Investments

BJC HealthCare and Saint Luke's Health System signed a letter of intent to form an integrated not-for-profit Missouri-based health system.

Outflows continue as Refinitiv Lipper reported investors pulled $1.345 billion from municipal bond mutual funds for the week ending Wednesday.

Suzanne Shank has been chosen as chair of the 2024 Mackinac Policy Conference, the Detroit Regional Chamber announced.

The bipartisan legislation offers hopes for other municipal bond industry priorities.

In the past few weeks, the A's agreed with Bally's on a site and reached a tentative agreement with Nevada lawmakers for a $380 million public handout.

The new "scorecard" relies on an innovative, community benefits evaluation model for projects to shape future growth and increase transparency in how the city distributes tax incentives.  

The state Supreme Court decided the lawsuit in the turnpike authority's favor, but it has yet to rule on the validity of bonds to finance a $5 billion extension.

The judge limits legal arguments to six topics.

State legislation that increases Milwaukee's revenue prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said.

The Visitor Bureau says the number of tourists this fiscal year is likely to be 40% less than what had been predicted. Tourism is a large portion of Guam's economy.

City officials believe the structure of the $100 million issuance will help assuage investors concerned with inflation, high interest rates, and the specter of recession.

Strength that began on Tuesday and continued Wednesday marked the first sessions since early May for positive performance after a hefty selloff, noted Kim Olsan, senior vice president at FHN Financial.

"We are looking for parity with what's in Joliet contract. That is what would successfully allow us to work with the city of Chicago and that would make that alternative the preferred alternative over a new source water project," the commission's Paul May said.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

The Legacy Capital Financing Act would give the state another option to fund capital projects after a delayed annual audit prevented the issuance of bonds.

The city council is considering a $4.5 billion to $4.8 billion initial phase of the project. Legislation to stymie bonds did not pass the Texas Legislature.

From the battlefield to the boardroom, military veterans are making their mark in the financial services industry today. Hear their stories in this special podcast featuring Academy Securities, AmeriVet Securities, Bancroft Capital, Drexel Hamilton, Mischler Financial Group and Roberts & Ryan. Chip Barnett hosts. (45 minutes)

Despite the firmer tone Tuesday, May performance has put munis on track for their worst May since 1986.

To date, 332 of the 357 funds have transferred approximately $9.1 billion in assets to the consolidated fund, with most holdouts participating in the lawsuit.

All constitutional options need to be on the table, state Sen. Robert Martwick said, including fund consolidation, pension obligation bonds, new taxes and more.