Investments

Underwriting fees generated for the board totaled some $7.4 million, an almost 50% drop from the $14.3 million the board received in 2020.

Legacy Cares, which left construction contractors unpaid and had its bond trustee declare a default event, says a new debt sale will clear up its fiscal issues.

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

Municipal financial advisors saw $304.569 billion of business in 5,935 transactions in 2022, down from the $377.886 billion in 8,611 deals in 2021.

The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating.

New regulations appear to be highlighting disagreements on major muni market topics.

These would be the territory's first general obligation bond issuance since 2019.

California Gov. Gavin Newsom's proposal reverses plans laid out in last year's budget to redeem some bonds and use cash rather than bonds for some projects.

The firm is expected to announce the new muni leadership team next week.

Outflows lessened, with the Investment Company Institute reporting investors pulled $3.157 billion from mutual funds in the week ending Jan. 4, after $3.402 billion of outflows the previous week.

Prager filed with for dissolution with FINRA last month and Dallas, Texas-based HilltopSecurities stepped in to snap up the bankers in a move that will bolster its East and West Coast muni presence.

Missouri Republican Sam Graves, a professional pilot, has said he hopes to achieve a bipartisan reauthorization of the federal aviation budget, a key item for the committee this year.

Most of the blame is placed on overall poor marketplace performance, strict monetary policy, and the war in Ukraine. 

The 150-acre facility is expected to create about 200 local full-time positions and between 500 and 1,000 indirect local jobs.

The top municipal underwriters accounted for $359.725 billion in 7,896 issues in 2022, down from $457.080 billion in 11,860 transactions in 2021.

"There was strong demand for the Pennsylvania Housing Finance Authority deal, which was three times oversubscribed," said a New York trader.

While the bill has wide support in the Puerto Rico House of Representatives, the Oversight Board has yet to offer its opinion.

The SEC is required to consult with municipal market participants when crafting the new disclosure data standards.

Rep. Jason Smith sold colleagues on his intentions to strictly oversee the Biden administration.

The CTA and its fiscal parent, the Illinois RTA, will try to build a coalition for future funding to face the fiscal reckoning after federal COVID-19 aid ends.