Investments

The money is to help AES-Puerto Rico continue to provide PREPA with electricity.

Proponents say it's the right time after states reaped the revenue rewards of a strong post-COVID economic rebound. Opponents, however, point to the gloomy market predicted to be ahead.

Through proposed SEC regulations, federal grants and cybersecurity insurance, areas of the public finance industry are adjusting to costly and omnipresent cyber threats. 

The Bond Markets and Racial Equity Project is an effort to center equity in municipal bond-funded investments.

"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.

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.

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.

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.