Tejon Ranch, the largest privately owned piece of land in California, is looking to expand its commercial center by tapping into the municipal bond market for $61.6 million. The mixed-use property, spanning approximately 270,000 acres, has been a focal point of discussions regarding wildfires and urban sprawl in the region. The new financing aims to
Bonds
The recent sale of $1.2 billion of revenue bonds by the Dormitory Authority of the State of New York (DASNY) was met with good demand, resulting in tighter spreads compared to a previous negotiated deal. According to DASNY spokesperson Jeffrey Gordon, the bond sale was a success and benefited from a calm market and robust
Single-party dominance in a state has been found to have an effect on local government savings and the yields in the secondary municipal bond market. The recent paper titled “State government trifectas and municipal bond pricing” presented at the Brookings Municipal Finance conference sheds light on this phenomenon. The study was conducted by Angela Gore,
The municipal bonds market showed little change on Wednesday, with significant activity in the primary market. Notable issuances included $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. Despite U.S. Treasuries being slightly firmer and mixed equities towards the close, municipal bond ratios
Phoenix is making a return to the municipal market after a 12-year hiatus with its first new money General Obligation bond issue. Kathleen Gitkin, the city’s chief financial officer, expressed high expectations for the $238.8 million tax-exempt and taxable deal set to price through a Piper Sandler-led underwriting team. The city plans to become a
The North Carolina Local Government Commission recently denied Cabarrus County’s requests for bonds totaling $228 million, despite the staff recommending approval. This decision came after some members of the board expressed concerns that the bonds should be subject to a voter referendum before moving forward. Additionally, some commission members objected to the county’s use of
Despite facing the wrath of Hurricane Beryl, Galveston Wharves is pushing forward with its $160 million revenue bond sale. The once-Category 5 storm may have caused operational interruptions, but the port is showcasing its resilience by continuing with its scheduled activities. Port director and CEO, Rodger Rees, highlighted the port’s strength by pointing out that
The Washington Metropolitan Area Transit Authority is set to issue $625.4 million of second lien dedicated revenue bonds through a negotiated sale on July 8. With the interest on the bonds exempt in D.C., Maryland, and Virginia, there is an expectation of strong interest from in-state buyers. Despite the lower priority of these second lien
The recent meeting minutes from the Federal Open Market Committee (FOMC) have indicated a reluctance to cut rates in the near future. While there is recognition that inflation has not progressed as expected, there is a need for more evidence of sustainable progress before any rate cuts can be considered. The committee members emphasized the
The municipal bond market remained steady as U.S. Treasury yields saw a decline and equities closed on a positive note. With a light new-issue calendar expected for the week due to the holidays, the market is likely to see limited activity. However, the influx of around $31 billion in July reinvestment cash will provide investors