Capital markets

Illinois' pension crater reaches more than $300 billion under Moody's formula.

Municipal bond issuers in the Southeast sold $76.91 billion of bonds in 1,152 issues in 2020, putting volume slightly ahead of 2019, according to Refinitiv data.

Refunding volume swelled in the Midwest by 53% in 2020, driving bond issuance in the Midwest to a 15.8% year-over-year increase, to more than $83.5 billion.

Lt. Gov. Dan McKee succeeds her on a day state voters approved seven bond measures totaling $400 million.

By the end of March, more than 1,700 projects will have the go-ahead to resume, according to the mayor.

Municipal bond issuers in the Southwest, despite the pandemic — or perhaps in part because of the conditions it created — set a record for annual issuance.

Northeast municipal issuers sold $129.99 billion of debt in 2020 amid the disruption of the COVID-19 pandemic.

Municipal issuers in the Southwest sold $93.5 billion of debt in 2020, a year in which the coronavirus upended the way bond business is done.

S&P said the proposed budget represents a step in the right direction but it will weigh the final budget and other developments before acting on its BBB-minus rating.

The governor wants the first full actuarial contribution in 25 years, spurring discussion about what else one of the nation's lowest-rated states should do.

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.

The rating agency called the commonwealth's proposed rainy day fund withdrawal moderate.

Illinois Gov. J.B. Pritzker's budget proposal, rosier revenue estimates and the prospects of more federal aid are only short-term salve for the state's long-term fiscal strains.

Federal Highway Administration officials have told the mass transit agency they would fast-track an environmental review process.

The governor has formed an Office of Climate Action and the Green Economy, while committing $100 million for clean-energy initiatives that include vehicle electrification.

Fitch Ratings warns that mounting challenges posed by ratepayers of Missouri's Howard Bend Levee District put its 2005 bonds at greater default risk.

The firm's leaders say Hilltop Securities sees growth opportunity in municipal bond underwriting, while financial advisory services will "grow selectively."

Uncertainties include state and federal aid levels, the effects of vaccine distribution and the MTA's finances.

The California School Finance Authority has received 148 applications from districts and charter schools seeking to borrow almost $1.4 billion.

The philanthropic arm of Siebert Williams Shank & Co. announced donations to support Howard University and Spelman College.