Investments

Continued commitments to meeting long-term liabilities under Gov. Phil Murphy were cited as key in a slew of recent bond rating upgrades for the Garden State.

The resignation comes after the bank was placed on the state treasurer's list of fossil fuel industry boycotters.

Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $846.116 million was pulled from them as of Wednesday after $92.055 million of outflows the week prior. 

Legislation making its way through the state legislature enhances pension benefits for Tier 2 Chicago firefighters but the Civic Federation is urging lawmakers to slow down.

Three public finance veterans and one industry hopeful took the stage Wednesday in Manhattan to accept awards at the forum's 32nd Annual Awards Dinner.

"The vast majority" of state and local issuers would be resilient to a one-notch downgrade in the U.S. rating, Moody's said.

With limited support from the federal government, numerous cities would be able to pursue projects that improve their communities without sacrificing their budgets to debt service.

The Local Infrastructure Hub is designed to help municipalities tap into $42 billion in federal grants

Judge Laura Taylor Swain is upset little mediation has occurred in recent months.

The placement of Wells Fargo, JP Morgan Chase, and Bank of America on the list makes them ineligible for state and local government contracts.

"The SLGS window closed after we released the pre-marketing wire and had already signed off on the cashflows," which assumed the use of SLGS, city Auditor Megan Kilgore said. "I've had the SLGS window close the same week, even within a day or two of pricing, but not without any advance notice."

Without certification it will be harder to get the appeals court to hear any bondholders' appeal.

The secondary was quiet and the sole deal of size came from a $400 million-plus competitive water and sewer loan from Portland, Oregon. The recent rise in yields makes for more compelling levels.

Despite legislation and political rhetoric, demand for environmental, social, and governance focused debt remains strong.

"When the rating agencies developed and rolled out their ESG scores, they said their ESG scores would not impact an issuer's credit rating. We are holding them to their word," said Ben Watkins, director of the state Division of Bond Finance.

An expansion of the Northeast Corridor rail link and a proposed bullet train between Portland and Vancouver are two of the infrastructure developments in muni finance.

The state Senate on Tuesday gave a green light to the general appropriations act, which now goes into a constitutionally required 72-hour cooling off period before a Friday vote.

Sale of the tax-exempt notes is expected on May 9 and proceeds will support improvements to educational technology in school's statewide.

"The market is expecting a 25 basis point rise in the Fed funds rate, but more importantly, investors are waiting for the comments for a better idea of what to expect going forward," said SWBC Investment Company's Roberto Roffo.

Increasing electric rates to pay the debt would lead to economic contraction, a University of Puerto Rico professor said.