Munis

Moody's Investors Service revised the Pennsylvania regional health system to negative citing revenue risks from COVID-19.

Stay-at-home orders and school closures driven by COVID-19 have cut traffic in half or more on many toll roads and bridges.

Financial advisors in the municipal bond market accumulated $74.48 billion, up from the $65.03 billion in the first three months of 2019. The top four places remained the same but the rest of the top 10 all saw big changes.

Despite a muted month of March due to the COVID-19 pandemic which included two weeks of no negotiated deals, muni bond issuers still sold more long-term debt than they did during the first three months of 2019. Issuers accounted for a total of $84.87 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019. The top 10 features five newcomers from a year ago, including the top spot.

Underwriters of municipal bonds did the majority of business during the first two months of the year, before COVID-19 swept the country with sickness and severe spreading. The top underwriters accounted for $87.84 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019.

Tuition revenue headwinds made worse by the COVID-19 pandemic cost New Jersey’s Rider University its investment grade rating.

Public finance advocates are focused on the reinstatement of advance refunding and higher limits on bank-qualified issuance.

The corporate bond business appears to enjoy greater liquidity than tax-exempts, said Lee Deviney, executive director of the Texas Public Finance Authority.

While some types of revenue bonds may be less adversely affected than other types of revenue bonds, the entire market could see significant stress as the pandemic continues.

GASB will release on April 16 a list of delays to various initiatives because of the coronavirus pandemic.

The rating agency echoed others in citing the New York transportation system's hard fall since the coronavirus outbreak.

Stepan Haytayan was named senior counsel and Mauricio Salazar has joined as an associate.

The Puerto Rico Oversight Board had asked for the postponement, citing the impact of COVID-19 and its possible financial impact on PREPA.

The Louisiana State Bond Commission authorized four bond issues, and was updated on market volatility created by the COVID-19 pandemic.

The rating agency expects a 'sudden and severe decline in the city's sales and income taxes' as a hit to the city's budget and economy from the coronavirus crisis.

The package calls for reinstating advance refunding, Build America Bonds and tax credit bonds.

Ron DeSantis says he won’t trim or sign the 2021 state budget yet, but on Wednesday issued a statewide order limiting movement to essential services.

Municipal bond issuance was $67.88 billion after the first two months of 2020 and was on pace to easily eclipse the $400 billion mark — then COVID-19 completely turned the market upside down.

So far there have been over 200 COVID-19-related disclosures, according to Diver by Lumesis, a financial technology company.

Banks failed to convince the court that the lawsuit doesn't meet the legal hurdles for a false claims action.