A contentious rule proposal has a host of broker-dealer and investment firms calling for a rewrite as the effects on the municipal bond market portend calamity. Susan Joyce, head of muni trading & FI market structure at AllianceBernstein, expressed that the rules should be reconsidered and rewritten altogether. There is a significant concern about how
Politics
In the ever-evolving world of infrastructure law, Norton Rose Fulbright has made a significant move by bringing on board Patrick Harder to co-head the firm’s U.S. and North America infrastructure groups. Harder, a seasoned attorney with over 20 years of experience in public-private partnerships (P3) and infrastructure, joins Norton Rose after an impressive tenure at
During a recent Senate Finance Committee hearing, IRS Commissioner Danny Werfel defended the agency’s need for increased funding. Werfel requested an extension of IRA funding through fiscal 2034, arguing that it would generate additional revenue for the government. He highlighted the positive impact of the Inflation Reduction Act funding on the IRS’s operations, leading to
The Pennsylvania Department of Transportation has set a deadline of the end of April for the private sector to submit unsolicited proposals for transportation projects. The Office of Public-Private Partnerships at PennDOT is known for being one of the most active P3 state DOT agencies in the country, accepting bids twice a year in April
San Diego Mayor Todd Gloria recently unveiled a $5.65 billion proposed budget for the city, which includes borrowing and other short-term fixes to address a structural deficit. The budget plan focuses on increasing spending on homeless prevention programs, infrastructure projects, and critical services, while cutting non-personnel expenses and diverting funds from special accounts. However, the
Build America Bonds (BABs) have been experiencing significantly widened spreads in recent months due to a surge in refinancing activity. Despite a debate over the legal ability of issuers to call the debt, municipal bond strategists have observed a cheapening trend in the BABs index option-adjust spread compared to the ICE Broad Taxable Municipal Bond
Ohio’s Governor, Mike DeWine, recently highlighted the state’s “highest possible credit rating” during his State of the State address in Columbus. With significant upgrades from Moody’s Ratings and S&P Global Ratings, Ohio now holds a triple-A credit rating. These upgrades reflect a demonstrated commitment to active budget management and maintaining reserves, providing a strong financial
Norfolk, Virginia, has recently made the decision to cancel its plans to call some of its outstanding Build America Bonds (BABs). The city had initially issued a conditional notice in March regarding the possible redemption of $56 million of its direct-pay taxable 2010B capital improvement BABs. However, according to a financial filing issued on Monday,
Virginia Governor Glenn Youngkin recently announced over 240 amendments to Virginia’s biennium budget, unveiling what he described as a common ground budget plan. This budget proposal, totaling $64 billion, was presented as a collaborative effort to benefit all Virginians without any tax increases or cuts. The budget plan includes a significant $21.3 billion investment in
Texas has recently made a controversial move to terminate a 52-year agreement for a toll lane project on the State Highway 288. The termination, which was instigated by the Texas Transportation Commission on March 28, will come at a hefty cost of $1.7 billion to the Texas Department of Transportation (TxDOT). This decision has raised