for the MSRB.

Out-year deficit borrowing looms after massive federal aid runs out, Chief Financial Officer Robert Foran tells the board.

The economic impact of the strike will depend on how long it lasts and how many truckers stick with it.

Low ratios, low yields and massive demand are leading to a market that is mostly on its own. Refinitiv Lipper reported $1.7 billion of inflows.

The Great Lakes Senior Living Communities is working with holders of its $380 million of debt to raise funds for needed capital expenses

Whether a BABs-like program could make it into actual law in Washington is still highly uncertain. What is certain: Some form of infrastructure spending is must-pass legislation because federal-aid highway funding is set to expire in October.

Bond insurance grew to 8.4% of total market par covered in the first half of 2021.

The rating agencies affirmed two AA-plus and one triple-A rating ahead of the deal.

The bond counsel rankings saw plenty of moves, except at the top spot where Orrick took a commanding lead.

The larger new issues and aggressive swings in taxables had investors on guard as triple-A curves were pressured outside 10-years, but the asset class still vastly outperformed UST while ICI reports nearly $3 billion more inflows.

SWS Capital Management, which manages the Clear Vision Impact Fund, has hired a Detroit-based analyst/investor.

The first motor fuel tax increase in decades could eventually raise more than $450 million annually.

The agency must still pay the commonwealth due to 2007 legislation that went sideways.

To ensure continued economic growth, the state has seen a need to diversify into alternative water sources to meet projected needs as well as respond to drought and protect the environment.

Increasing attention to whether inflation is a problem for the U.S. economy and financial markets isn’t resolved easily by looking at the most recent economic and financial market data.

Florida Funders investment in eMerge Americas is aimed at helping Miami’s tech and entrepreneurial hub grow across the state. Miami Mayor Francis Suarez joined its board.