Public finance

The Metropolitan Transportation Authority's potential budget gaps could widen to nearly $900 million in 2026, according to the Citizens Budget Commission.

"The November muni rally continues as month-to-date returns are now at 4.68%, pushing us further into positive territory for the year as year-to-date returns now stand at 2.35%," said Jason Wong, vice president of municipals at AmeriVet Securities.

States are required to reduce vehicle-related greenhouse gas emissions under the rule that was finalized last week.

Owners of $284 million of defaulted bonds will get only $2.4 million in cash, along with a minority equity stake in Legacy Park's new owner.

Proceeds from the social bond issue will go to support high-performing public charter schools across the United States and promote educational equity.

Judge Swain says she'll hear claims that the government has manipulated PREPA's budgets to bondholders' detriment.

"The market has had a solid tone to it recently even with the strong rally seen this month," Roberto Roffo, managing director and portfolio manager at SWBC Investment Management, said of the Nov. 10 rally where municipal yields in 10 years fell by as much as 40 basis points.

The bankrupt city challenged pledged revenues for 2017 bonds, but the bankruptcy court said the lien was secured, at least until the Chapter 9 was filed.

Vern Breland has agreed to pay a $35,000 fine and is permanently barred from participating in future municipal securities offerings.

There had been speculation of layoffs in Citi's municipal division as several high-profile employees had been departing the firm over the last year, but sources said they have not heard of any muni layoffs.

Final responses are due by Dec. 8 from muni underwriters who want to be on Wisconsin sale syndicates.

"Both our regions have a shared commitment to fostering economic growth, innovation and cultural exchange," said Mayor Daniella Levine Cava.

The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them "permission to finally purchase the bonds they've been admiring," said MMA's Matt Fabian.

This year has seen an increase in and an earlier start to tax loss harvesting amid rapidly rising interest rates and stronger equity market performance.

Municipal bond underwriters for Texas deals now have until Dec. 16 to comply with changes to the agreements and to their standing letters of compliance with two state laws banning contracts with companies that "boycott" or "discriminate" against the fossil fuel or firearm industries.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

Fitch also affirmed the GOAA's AA-minus rating on $1.8 billion of outstanding senior lien airport facilities revenue bonds and A-plus on $867 million of subordinate lien airport facilities revenue bonds.

St. Louis County Council approved $155 million in tax breaks for the company and the state added $37.7 million to the pot.

Well-known municipal restructuring and P3 attorney Karol Denniston, the Global Projects Partner at Squire Patton Boggs, talks with infrastructure reporter Caitlin Devitt about the growing popularity of predevelopment agreements as well as the P3 pipeline and legal challenges like the University of Iowa's litigation over its 50-year energy concession. (38 minutes)

First quarter revenues were 20.4% higher than Oversight Board forecasts.