California Enterprise Development Authority Issues $10M IDB to JBR Rogers Coffee
The California Enterprise Development Authority (CEDA) closed a $10 million Industrial Development Bond (IDB) for the benefit of JBR Rogers Coffee. This financing will allow the small, family-owned manufacturer to expand and equip their facilities. With over 200 employees, JBR is the largest employer in the city and vital to its economic health. CEDA is proud to be part of this project and successfully fought for allocation for IDBs from the Treasurer's office in 2023 and saw $30 million allocated for this program.
Tulsa, OK Approves $814M in GO Bonds for Infrastructure Projects
Tulsa residents chose to invest $814 million into infrastructure projects, including an initiative to address the housing shortage. The package will be paid for through property taxes, general obligation bonds, and a 0.95% sales tax extension. It will not raise property taxes. Nearly $296 million will go toward street projects and $270.4 million is earmarked for city facilities such as the Tulsa Performing Arts Center. Parks will receive $31.9 million.
U.S. Loses Second Triple-A Bond Rating
Fitch Ratings took away America's triple-A credit, but it could not downgrade the almighty dollar. The No. 3 U.S. credit rater joined larger rival Standard & Poor's—after more than a decade—in cutting Treasury bonds from AAA to AA+, citing well-known economic and political issues that weigh on the country's finances, particularly a debt measure that is more than twice the amount of similarly rated countries.
Rising Yields are Making Municipal Bonds an Attractive Option
Fixed-income investors experienced the pull of rising yields during the first half of 2023, which included attractive options within the municipal bond market. With an eye on yield, investors may have also sought out munis for their tax-free income advantages. Whatever the reason, major indicators of municipal bond activity portrayed an upside that could continue through the rest of the year following a bearish turn in 2022.
Why Municipal Bonds Are a Critical Component to U.S. Infrastructure
Municipal bonds are a critical component to United States infrastructure. The U.S. has addressed 75% of its infrastructure needs via this market for over 100 years providing US governmental entities access to capital in order to fund public infrastructure projects. The estimated $1.2 trillion in combined new spending from recent federal legislation will help municipal governments finance investment in public works, either directly or indirectly.
South Carolina Retirement Community to be Built With $212.9M Bond Deal
Ziegler, a specialty investment bank, closed on Seafields at Kiawah Island's $212.9 million Series 2023 bonds. Kiawah Life Plan Village, Inc. is a South Carolina nonprofit corporation to develop, own, and operate a senior living community on approximately 8 acres in Kiawah Island, South Carolina. The Community will be a licensed continuing care retirement community and is currently planned to consist of 90 independent living units and 16 assisted living units and other amenities.
Yankee Stadium Bond Ratings Reveal Ballpark's Revenue Expectations Are Strong
Fitch Ratings affirmed the BBB+ rating on the New York City Industrial Development Agency's (NYCIDA) PILOT revenue bonds and the NYCIDA's rental revenue bonds, issued on behalf of Yankee Stadium LLC (StadCo). These bonds were used to finance the ballpark that opened in 2009. Fitch also said the rating outlook is stable. In 2022, the team generated $657 million in revenue, net of revenue sharing and PILOT payments, the most in MLB.
Here's How General Motors is Spending Inaugural $2.2B Green Bond Issuance
General Motors is one of several automakers globally that has recently issued green bonds to drive investment in its transition to electric vehicles. The $2.25 billion dual-tranche green bond is issued as the United States approaches a tipping point in electric vehicle usage, with 5% of new car sales powered only by electricity. The bonds consisted of $1 billion in 5.400% senior notes due 2029, and $1.25 billion in 5.600% senior notes due 2032.
State of Washington Sells $1.1B in Bonds After Receiving Outstanding Credit Rating
Washington's outstanding credit ratings, which were recently affirmed, helped generate strong investor interest, as the Office of the State Treasurer competitively sold $1.1 billion in bonds. The low-interest rates achieved during the sale of Washington's highly-rated bonds will save the state millions of dollars over the term of the loans, in the form of low debt costs.
Glens Falls, NY Proposes $49.5M in Bonds for Wastewater Infrastructure
The Glens Falls, NY Common Council is proposing $49.5 million in bonds to fund three sewer projects related to the city's wastewater treatment plant. The city is looking for $13.2 million in electrical system upgrades, $30.4 million in water distribution system upgrades, and $2.9 million for inflow and infiltration reduction on Washington and East Washington streets.