Investments

The Federal Highway Administration has acknowledged it lacks the authority to tell states how to spend federal infrastructure dollars, AASHTO said.

Industry advocacy groups want uniform rules that enhance clarity and common understanding without adding complexity or liability.

John Hallacy of John Hallacy Consulting LLC sits down with Chip Barnett to talk about what the municipal bond market will face in 2022. He discusses inflation, new issuance volume, and the future of infrastructure this year amid the lingering effects of COVID and Omicron. (19 minutes)

Munis are expected to underperform for another few weeks as markets remain volatile and investors reevaluate allocations.

Illinois' nearly exhausted $1 billion of GO bonding authority for existing pension buyout programs would get a $1 billion infusion under pending legislation.

Enacting the muni market agenda through Build Back Better remains the top choice, but FY22 spending bills also present an opportunity, said the GFOA's lobbyist.

Acting director for the SEC Office of Municipal Securities Ernesto Lanza spoke about issuer disclosure and Rule 15c2-12, the Commission’s relationship with the MSRB and its efforts improving market transparency.

Timothy Little said he's looking for input from a diverse array of muni market participants in his new data-gathering role at the New York Federal Reserve.

The combination of steady supply, heavy secondary selling and inconsistent demand have moved yields to their highest levels since May 2020.

Michigan's flagship public university's enjoys a healthy and diverse balance sheet but the scandal's taint poses other challenges.

The bulk of the IIJA money will flow first to the states, so cities need to be organized and ready to work with governors, White House Infrastructure Coordinator Mitch Landrieu told the U.S. Conference of Mayors.

Swain's order affects $1.9 billion of PRIFA bonds and $384 million of CCDA bonds, for which insurers and bondholders will receive minimum recoveries of 14% and 29% of par, respectively.

Maryland blames a "post-pandemic market" for cost increases lifting the light rail line's price tag to $9.28 billion. The system is to open four years late in 2026.

As New York's new City Council continues to organize, the new mayor, Eric Adams, says how he will achieve his "paycheck in crypto" promise.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

The law concerning bankruptcy advisor disclosures comes after the SEC fined Oversight Board advisor McKinsey in November.

Refinitiv Lipper reported $238.926 million of outflows, but $182.035 million of inflows to high-yield, reversing last week's outflows. New-issues faced concessions.

The fiscally stressed Chicago suburb offered terms, including a 20-year maturity extension for a possible bond exchange, as it looks to restructure debt.

Groups believe that the draft compliance resources contain some useful information, though they could be construed as creating new compliance requirements.

“To date, there haven’t been any rating actions taken as a result of the drought,” said Fitch's Audra Dickinson. “But it could pressure issuers acutely."