Public finance

The Maryland Department of Transportation moves to shore up its debt service while funding bridge repairs, airport modernization, and rail improvements with a $21.2 billion budget commitment.

The state House and Senate announced their spending plans for the upcoming biennium, including funding to continue and increase 2023's state-funded tax cut.

Issuance was led by a $2 billion retail pricing from the University of California in the negotiated market and a $1.2 billion competitive deal from Washington.

The Municipal Securities Rulemaking Board reported total net assets of $67 million for its fiscal year ended Sept. 30, 2024, up 14% from a year earlier.

Broker-dealer Siebert Williams Shank's foundation donated $100,000 to two organizations aiding Los Angeles-area residents affected by the wildfires.

President Trump's executive order calling for pausing funds flowing from the Infrastructure Investment and Jobs Act caught the transportation sector off guard.

There are eight municipal bond interval funds, three of which launched last year, promising fewer liquidity constraints and the potential for higher returns.

From threats to the tax exemption to state budget challenges and tariffs to insurance risks, this year is already shaping up to be the previous one's equal in sheer excitement.

The top five bond financings came in above $7 billion.

Underperforming since the calendar turned, "munis have continued to cheapen over the past three weeks as Treasury returns are about flat for the year while munis are down 0.31%," said Jason Wong, vice president of municipals at AmeriVet Securities.

The tax exemption appears to be in realistic danger as House Republicans seek to offset the cost of extending the Trump tax cuts.

"Stan, as a former CFO and controller within the school system, has considerable insight into the needs of our education clients, and can leverage the full breadth of Stephens' resources to help them realize their goals," Stephens' Leigh Ann Biernat said in a statement.

Public school districts sought bond authorizations in January totaling $469 million, which topped an available state cap of $293.4 million.

Dr. Shawn Wilson, former Louisiana Transportation Secretary, discusses the transformative Calcasieu Bridge project, lessons from public-private partnerships, and how the Infrastructure Investment and Jobs Act is reshaping U.S. infrastructure development.

Unfortunately, a vocal minority believes eliminating the longstanding tax exemption on local, state, and municipal bonds is one way to pay for extending tax cuts.

The Los Angeles-area wildfires have sparked a negative rating watch for several credits from Fitch Ratings.

The Regents of the University of California leads the negotiated calendar with $2 billion of general revenue refunding bonds.

Fieldman, Rolapp & Co. has acquired Orem, Utah-based municipal advisor G.L. Hicks, a healthcare finance specialist.

The Municipal Securities Rulemaking Board Thursday announced the members of its 2025 advisory groups.

New York Mayor Eric Adams, bolstered by lower-than-forecast spending on migrants, proposed a $114.5 billion budget for the fiscal year that begins July 1.