Public finance

Neither presidential candidate is talking enough about the "unsustainable" U.S. deficit, BlackRock CEO Larry Fink said.

A study of county governments to be presented at this year's Brookings Municipal Finance Conference shows federal pandemic aid led to a mild reduction in borrowing costs, a drop in credit quality and a preference for short-term over long-term debt instruments.

With the reputational stain from the county's 1994 bankruptcy long in the rearview mirror, the southern California county had its rating boosted to the highest rating by S&P Global Ratings.

The $238.8 million of voter-approved debt will end a 12-year drought in new money general obligation issuance by the nation's fifth largest city.

Ohio legislators are mulling a bill that would bar the state's pension systems, universities and Bureau of Workers' Compensation from pursuing ESG investing.

Financial markets are trying to "absorb" the outcome of higher odds of Trump winning in November, said James Pruskowski, chief investment officer at 16Rock Asset Management.

While the market awaits the initial FDTA proposal, some wonder if the rulemaking will be affected by the upcoming presidential election and the U.S. Supreme Court's Chevron decision.

The one notch upgrade affects $256 million in outstanding bonds and resulted from Fitch's recent criteria change.

Cabarrus County planned to use most of the proceeds to pay off a bond anticipation note.

The New York City Transitional Finance Authority is set up to refund Build America Bonds as part of a $2.11 billion deal slated to land in the market this week.

Infrastructure projects and plans for a new transit police department topped the agenda at the agency's State of the Agency event.

In the summer, the market will largely move "sideways" and underperform late in the third quarter to early in the fourth quarter, "while possibly recouping most of its losses late in the year depending on the outcome of November elections," said Barclays strategists.

The amendments add disclosure scenarios, slightly update the definition of materiality as well as clarify details of supplementary material.

The Public Finance Authority, a Wisconsin-based conduit issuer, approved the municipal bond sale for the roads operated by Spanish firm Abertis in a P3.

Three municipalities will share the money and two will also get revolving loan funds.

Officials in East St. Louis, Illinois, sued the local police and firefighter pension boards and the state comptroller to block the use of an intercept law.

"Bond yields are plunging [Thursday] as rate cut expectations soar following this morning's consumer price index release, which depicted the first month of deflation since July 2022," noted José Torres, senior economist at Interactive Brokers.

FEMA's rule is among the first adopted by a federal agency that will require federally funded projects to be sited and designed with future climate impacts in mind, according to the Natural Resources Defense Council.

The Phoenix-based school's debt was rated a notch above junk — to BBB-minus by Fitch Ratings ahead of a refinancing of bonds from a 2021 issue.

U.S. District Judge Swain wants the parties to reach an agreement and again threatened to dismiss the case.