Bonds

Atlantic City opened the new decade with a rating boost from Moody’s Investors Service, marking continued fiscal stability entering year four of a five-year state takeover period. Moody’s upgraded Atlantic City’s general obligation bonds two notches Friday to Ba3 from B2 and assigned a stable outlook, citing improved finances under an oversight program established under
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The municipal bond market rallied to the tune of seven basis points as the first new issuance of 2020 — and the biggest slate in over two weeks — looms on the horizon. Municipal bond buyers have plenty of cash in hand and will have various options as to where to put that money to
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Puerto Rico bankruptcy judge Laura Taylor Swain extended the mediation and stay periods for Puerto Rico’s central government debt by about a month. Swain issued her order Friday afternoon in Puerto Rico District Court. Mediation Team Leader Barbara Houser said that mediation has recently been “productive” and should be given more time. On Dec. 23
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St. Louis Mayor Lyda Krewson’s decision to scrap a possible privatization of the city’s airport came amid growing political opposition and deep-rooted questions over whether private interests stood to gain more than the public. The potential privatization of the city-owned St. Louis Lambert International Airport under a federal program began when then Mayor Francis Slay
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After spending more than $10 million on a process to find companies interested in buying the eighth-largest public utility in the country and the largest in Florida, JEA canceled the search on Christmas Eve. In an emergency meeting Tuesday, the board of directors for the utility voted unanimously to stop its procurement process in midstream
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Municipal bond volume will finish the year above $400 billion for the fourth time since 2010 and third time in the past four years. “Considering how slow the year started, no one had that number or thought we would get there,” said one New York trader. “We were one pace for only about $330 billion
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Although there will be no more new issuance in 2019, municipal bond investors can expect to get plenty of returns as seasonal trends should provide opportunities from now through January. Together, December and January have accounted for approximately 44% of full-year total returns on average the past five years, according to Blackrock. The Blackrock municipal
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The Municipal Securities Rulemaking Board set a compliance date of Nov. 30, 2020 for an amendment requiring additional data from underwriters in the primary market. Starting then, underwriters will be required to provide more information about new offerings of bonds. The change is in association with Rule G-32 on disclosures in connection with primary offerings,
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Gary, Indiana’s city council has approved $20.6 million in short-term borrowing against its future tax collections to help manage cash flow. The borrowing, approved Tuesday, comes on top of a $40 million sales-leaseback bond transaction the city closed in November that brought the city’s coffers back into the black and repaid $28 million in short-term
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