Bonds

JEA received 16 responses to its request for bids from potential buyers of its electric and water systems in northeast Florida. Companies interested in purchasing some or all of the utility’s assets turned in responses to JEA’s invitation to negotiate Sept. 30. JEA expects to release the names of bidders interested in purchasing the utility
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Puerto Rico has requested and received an additional year from the federal government to submit reconstruction plans as officials prepare for a Supreme Court hearing Tuesday and a congressional hearing the following week on proposed changes to the law that created the island’s Oversight Board. Commonwealth officials filed a request Thursday with the Federal Emergency
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The rampant muni issuance continues even in a holiday-shortened week, as the primary market is expected to see $12.4 billion of issuance, with the calendar made up of mostly taxable deals. Meanwhile, the backdrop for the end of a volatile week on Friday had the secondary getting whacked, with AAA benchmarks showing cuts of up
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St. Louis-based Ascension Health Alliance will use a mix of taxable and tax-exempt paper when it prices up to $856 million of refunding debt Tuesday and Wednesday. Morgan Stanley is running the books and will begin taking orders on Tuesday with the final pricing on Wednesday on up to $708.8 million of taxable debt and
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The Puerto Rico Oversight Board said its plan of adjustment for Puerto Rico’s debt was unaffected by the Supreme Court’s recognition that pension bondholders’ had a lien on the pension system’s revenues. There are about $3.2 billion of Employees Retirement System bonds outstanding. The current board-proposed plan of adjustment says that the ERS bondholders would
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Jerome Powell, chairman of the U.S. Federal Reserve. The future actions of the Fed will have a key impact on bond markets. Photographer: Andrew Harrer/Bloomberg We’re now firmly into a rising interest rate cycle in the U.S. With several bond metrics approaching extreme levels relative to recent history, here are a few things to be aware of, and
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Picture of 10.000 bolivar-bill taken in Caracas on July 26, 2018. – Venezuelan President Nicolas Maduro on July 25 announced the removal of five zeroes from the country’s currency — two more than originally planned — amid hyperinflation the IMF said could reach one million percent this year. (Photo by Juan BARRETO / AFP) (Photo
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A plan to privatize St. Louis Lambert International Airport took the first big step toward finding a private partner with the launch of a request for qualifications process. Three of four voting members of the Airport Advisory Working Group approved the action: representatives for Mayor Lyda Krewson and Council President Lewis Reed, and the group’s
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California’s spreads to municipal market benchmarks have tightened over the past decade and its ratings have risen as the state’s economic and budget conditions improved, according to the state treasurer’s annual debt affordability report. The state has sold $7.5 billion of general obligation bonds since Treasurer Fiona Ma took office in January, including $5.2 billion
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Increased financial pledges from city and state sources triggered a two-notch upgrade for the long-struggling Philadelphia School district to a higher speculative-grade rating ahead of a more than $600 million bond deal that will also benefit from state credit support. Fitch Ratings upgraded the system’s issuer default rating to BB-plus from BB-minus Thursday, citing positive
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Municipal bonds were on the move Wednesday as two big issuers came to market with over $1 billion in transportation bonds. Primary marketCitigroup priced the Massachusetts Department of Transportation’s $694.535 million of Metropolitan Highway System revenue bonds. The deals consisted of $495.05 million (A2/A+/A+) of Series 2019A senior revenue refunding bonds and $199.485 million (Aa2/AA/AA+)
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The University of Hawaii is moving ahead with plans to construct a new Aloha Stadium and entertainment district using $330 million in bonds even as colleges have been discussing how to combat declining attendance at college sporting events. The team developing a master plan for the university’s new football stadium and entertainment district is holding
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Gov. Wanda Vázquez García said over the weekend she supports the Puerto Rico Oversight Board’s plan of adjustment, removing an obstacle to the restructuring of the commonwealth’s debt. By supporting an adjustment plan that includes a reduction to pensions, she walked a different path than the one former Gov. Ricardo Rosselló said he’d have taken.
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As we enter the fourth quarter, municipals continue their remarkable performance with the market continuing to follow trends of demand outstripping supply and inflows into the asset class. “The classic law of physics — a body in motion stays in motion, is how I would describe the inflows,” Jim Colby, senior municipal strategist and portfolio
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A prolonged Michigan budget battle would hit the state’s charter schools the hardest, according to S&P Global Ratings. The Republican-led Michigan legislature approved $59.9 billion in state spending in budget bills while axing a controversial 45-cents-a-gallon fuel tax hike proposed by Gov. Gretchen Whitmer, setting the stage for a budget battle. Charter schools are vulnerable
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The Federal Aviation Administration awarded $986 million in grants this week in the fifth dispersal from a $3.18 billion program aimed at renovating the nation’s airports to improve safety. More than 350 airports in 44 states, Micronesia, and Puerto Rico were awarded grants, the majority less than $1 million. Construction and rehabilitation projects will help
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David Einhorn, president of Greenlight Capital Inc., speaks. Photographer: Michael Nagle/Bloomberg Famed hedge fund investor David Einhorn is having a brutal year. He’s down over 18% in 2018, posting one of the worst performances in the entire hedge fund industry. Surprisingly, it could have been worse for Einhorn. Despite his losses, Einhorn actually dodged a big bullet in
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The Republican-led Michigan legislature approved $59.9 billion in state spending in budget bills, axing a controversial 45-cents-a-gallon fuel tax hike proposed by Gov. Gretchen Whitmer. Whitmer, a Democrat who won election last year, said the tax would have generated $2.1 billion for roads and bridges. Instead lawmakers proposed spending $400 million in general funds to
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The municipal market had no trouble digesting the sizable issuance on Tuesday, with one deal garnering $4 billion of orders. Bank of America priced Texas Water Development Board’s ( /AAA/AAA) $876.94 million of state water implementation revenue fund master trust taxable bonds on Tuesday. “We had a great market environment for this transaction, and saw
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These 31 funds are the cheapest for short-term stakes in short-term bonds. Shutterstock Do you have idle cash in your brokerage account? Chances are it’s not earning much. Consider switching to a brief investment in an exchange-traded fund that owns short-term bonds. The scorecard below shows the cheapest ETFs for a position held for three months.
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Share to facebook Share to twitter Share to linkedin These 23 funds are the cheapest of their type for in-and-out trades. Shutterstock What does it cost to own the whole bond market for a brief period? This ranking tells you. The table scores exchange-traded funds for their three-month holding costs, defined to include the effect
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