Bonds

S&P Global Ratings’ decision to update to stable from negative its outlook on the Government of Guam’s general obligation debt was driven by a combination of factors including an influx of federal funds and general fund revenue improvements. On Friday, S&P also affirmed the BB- long-term rating on those bonds and revised its outlook to

Municipals were very lightly traded and little changed Monday, starting off the final two holiday-shortened weeks of 2021 with paltry supply and lightly staffed desks. The U.S. Treasury curve steepened with the long end weaker and equities sold off on continued COVID-19 concerns. The entire muni AAA curve has been stable for two weeks and

Bracing for what could be the most severe drought year of the last two decades, three states in the southwest agreed to bank more water in the rapidly shrinking Lake Mead. Hoping to mitigate mandatory water-use cutbacks in 2022, Arizona, California and Nevada last week signed the so-called 500-Plus Plan at the annual meeting of

In approving a revised plan for a $9.5 billion international terminal at John F. Kennedy International Airport, New York Gov. Kathy Hochul and the Port Authority of New York and New Jersey sent a clear message. Pandemic or not, major projects must continue. The board of commissioners of the Port Authority, which owns and operates

The Miami-Dade County Seaport Department won The Bond Buyer’s 20th annual Deal of the Year award for PortMiami’s $1.24 billion seaport revenue refunding bonds. PortMiami is the largest cruise port in the world and a large containerized cargo port. As a result of the COVID-19 pandemic, PortMiami cruise operations were suspended for nearly 16 months.

In a move to further expand its public finance practice in Atlanta, the law firm of Hunton Andrews Kurth LLP announced that Shaney Lokken has joined the firm as counsel. Lokken is a public finance attorney with 20 years of experience representing issuers, borrowers, underwriters and purchasers. She joins the firm from Murray Barnes &

Well before the pandemic drove online adoption, the consumer shift toward a digital, personalized banking experience was on an upward trend. For financial institutions looking to capture the millennial and Gen Z demographic, it’s increasingly important to rethink card member acquisition approaches and prioritize automated, hyper-personalized programs. In this Arizent Leaders forum interview with American

When Florida’s Legislature returns on Jan. 1, one of its first items of business will be to look at Gov. Ron DeSantis’ proposed budget of $99.7 billion for fiscal 2022-2023. The governor’s recommended spending plan for fiscal 2022-23 is down 1.8% from the previous fiscal year’s adopted budget of $101.5 billion. This is largely because

It was Groundhog Day for municipals as triple-A benchmark yields held steady on Tuesday while Treasuries were weaker and equities sold off. Triple-A yield curves were unchanged on the day and mostly have not budged but a basis point in spots since the end of November. Most generic benchmark curves have remained static all month

Natalie Braswell of Bloomfield will succeed Kevin Lembo as Connecticut comptroller on Dec. 31, Gov. Ned Lamont announced. Lembo on Dec. 3 said he would resign due to a heart condition. Braswell will hold the position through Jan. 4, 2023. Lamont, in appointing Braswell, said state law requires that upon the resignation of a constitutional

Munis started off quiet this week ahead of some big deals on tap, with new issuance totaling nearly $8 billion. Triple-A yield curves were little changed on the day while U.S. Treasuries were stronger. Ratios were slightly higher with the five-year muni-to-UST ratio at 49% in five years, 72% in 10 and 82% in 30,

Tri-State Generation and Transmission Association, one of the nation’s largest electric cooperatives, is mapping a cleaner future while facing a loss of key members. Seven of Colorado-based Tri-State’s 42 member utilities are considering an exit in pursuit of more affordable power sources, greater flexibility and less reliance on coal. Currently, members are required to buy

The U.S. Virgin Islands Water and Power Authority sold $35 million of bond anticipation notes at a high yield of 7% for tax-exempt notes and 9% for taxable notes. WAPA closed the deal the week of Nov. 29. High-yield investment giant Nuveen bought the $34.5 million of tax-exempt BANs and $500,000 of taxable BANs via

Amid rising prices, supply chain disruptions and labor shortages, governments are increasingly eying so-called progressive development agreements, or PDAs, as a way to minimize uncertainties as they embark on complex infrastructure projects. The move can reduce risks and costs and deliver a project faster, said Moody’s Investors Service analyst John Medina. “Construction costs are very

Chicago wrapped up the pricing on $1.45 billion of refinancing bonds Thursday after structural tweaks and a $1 billion tender and exchange allowed the city to scale back on the deal’s size and still meet a $250 million savings target. A look at the 10-year in the tax-exempt pieces showed spreads narrowed sharply from the

Municipal bonds were steady for the eighth straight session Friday as U.S. Treasuries were slightly better and stocks rose after Consumer Price Index data came as expected, though the highest since 1982. “U.S. stocks rallied after the latest inflation report did not come in as hot as many were expecting. Wall Street did not see

Turmoil at the Los Angeles Department of Water and Power, including a former general manager’s guilty plea to felony bribery, should not affect its Kroll Bond Rating Agency ratings. LADWP holds Kroll’s AA-plus rating on its water system revenue bonds and AA on its power system revenue bonds. The outlook on both ratings is stable.

Quincy, Massachusetts, is planning a $475 million pension obligation bond sale for Tuesday that is projected to fully fund its retirement system. City officials say they are getting out front of a state directive for its municipalities to reach full pension funding by 2037 and borrowing while interest rates are still low. Ramirez & Co.

Municipal yields held steady for the seventh session in a row in light trading Thursday as the Dormitory Authority of the State of New York’s $2.5 billion of competitive loans were the focus while U.S. Treasuries made gains and equities were mixed on heightened Omicron concerns. Triple-A yield curves were little changed on the day

Climate change is top of mind for county officials weighing how to spend federal money headed their way from the Infrastructure Investment and Jobs Act. Executives from Miami Dade County, Florida, Milwaukee County, Wisconsin, Harris County, Texas, and Erie County, New York said protecting their regions from the wrath of climate change are top priorities.