Bonds

Los Angeles City Controller Ron Galperin released an audit Wednesday showing the city has failed to keep its legally binding promise to repair its 9,000 miles of sidewalks. A legal settlement finalized in 2016 requires the city to spend $1.37 billion over 30 years to address broken sidewalks, inaccessible curb ramps and other access barriers

COVID-19 stimulus spending caused 2021 state expenditure estimates to sky-rocket to the highest level in 35 years. That was according to the Fiscal 2019-2021 State Expenditure Report released by the National Association of State Budget Officers Friday. Total state spending reached $2.65 trillion in fiscal year 2021, a jump from the $2.28 trillion observed in

A federal request for a 10- to 15-week pause in the Puerto Rico Plan of Adjustment confirmation process as well as the related constitutional challenge to the underlying bankruptcy law may threaten the Puerto Rico debt deal. Five attorneys with the U.S. Department of Justice, led by Acting Assistant Attorney General Brian Boynton, asked Puerto

The Securities and Exchange Commission Friday censured a McKinsey & Co. affiliate and ordered it to pay $18 million to settle allegations that MIO Partners had access to material nonpublic information about issuers, including Puerto Rico, while it was overseeing investments that included the issuers’ securities. Active partners at McKinsey acting as restructuring consultants for

Municipals were stronger Friday on the back of the U.S. Treasury rally amid concerns of rising COVID-19 outbreaks in Europe. Triple-A benchmarks were bumped by one to three basis points beginning around the five-year mark with the larger moves out longer, but the asset class underperformed the five- to six-basis point moves in UST. Ratios

Municipals were little changed on light trading Thursday as the last of the week’s large new issues priced while Refinitiv Lipper reported $1.4 billion of inflows into municipal bond mutual funds but showed small outflows from exchange-traded funds. Triple-A municipal benchmark yields were little changed while U.S. Treasuries saw yields fall a basis point or

During a contentious meeting of the Louisiana Bond Commission Thursday, J.P. Morgan Chase was disqualified from underwriting a $700 million bond refinancing due to unanswered questions about its gun policies. State Treasurer John Schroder and his staff announced the decision to recommend that Wells Fargo Corporate & Investment Banking underwrite the deal after he said

Citigroup Inc. won a municipal bond deal in Texas on Wednesday, marking its potential re-entry into a booming corner of the municipal-debt market after a new Republican state law sought to punish Wall Street banks for their gun policies. The bank won a competitive auction for a $27 million bond offering sold by the Alamo

Teachers’ and judges’ unions and organizations argued Wednesday with the Puerto Rico Oversight Board about how the bankruptcy court must interpret a local law on pensions, with the outcome likely to determine the viability of the proposed Plan of Adjustment. The teachers and judges, through their attorneys, said Act 53 bars the board, if it

Despite overhanging market, economic, and political uncertainties, investors can still uncover value through careful security selection and structure before year end, municipal experts said. “There is opportunity for attractive yields in both the intermediate slope of the municipal yield curve and in the short, high-quality taxable market,” including taxable municipals, said Matthew Gastall, executive director

Municipals faced some pressure Tuesday on another day of a weaker U.S. Treasury market while equities made gains. A large new-issue calendar began pricing, with a few deals bumped off the day-to-day calendar. Triple-A benchmarks saw cuts of one to two basis points. Ratios held in a range Tuesday. Municipal-to-Treasury ratios were at 49% in

S&P Global Ratings Monday upgraded airport revenue bonds issued for Palm Beach International Airport, Florida, to A-plus from A. The outlook is stable on the bonds Palm Beach County issued for the airport, which is in West Palm Beach. S&P said the upgrade reflected the airport’s financial resiliency during periods of lower activity and a

President Joe Biden Monday signed into law a $1.1 trillion infrastructure package that will infuse billions into state and local governments. “We’re taking a monumental step forward to build back better as a nation,” said Biden at a White House ceremony attended by lawmakers, governors, mayors and others. “Things are going to turn around in

Residents in the San Diego area and across the Mexico border in Tijuana, received welcome news when the U.S. Environmental Protection Agency announced plans to move forward on $627 million of investments in water quality projects. The projects, which will now undergo environmental review, will capture and treat sewage that routinely flows from the Tijuana

Gov. Phil Murphy’s surprisingly narrow re-election victory and Senate President Steve Sweeney’s stunning loss to an unknown resonated well beyond New Jersey. National pundits flagged the election-night drama, along with Republican Glenn Youngkin’s gubernatorial victory in Virginia over Terry McAuliffe and other developments, as warning signs for Democrats heading into national midterm elections. New Jersey

Raising the cap on state and local tax deductions to $80,000 from $10,000 would reduce the federal income tax liability by $55.9 billion in 2021, making it less concentrated among those with the highest incomes and making it $35.3 billion cheaper for the government than repealing the SALT cap altogether. That was the takeaway from

The Municipal Securities Rulemaking Board has re-established two key advisory groups for its 2022 fiscal year: the Compliance Advisory Group (CAG) and the Municipal Fund Securities Advisory Group (MFSAG). The MSRB is also seeking input on topics it should consider in developing compliance resources and tools for municipal fund securities. In a November 11 announcement,

Municipal bonds were slightly weaker Friday inside 10 years, but trading was light and munis still outperformed U.S. Treasuries, which weakened further on the day from Wednesday’s large sell-off. Investors put nearly $2 billion into municipal bond mutual funds for the most recent week with high-yield reversing a downward course to hit $1.2 billion following

Two sets of teachers’ unions and a judiciary association filed separate challenges to a Puerto Rico Oversight Board pension law interpretation the board has said is necessary to enact of the Plan of Adjustment. The teachers’ unions filed in the final hour before the 5 p.m. AST Friday deadline that Puerto Rico bankruptcy Judge Laura

A registered general securities representative has agreed to pay $10,000 to settle Financial Industry Regulatory Authority charges that he violated the Municipal Securities Rulemaking Board’s fair dealing rule when he provided incorrect and misleading account reports to a customer. Antoine Nabih Souma agreed to pay the fine and be subject to a two-month suspension from