Public finance

The fiscal 2024 budget features new spending without a fare hike or clear indication of when a dedicated funding stream for the state transit operator will be found.

Municipal bond mutual fund saw inflows with Refinitiv Lipper reporting investors added $1.040 billion to funds for the week ending Wednesday following $136.174 million of outflows the previous week.

Customers of Investortools can now access the MarketAxess products through the Investortools Dealer Network.

Sacramento International Airport wants to use newly created TIFIA authorization to help finance upgrades to its terminals and concourses.

"Yvette was everything a reporter should be — perpetually curious, tenacious, whip smart, and unafraid to ask the tough questions," said Mike Scarchilli, editor in chief of The Bond Buyer.

The Investment Company Institute reported investors added $111 million to municipal bond mutual funds in the week ending July 12, after $ 23 million of outflows the previous week.

Despite efforts to pinpoint the problems that stand in the way of data standardization, solving those issues is still a long way off, panelists at the Brookings Municipal Finance Conference said.

Utilities paid sky-high prices for natural gas and power during Winter Storm Uri, leading to the issuance last year of nearly $2.9 billion of bonds to cover those costs.

Officials are assessing the damage wrought by the worst floods to hit the state since Hurricane Irene. Since then, the state has spent millions to climate-proof infrastructure.

The bond division undertook two transactions last week to retire outstanding taxable public education capital outlay and state revolving fund bonds. The transactions used $200 million in program funds, along with additional money, to pay down $400 million in state debt.

The back half of July is starting "much like the front half with ongoing UST volatility and municipal supply staying in the forefront," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

The measure comes after months of dire warnings over the city's looming insolvency.

The one-notch upgrade to AA reflects growth in Kansas Department of Transportation available fund balances and the state's improved credit quality, Fitch said.

"With this year's budget, we're creating a more future-ready Miami-Dade, building for today and investing in tomorrow," Mayor Daniella Levine Cava said.

The competition is open to nonprofit financing institutions and the funding will target clean technology projects in underserved areas of the country.

Amid bankruptcy proceedings, the project's owner and bondholders agreed to a plan to re-issue most of the defaulted debt.

The rule amendments would create an exemption for previously qualified municipal advisors to forego requalification after a lapse in working for a municipal advisor.

Long-duration and shorter-coupon munis saw ample demand last week. Investors, believing rates will fall as early as the first part of next year, continue to lock in long-bond yields, Nuveen strategists said.

The group of banks would pay $68 million to settle the lawsuit, which originally estimated damages at $340 million.

The FOMB needs to return to its "deal mindset" so that we can end the bankruptcy at PREPA. While gaps remain between the FOMB's and bondholders' affordability analyses, they are not insurmountable.