Bonds

A tanker truck sits near a Parker Drilling Co. oil rig in Prudhoe Bay, Alaska. Alaska’s Ballot Measure 1 would increase oil production taxes on fields in the state’s North Slope.Bloomberg News Multi-billion dollar referendums in California, Illinois and Alaska highlight the 119 statewide ballot issues facing voters around the nation on Election Day. Voters
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A deal struck between New Jersey Gov. Phil Murphy and state lawmakers for a tax increase on millionaires isn’t expected to make a material difference toward combating the state’s steep fiscal challenges, analysts said. Murphy announced the agreement with legislative leaders Thursday to increase income taxes on those making over $1 million to 10.75% from
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Reopening public schools for in-person instruction has proven highly complex and visceral for New York Mayor Bill de Blasio’s administration. Family emotions, union pushback, fears of a new COVID-19 wave, cost drivers and data fluctuations are all at play. New York Mayor Bill de Blasio, center, and schools chancellor Richard Carranza, right, show off school
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The Securities and Exchange Commission is conducting a probe of FirstEnergy Corp. whose former subsidiary’s municipal bonds benefited from Ohio taxpayer bailout legislation at the center of bribery charges that brought down the State House speaker, according to a private lawsuit. Lawyers for a potential whistleblower report in federal documents show that they’ve been on
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Economic news released Thursday was consistent with an economy struggling to recover. Thursday’s economic indicators came in “rather mixed,” said Ed Moya, senior market analyst at OANDA. as economic “momentum continues to fade.” “Jobless claims improved but show recovery is stalling,” he said. Initial jobless claims slipped to a seasonally adjusted 860,000 in the week
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Democratic presidential candidate Joe Biden said if elected he would reverse the Puerto Rico Oversight board’s austerity policies. On Tuesday he released a position paper on Puerto Rico and talked about the topic at a campaign rally in Florida. Democratic presidential candidate Joe Biden said Puerto Rico’s debt should be audited and that some of
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Facing a lack of further federal rescue aid and no authorization from the state for additional long-term borrowing, New York Mayor Bill de Blasio on Wednesday announced five-day furloughs for 500 mayor’s office employees, including himself. The furloughs will run from Oct. 1 through March. “It’s a step you never want to see for good,
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After its August 27th meeting, the Federal Reserve announced its Statement on Longer-Run Goals and Monetary Policy Strategy, which provides a backdrop for its quick response to the economic and financial trauma arising from the coronavirus pandemic. The increased focus on promoting job and wage growth, beyond any consensus “full employment” metric, reflects the Fed’s
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A company building a novel factory in California that has defaulted on its debt payments is seeking the state’s approval to sell an additional $53 million in tax-exempt bonds. CalPlant I LLC, constructing the world’s first facility converting rice cultivation debris into fiberboard, will appear before the California Pollution Control Financing Authority on Tuesday for
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Massachusetts Treasurer Deborah Goldberg and the state’s Pension Reserves Investment Management board have begun a collaborative project to improve measurement of environmental, social and governance data in the investment and financial sector. The effort with Massachusetts Institute of Technology’s Sloan School of Management, called the Aggregate Confusion Project, aims to build on research by scholars
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New Jersey Gov. Phil Murphy’s administration faces a fast-approaching deadline to finalize its borrowing strategy for the next fiscal year to combat expected revenue losses caused by the COVID-19 pandemic. Murphy has proposed a $32.4 billion budget for a shortened nine-month 2021 fiscal year starting Oct. 1 that would include $4 billion of borrowing either
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New York’s Metropolitan Transportation Authority received its latest hit from Wall Street on Friday when Moody’s Investors Service downgraded its primary transportation revenue bond credit to A3 from A2. The downgrade affects $24.4 billion of transportation revenue bonds. The outlook is negative. The MTA has scheduled the sale of $900 million in transportation revenue green
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Congressional lawmakers are showing an increased interest in what they think is the poor functioning of the Federal Reserve’s Municipal Liquidity Facility, and some lawmakers believe changes should be made to expand it to more local governments. During a Municipal Analysts Group of New York webinar, Emily Brock, director of the Government Finance Officers Association’s
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The more than three year process of negotiating a new Puerto Rico central government $35 billion debt deal has reached a turning point. On Tuesday the Puerto Rico Oversight Board submitted a status report to the court overseeing the bankruptcy that said “only a brief respite is required” to determine if the board could reach
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Municipals were little changed on Tuesday and off to a slow start post the Labor Day holiday. Triple-A benchmarks showed steady levels from last week while trade volume rermained light ahead of the week’s $7 billion new-issue slate. With the “fall fling” about to occur with municipal issuance, yields have reset back to levels of
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While municipalities will clearly have more budgetary flexibility thanks to a recently enacted New York law that allows municipalities to extend rollover periods on bond anticipation notes by two years, its impact on long-term issuance will be determined largely by the length the COVID-19 pandemic. “When the economy can recover will dictate what happens with
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Rhode Island’s Department of Transportation is weighing a controversial plan to break up its main Kennedy Plaza bus hub in downtown Providence and create smaller hubs around the city. Bond money that voters approved six years ago would fund the project. A rendering of the proposed bus hub in the Providence Innovation and Design District.Rhode
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Austin will price $271 million of debt next week after losing one of its three triple-A ratings. Moody’s Investors Service on Thursday downgraded the city’s general obligation bonds to Aa1 with a stable outlook, citing “high leverage and fixed costs attributable to the city’s pension and other post employee benefit plans.” Moody’s had rated Austin
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