Investments

Despite its nearly drained capacity, the Texas Permanent School Fund program continues to operate as it seeks legislative and regulatory solutions to a federal cap.

A reserve account doesn't hold enough cover the semi-annual $8.7 million interest payment, said the bond's trustee.

A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme.

A panel of experts at The Bond Buyer's National Outlook Conference discussed the opportunities surrounding ESG for both investors and issuers.

California's bond ratings are likely to escape unscathed from the atmospheric rivers that caused an estimated $646 million in damage to the state's infrastructure.

"Build a culture and cohesiveness that fosters collaboration and resiliency," Deborah Goldberg told The Bond Buyer National Outlook conference.

Deposits to reserves that had been planned for fiscal 2024 and 2025 would be completed by the end of the current fiscal year, bringing the total to $24 billion.

The top two municipal bond insurers wrapped $28.224 billion in 2022, a 30.1% decrease from the $37.486 billion of deals done in 2021, according to Refinitiv data.

A few developments in recent sessions "may have staying power should the new outlook on upcoming FOMC actions gain traction," said Kim Olsan, a senior vice president of municipal bond trading at FHN Financial.

Illinois' net position for governmental activities remains deep in the red but after years of falling further behind, it trimmed the gap in fiscal 2022.

The budget "starts and ends with the housing and homelessness crisis because housing is fundamental to everything else in a person's life," said Gov. Tina Kotek.

The political uncertainty could eat into the number of "clean weeks" for issuance, said Citi's Vikram Rai.

"This settlement offer allows you to settle for payment in the form of new bonds of approximately half your claims," the Puerto Rico Oversight Board said.

"Our budget proposal not only builds on the successes of the past four years, but ensures that Florida will continue to thrive," said Gov. Ron DeSantis.

Energy production taxes slowed or fell last month, with the oil tax generating $486 million, which was 14% higher than in January 2022, and natural gas tax revenue falling 13% at $322 million.

Bolingbrook called the GO cut to BBB-plus from AA an attempt "to cause a de facto conversion" of a special sales tax district's debt to a general obligation.

"Investors are acknowledging that the Fed is nearing the end of its rate tightening cycle which is supporting a relief rally in stocks and lower bond yields, said Bryce Doty, senior vice president at Sit Investment Associates.

The Department of Agriculture announced that 64 projects by power cooperatives and utility companies to improve rural power systems were approved for loans.

Prior to last year, there were varied expectations from investors that led to confusing directions and expectations for issuers. In other words, there was a lack of consistency from investors on ESG matters.

Alex Chilton is the firm's new head of municipal securities. Zach Solomon and David Gallin are co-heads of public finance.