Public finance

Joliet will finance new infrastructure with a mix of revenue borrowing and state and federal loans in an agreement that will bring Chicago $30 million annually.

Police agreed to defer raises in exchange for $70 million in overtime for three years and no layoffs.

The $136 million refunding is also backed by the state's appropriation pledge; a political dispute over how to handle unclaimed property was resolved last year.

Rich ratios focus buyers' eyes on a primary market that simply doesn't have enough supply to keep up with demand.

Sixteen investment funds are making an argument on Employees Retirement System bonds that could be widened to other Puerto Rico bonds.

High-yield continues to be sought after as high-grade paper is yielding about 0.70% in 10 years and 1.40% or lower in 30 years and credit spreads continue to tighten in nearly every sector. Ratios are near 20-year record lows.

Acacia and Estrada grew substantially.

McCall Parkhurst & Horton and Norton Rose Fulbright moved up in 2020 to second and third.

The coronavirus emergency spending bill enacted by Congress in December included a provision enhancing the Low-Income Housing Tax Credit so it’s a true 4%.

This year's pension debt volume could match that of 2020, which was the highest since the financial crisis year of 2008, industry leaders say.

The board aims to improve transportation resources on the island.

It is most certainly an issuers' market as rates are low, credit spreads continue to tighten, money pours into municipal bond mutual funds at record levels and a net negative supply of more than $11 billion.

Issuance dropped 26.7% in January, tax-exempt issuance fell 32.6% while refundings and taxables saw smaller declines. Part of the drops were due to the typical nature of lighter January issuance but also issuer anticipation of potential federal aid to combat the pandemic.

The junk-rated district that is managing the COVID-19 pandemic's fiscal impact with the help of federal relief trimmed spread penalties as investors were drawn to the extra yield offered for the junk paper.

Chicago Board of Education bonds were repriced to lower yields by as much as 37 basis points, showing just how far investors will go for any incremental yield.

Over half of the $4.3 billion rise in the $96.6 billion budget proposal is related to costs associated with the COVID-19 pandemic.

The Foothill-Eastern toll road authority in California made a tender offer ahead of a planned sale, and exchanged the bulk of the debt it wanted to refund.

Fed chair says it's unlikely there will be "troubling inflation" any time soon, and rates will stay low and asset purchases will continue at current levels. ICI reports another $3.24 billion of inflows as munis follow UST to lower yields.

The initiative aims to figure out ways to finance infrastructure as state and local governments weather the pandemic.

While a traffic turnaround may already be starting, analysts warn it will be a slow and difficult return for the airport sector to pre-pandemic levels.