Investments

Litigation brought by a state public pension recipient challenges the constitutionality of a 2022 law prohibiting governmental contracts with companies the Oklahoma treasurer determines are "boycotting" energy businesses.

Vern Breland has agreed to pay a $35,000 fine and is permanently barred from participating in future municipal securities offerings.

There had been speculation of layoffs in Citi's municipal division as several high-profile employees had been departing the firm over the last year, but sources said they have not heard of any muni layoffs.

Final responses are due by Dec. 8 from muni underwriters who want to be on Wisconsin sale syndicates.

"Both our regions have a shared commitment to fostering economic growth, innovation and cultural exchange," said Mayor Daniella Levine Cava.

The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them "permission to finally purchase the bonds they've been admiring," said MMA's Matt Fabian.

This year has seen an increase in and an earlier start to tax loss harvesting amid rapidly rising interest rates and stronger equity market performance.

Municipal bond underwriters for Texas deals now have until Dec. 16 to comply with changes to the agreements and to their standing letters of compliance with two state laws banning contracts with companies that "boycott" or "discriminate" against the fossil fuel or firearm industries.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

Fitch also affirmed the GOAA's AA-minus rating on $1.8 billion of outstanding senior lien airport facilities revenue bonds and A-plus on $867 million of subordinate lien airport facilities revenue bonds.

St. Louis County Council approved $155 million in tax breaks for the company and the state added $37.7 million to the pot.

Well-known municipal restructuring and P3 attorney Karol Denniston, the Global Projects Partner at Squire Patton Boggs, talks with infrastructure reporter Caitlin Devitt about the growing popularity of predevelopment agreements as well as the P3 pipeline and legal challenges like the University of Iowa's litigation over its 50-year energy concession. (38 minutes)

First quarter revenues were 20.4% higher than Oversight Board forecasts.

The rally in munis over the last three weeks has "pushed ratios to levels that we have not seen since the start of the year," said Jason Wong, vice president of municipals at AmeriVet Securities.

Tradeweb created a model that examines outstanding municipal securities, both tax-exempts and taxables, and it looks for similarities in bond features, such as maturities, call dates, use of proceeds and coupon structures.

The IRS concluded the examination of an advance refunding of capital improvement funds with no change to the bonds' tax-exempt status.

Florida outpaced the national average in overall labor force gains last month while the state's 2.8% unemployment rate was lower than the nation's 3.9% in October.

Recommendations from an actuary on the city's police and fire pensions come amid a rising unfunded liability and uncertainty over the use of pension bonds.

The retirement proposal also attempts to clarify the definition of riskless transactions, which are common in the muni market.

The Port Authority's proposed 2024 budget of $9.3 billion includes capital spending of $3.6 billion, above levels set pre-pandemic for the first time.