Public finance

Texas lawmakers are facing a special session after a battle over elections, firearms and finance.

The tax law proposals laid out by Treasury last week struck many muni advocates as too limited, ignoring the industry's biggest request — tax-exempt advance refundings.

Skepticism continues, even as New York Gov. Andrew Cuomo led a cheerleading tour through the $11 billion project site under Grand Central Terminal.

Sheila King of Eagle Asset Management talks with Chip Barnett on the growing importance of environmental, social and governance issues for municipal governments. She gives examples of what works and what doesn't and why it matters. (14 minutes)

The administration also wants to enhance the Low-Income Housing Tax Credit that is often used for bond-financed multifamily housing projects.

Municipal yields will likely stay in a narrow range with trading activity subdued unless larger interest rate volatility unexpectedly sets in, analysts say.

The agency is refunding $104.5 million of Federal Transit Administration section 5307 bonds and $23 million of FTA section 5337 bonds.

Grace Dunlap, Chair of the Board at Bryant Miller Olive P.A., has been honored with the 2020 Ralph A. Marsicano Award presented by the City, County and Local Government Law section of the Florida Bar.

The environmental impact ruling and record of decision are a major milestone for the multibillion-dollar Gateway infrastructure project.

The board plans to pick an operator for PREPA's electrical generation in second half of this year.

Even with a 23.3% year-over-year drop in May, with five months now officially in the books, long-term muni volume stands at $169.45 billion, ahead of the $157.96 billion issued in 2020.

The fundamentals of the muni market have investors stuck in a low-rate environment without much of an alternative. Refinitiv Lipper reported $1.466 billion of inflows into municipal bond mutual funds with $813.8 million into high-yield.

U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley described the proposal as “a good faith offer and a significant step in the right direction.”

Given that subway safety concerns could impair a rebound from COVID-19, recent spikes in crime and levels of policing triggered spirited discussion at a board meeting.

The state's momentum with rating agencies continued when Fitch elevated its special tax obligation bonds to AA-minus.

A reported preliminary 25.8% drop in May issuance shows how strong fund inflows, improving credit and the reopening of governments are keeping the muni market issuer friendly.

The Detroit Financial Review Commission votes in June on a fourth one-year waiver that allows the city to manage its finances independently.

The Board will address several of Puerto Rico's authorities' fiscal plans and will have an update about PREPA's transition of its systems to the private operator, LUMA Energy.

The $304.5 billion highway section might pave the way for further bipartisan agreement on a wide-ranging infrastructure package.

Triple-A municipal benchmark yield curves were bumped one to two basis points, lagging a four basis point rally in U.S. Treasuries after weaker consumer sentiment and dovish comments from Fed officials moved equities lower.