Bonds

Despite laws that were supposed to eliminate housing and mortgage discrimination, systemic racism creates and maintains the disparities in Black homeownership and wealth. In the podcast, professionals from the fields of banking, lending and real estate discuss solutions that could start chipping away today at the well-documented practices and persistently wide gaps. Featured guests: Suggestions

With interest rates at historic lows and despite its poor credit ratings. New Jersey’s decision to tap the muni market instead of the Federal Reserve’s lending program for a planned $4 billion borrowing is seen as a prudent strategy by analysts. Opting for long-term general obligation bonds to cover coronavirus revenue losses makes more sense

A comprehensive examination across many sectors reveals institutional barriers and outright racist abuse. How do we end the cycle? Arizent’s new documentary podcast features more than two dozen professionals. In this trailer episode, you’ll hear from the following guests in order of appearance: To hear more, subscribe to Access Denied on Spotify, Apple — or

New York City will shift $466 million to the current fiscal year’s capital budget to tackle affordable housing needs, Mayor Bill de Blasio said. This restores about half the amount the administration cut amid COVID-19 related austerity. The acceleration within the city’s affordable housing plan will increase the capital allocation this fiscal year to more

The securities industry saw its pre-tax profits rise 82% to $27.6 billion in the first six months of 2020 compared to the same period in 2019, according to New York State Comptroller Thomas DiNapoli. To put it in perspective, this year’s first-half profits were about equal to 2019’s full-year profits of $28.1 billion. “An injection

Illinois fared better in the market Tuesday compared to recent trading levels — especially on the short end — as investors on a hunt for yield put aside worries over COVID-19 fiscal wounds threatening the state’s investment grade ratings. The deal’s results landed close to where the state’s bonds 10 years and out were trading

It was all about the states Monday as the municipal market saw Hawaii’s rating get slashed ahead of its GO sale on Wednesday while Illinois, Wisconsin and Nevada prepared to competitively sell bonds Tuesday. Meanwhile, the New York City Transitional Finance Authority said Monday it will issue about $1.1 billion of future tax secured tax-exempt

As New York City grips with a major financial crisis due to the effects of COVID-19, another call has emerged to overhaul its public pension system. Manhattan Institute recommended a four-pronged approach that includes paring “unusually generous” benefits back to a prevailing standard in the private and public sectors and transitioning new-employee toward a defined-contribution

The new-issue calendar is stuffed with all types of healthcare deals and taxable offerings, inflating its size up to almost $16.5 billion, once again the largest supply slate of 2020. Healthcare deals and taxable sales feature prominently on the list of new deals, but offerings from the states of California, Hawaii, Illinois as well as

Puerto Rico’s Treasury collections in July and August were ahead of the Oversight Board’s May projections but well behind last year’s actual collections. Due to the COVID-19 lockdown, in March the Treasury postponed the due dates of several types of taxes. Income taxes for people, corporations, companies, withholding and sales and use tax payments, were

Cook County, Illinois’ proposed $6.9 billion 2021 budget relies on reserves, existing federal relief funds, and job cuts to close a $400 million shortfall due to rising expenses and COVID-19 fiscal wounds. The budget does not cut critical services or raise taxes, although there are some fee increases. New revenue from legalized cannabis sales, online

Federal Reserve Bank of Richmond President Thomas Barkin said a rebound in U.S. coronavirus cases to about 50,000 a day has added uncertainty to the outlook and may discourage businesses from hiring or investing. “An elevated case rate raises economic uncertainty and that affects businesses’ willingness to hire or spend or invest,” Barkin told a

The University of Arizona’s main campus is in Tucson.University of Arizona The University of Arizona will price a $96 million refunding of system revenue bonds after being hit with a new negative rating outlook. The taxable bonds are pricing Wednesday and Thursday through book runner Citigroup, led by managing director Tim Rattigan and director Alex

Puerto Rico Oversight Board member Arthur Gonzalez became the fourth original board member to step down on Friday. On Wednesday President Donald Trump appointed Justin Peterson to sit on the board. Effectively, this ended González’s tenure on the board unless a member of the Congressional leadership recommended him to the president. González’s announcement Friday seals

For five decades, Florida-grown Bryant Miller Olive PA has practiced public finance law across the Sunshine State and the Southeast. BMO’s practice areas also include state and local government law, complex transactions, project finance, and litigation. The offices of Bryant Miller Olive celebrated the firm’s 50th anniversary at a retreat in January.BMO The firm turned

A win by Democratic candidate Joe Biden in the presidential election might create a smoother path toward completing proposed upgrades to a 110-year-old tunnel linking Manhattan and northern New Jersey that have hit roadblocks under President Trump, according to transportation advocates. Philip Howard, chairman of the nonpartisan watchdog group Common Good, said the Trump administration

Municipal new-issue supply will be the largest for 2020 during the holiday-shortened week with more than $14 billion of deals on tap. IHS Ipreo estimates volume for the upcoming week at $14.3 billion, composed of $11 billion of negotiated deals and $3.3 billion of competitive sales. Transportation, hospital and taxable deals feature heavily on the

The coronavirus pandemic, urban unrest, budget strife and climate volatility have widened the scope of crisis management. In the fourth and final podcast segment of our Future of Cities series, University of Illinois at Chicago public affairs dean Michael Pagano examines factors at play, including a deep national divide. Paul Burton hosts. (15 minutes)

Key Puerto Rico bondholders asked the court to set plan of adjustment deadlines for the Puerto Rico Oversight Board to meet. Four groups of investment funds filed the joint motion Tuesday night in the U.S. District Court for Puerto Rico, which is handling the bankruptcy. The litigants in Tuesday’s motion are the Lawful Constitutional Debt

Long Island’s Suffolk County is readying a nearly $300 million bond transaction even as it confronts a giant revenue shortfall. Suffolk is scheduled to issue $290 million of debt the third week of October to finance capital projects and seek budgetary savings. New York State’s fourth-most-populous county is facing an estimated $320 million budget deficit

With close to $15 billion of new volume headed into the municipal market this week, it will be dicey for issuers and underwriters to get the deals done given the heavy glut of paper pricing into an uncertain enviornment, according to a New York underwriter. New York City is putting to the test investor appetite

A candidate widely seen as less friendly to municipal bondholders has risen rapidly in the race to be Puerto Rico’s next governor. On Wednesday the El Nuevo Día news web site released a poll showing 37% of voters giving Popular Democratic Party candidate Charlie Delgado Altieri their support and 38% of them giving New Progressive

The largest health systems in Illinois, Wisconsin, and Michigan cancelled plans to pursue a merger, they announced Friday. Illinois-based Advocate Aurora Health — created with the 2018 merger of Advocate which was Illinois largest system and Aurora which was Wisconsin’s largest — and Michigan-based Beaumont Health had signed non-binding letter of intent to join forces

Boeing’s plans to end production of the 787 Dreamliner in Everett, Washington is not expected to affect the credit quality of a Snohomish County public utility district that priced $85 million in refunding bonds last week, according to Fitch Ratings. Fitch had affirmed Snohomish County PUD #1’s ratings at AA-minus stable ahead of its plans

President Donald Trump announced early Friday that he and First Lady Melania Trump had tested positive for COVID-19, shortly after one of his closest aides, Hope Hicks, had fallen ill with the coronavirus. “Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this

The U.S. economy should continue to recover from the coronavirus-induced recession even if Congress puts off consideration of additional fiscal stimulus to 2021, Federal Reserve Bank of St. Louis President James Bullard said. “There may be enough resources right now, at least for 2020,” Bullard said Wednesday as part of a virtual question-and-answer period at

Municipal bond buyers got their first taste of this week’s new deals on Tuesday while munis traded flat, with yields steady along most of the AAA scales. “The municipal bond market is little changed,” ICE Data Services said, adding that “the high-yield market has a weaker tone.” A continual theme for September has been anemic

Two recent orders from the California Supreme Court indicate the court isn’t finished reviewing cases challenging the state’s 2013 pension reform law and the California Rule. The high court issued orders Wednesday in each of the four cases it had accepted for review, but had deferred, pending its ruling in Alameda County Deputy Sheriff’s Association

An enforcement case announced Friday highlighted the often murky line between the various consultants working legally with municipal issuers and those who may be performing unlicensed muni advisory work. Funding the Gap LLC and its principal, Irene Carroll, agreed to settle with the SEC on charges that the company and Carroll provided municipal bond advice

A project to bring a rail link to New York’s LaGuardia Airport is closer to breaking ground in the face of fiscal headwinds created by the COVID-19 pandemic. The Federal Aviation Administration released its draft environmental impact statement for the proposed AirTrain last month with the public comment period scheduled to conclude on Oct. 5.