Bonds

As the month of July winds down, municipal issuance will be muffled thanks to the Federal Reserve’s monetary policy meeting and subsequent announcement on interest rates. And while it’s normal for issuers to purposely schedule deals around the Fed, expected issuance next week is certainly respectable. There is an estimated $4.9 billion of new issuance
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Puerto Rico’s political upheaval has already hurt the economy and a disorderly transfer of power may lead to near-term delays in the territory’s historic debt restructuring. Gov. Ricardo Rosselló said late Wednesday he would resign effective Aug. 2, leaving the future of the government in flux. His resignation came after a series of corruption arrests,
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Bridgeview, Illinois’ deal to free Major League Soccer’s Chicago Fire from playing at the suburb’s bond-financed SeatGeek Stadium provides near-term fiscal stability but a burdensome debt load still weighs heavily on its balance sheet, S&P Global Ratings said. S&P Global Ratings resolved its CreditWatch on Bridgeview’s general obligation bond rating by affirming it at the
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A court ruling against Philadelphia requiring a nearly $50 million payment to major commercial property owners threatens recent strides attained by the city’s cash-strapped school district. Common Pleas Court Judge Gene Cohen ruled in favor of some large commercial property owners who had argued that their 2018 tax assessments were unfairly spiked. The decision orders
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The municipal bond market saw several large deals hit the screens on Thursday led by a Centennial State issuer. Primary marketJPMorgan Securities priced the Colorado Health Facilities Authority’s (Aa2/AA/AA) $484 million of Series 2019A and Series 2019B hospital revenue bonds for the AdventHealth Obligated Group. Goldman Sachs priced the Port of Seattle, Washington’s (A1/A+/AA-) $460
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CHICAGO — The judge overseeing Preston Hollow Capital LLC’s lawsuit accusing Nuveen Investments of bullying banks to boycott the private lender dropped a defamation claim against the investment behemoth. Delaware Chancery Court Vice Chancellor Sam Glasscock III’s ruling during a hearing Thursday follows his May decision to drop one count of tortious interference with a
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Demographic constraints that challenge Vermont’s long-term revenue picture cost the New England state its lone remaining triple-A rating. Fitch Ratings downgraded the Green Mountain State’s general obligation bonds one notch to AA-plus Thursday citing slower growth prospects amid an older population with limited chances at near-term growth. A scene in Strafford, Vermont, where the state
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Florida Gov. Ron DeSantis signed a bill dissolving the Miami-Dade County Expressway Authority, despite analysts’ warnings that another wave of rating downgrades could result. The warning was realized Friday, when Moody’s Investors Service downgraded to A3 from A2 the authority’s debt, saying that the action was taken in response to House Bill 385 being signed.
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Ohio-based Fairfield Medical Center’s fiscal woes tied to a new billing and collection system may push its credit rating on $90 million of outstanding hospital revenue bonds into junk and could trigger a breach of debt-service covenants. Moody’s Investors Service on Tuesday placed the hospital’s Baa3 rating on review for a downgrade. The rating agency
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Municipal bond investors saw little supply price into a strong market on Tuesday ahead of Wednesday’s early session close before the Fourth of July holiday. Janney: 1H was strong for munisThe first half of 2019 was good for municipal bond investors, Alan Schankel, managing director and municipal strategist at Janney, writes in a monthly market
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