Public finance

The idea for a national infrastructure bank has resurfaced in Congress, with advocates saying it will attract private equity and pension funds to fill a gap that federal money can't address.

Law firm Greenberg Traurig expects to grow its public finance footprint in Texas with the addition of five lawyers.

Economists' quarterly forecast estimates lawmakers will have nearly $696 million more to spend than anticipated and taxpayers will receive $3.9 billion through the state's kicker rebate.

A spate of derailments is a unique issue for the Washington Metropolitan Area Transit Authority amid the challenges all transit agencies face post-COVID.

The federal government has set aside $12 billion to help rebuild Puerto Rico's grid. If used effectively to rebuild a greener and more resilient grid, this federal lifeline can be a substantial downpayment toward affordable, reliable, cleaner energy for Puerto Ricans.

Natural gas is generally expected to face a bleak future as governments focus increasingly on carbon reduction.

An improving tone was apparent in the municipal market midweek — after a topsy-turvy ride last week when the market saw a close to 50-basis point adjustment to the front end of the triple-A municipal yield curve.

Earlier in the pandemic, bond values showed a greater divergence among local government issuers tracked, but that has reverted to pre-pandemic levels, although work-from-home and other uncertainties still take a toll.

While the FAFAA backed the board's discovery timeline, bondholders argue the board is trying to "run out the clock."

The San Francisco Bay Area Rapid Transit District relied on fare revenue before the pandemic. Ridership has lagged since COVID, and so have revenues.

It says the plan of adjustment can treat bonds of National Public Finance Guarantee differently and let National vote in a different class.

Inflows continued with the Investment Company Institute reporting investors added $931 million to mutual funds in the week ending Feb. 15, after $2.194 billion of inflows the previous week.

The ruling striking down Rhode Island's tolling program constrains states' efforts to solve complex infrastructure problems, the state says.

State and local governments across the country are making increased efforts to put money forward for the purpose of reparations.

"The close to 50 bp adjustment to the front end of the AAA municipal curve, taken at face value, appears to be a huge step toward pricing normalization for tax-exempts," said Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence.

A bill introduced by Sen. Dave Min would prohibit banks that invest in gunmaking from working on any aspect of state public finances, including bond sales.

The proposed plan's superior treatment of National Public Finance Guarantee-insured bonds is discriminatory and thus illegal, they allege.

Public power agencies argued that subsidies for Build America Bonds should be exempt from the federal budget sequestration process.

A panel that includes public finance professionals is tasked with finding fiscal and operational solutions for the transit systems, which face a fiscal cliff.

New York State Comptroller Thomas DiNapoli talks with Chip Barnett about his proposal for an amendment to the state constitution to limit backdoor borrowing by agencies and give voters a bigger say on bond issuance. (25 minutes)