Bonds

Securities issued by Hawaiian Electric Co. — including tax-exempt revenue bonds guaranteed by the company — have been in freefall in the wake of a devastating wildfire in Maui that killed at least 115 people.  The company’s bond ratings have been cut to below investment grade,  pushing prices on its municipal bonds as low as

California’s late audited financial statements continue to be a topic of discussion for agencies rating the state’s bonds. Fitch Ratings noted that the state was significantly late in producing its annual comprehensive financial report for fiscal year 2021 in a ratings report issued ahead of the state’s plans to price $2.6 billion in general obligation

California has made significant enough progress on its transportation infrastructure that the state’s auditor has removed the sector from its high-risk list. The state auditor puts out an annual report to the governor with a list of state agencies that it believes need improvement because their deficiencies “pose a high risk to the state.” The

A bankrupt California hospital will receive a $10 million loan from a new state program to aid troubled providers. The loan would throw a lifeline to the San Benito Health Care District, which operates Hazel Hawkins Memorial Hospital in Hollister. San Benito filed for Chapter 9 bankruptcy in May as it faced waning cash and

Pittsburgh’s long-running shift from the industrial Steel City to a technological hub is heading in a new direction — toward outer space and the moon. With Pittsburgh as hub, western Pennsylvania, West Virginia and Ohio are becoming a region where robotics, materials science, engineering and advanced manufacturing come together to serve the new space race.

Connecticut’s first offshore wind farm is one step closer to reality after a federal ruling came down this week. On Tuesday, the Bureau of Ocean Energy issued a “record of decision” on a federal environmental review of Revolution Wind, a 704-megawatt offshore wind farm planned for development off the coast of the state in a

First-half municipal bond issuance in the Far West region was down 2.3% year-over-year to $38.2 billion, according to Refinitiv data. California drove the Far West bus as usual with $26.6 billion in bonds sold by issuers in the Golden State, compared to $4.52 billion from Oregon and $4.47 billion from Washington, the states with the

Kentucky and Indiana are lobbying for federal funds to cover half the cost of a bistate Ohio River bridge that would connect the Interstate-69 national trade corridor. The I-69 Ohio River Crossing is more than 20 years in the planning and in the end will feature a four-lane, tolled bridge carrying I-69 from southern Indiana to northern

Maryland will wager on federal funds for a massive and controversial project to ease congestion around the American Legion Bridge that was previously structured as the largest public-private partnership in the U.S. Maryland Gov. Wes Moore Monday made his first public comments on the project since the state’s private partner Transurban Transurban announced in March

Vermont launched part one of a two-part general obligation bond sale this week with a competitive auction of $61.2 million of new money bonds. That will be followed with a $53.5 million GO refunding that is expected to price by negotiation Thursday. The competitive bid was won by BofA Securities, according to Refinitiv TM3. The

Municipal bond issuers in the Midwest largely tracked their national peers in the first half of 2023, with volume down 19.4% compared to the first half of 2022. They sold $32.6 billion of debt spread over 1,223 deals in the first half, down from $40.5 billion in 1,764 deals in the year-ago period, according to

The Inflation Reduction Act’s tax credits have the potential to transform the energy market, and in drafting best practices, the Department of Treasury and Internal Revenue Service should consider the compliance burdens, added premiums and easing the excessive payments statute for state and local governments.  That’s according to Emily Brock, director of the federal liaison

Underwriting spreads for all bonds inched up in the first half of 2023 bucking a nearly 15-year downward trend, according to Refinitiv data. After hitting what was a 20-year low last year, gross underwriting spreads for all bonds rose modestly to $3.70 in the first six months of 2023, up from $3.54 in the first

The inaugural sale of a California Housing Finance Agency credit that pools multifamily housing loans received a welcome reception from the market. It was the first time in nearly a decade that CalHFA has sold bonds under a party indenture for a pool of multifamily permanent loans, and as “a new California credit, the bonds

Illinois urged a Cook County court to approve a proposed settlement with a group of Wall Street banks accused of rigging variable-rate bond interest rates despite opposition from the whistleblower that brought the case, arguing the evidence backing up the lawsuit has proved meager. The deal between the state and the eight banks calls for

California Gov. Gavin Newsom’s newest policy thrust to reduce homelessness by improving mental health services — including a proposed $4.5 billion bond to add psychiatric beds — is likely to get some pushback from county governments. An analysis from the Legislative Analyst’s Office estimates that Newsom’s overhaul of the state’s behavioral and mental health system

Annual tax revenue collection in Massachusetts fell by 4.7% in fiscal year 2023, the State Department of Revenue announced in its yearly report released Friday. The state collected $39.2 billion in fiscal 2023, $1.94 billion less than in fiscal 2022 and 1.5% below the state’s set benchmark, the report said. Officials attributed the year-over-year dip

Connecticut officials say a debt service reserve fund insurance policy allowed them to fund the state’s new baby bond trust without resorting to borrowing. Since July 1 newborns birthed under Connecticut’s Medicaid program, Husky, have been automatically enrolled in CT Baby Bonds and credited with $3,200 deposit that will be invested on their behalf. Between

California is following other states in a push to snare federal infrastructure money to develop the state’s hydrogen market. Gov. Gavin Newsom announced on Tuesday that he has directed the Governor’s Office of Business and Economic Development, more commonly known as GO-Biz, to develop a hydrogen market development strategy for the state, employing an all-of-government

A Chapter 11 bankruptcy involving a bond-financed Arizona participant sports venue will continue to move forward in an effort to sell the property after a federal court judge denied a motion to appoint an independent trustee for the debtor or dismiss the case. Judge Daniel Collins’ Wednesday order acknowledged disputed allegations of mismanagement and infractions