Tower Health, a nonprofit regional healthcare system in Pennsylvania, has been facing significant challenges in recent years, leading to a restructuring plan involving the exchange of outstanding debt and issuance of new bonds. This article will delve into the details of Tower Health’s financial struggles, the impact of the pandemic, and the efforts to bring
Bonds
As U.S. Treasury yields experienced a rise and equities closed in the red on Thursday, the municipal bond market remained relatively stable. According to AllianceBernstein strategists, the technical picture for munis this summer has been notably stronger compared to the same period in 2023. Last year, total returns for June through August were reported at
Investors are currently considering a new-issue calendar totaling $12 billion, with nearly $2 billion of that debt coming from New York City. The deal, which amounts to $1.8 billion, is the largest offering on the calendar for the week and comes on the heels of the city’s $1.2 billion refunding issuance in July. The offering
Municipal yields have experienced a decline as the primary market activities gained momentum. However, this decline has been overshadowed by an improved performance in the U.S. Treasury market, especially as equities rallied following the release of lower-than-expected inflation data. This has led to two to four basis point increases in Triple-A municipal curves, with the
The underwriting spreads for all bonds have skyrocketed in the first half of 2024, exceeding $7 for the first time in 25 years. The data provided by LSEG indicates a significant increase in underwriting spreads from $3.70 in the first half of 2023 to $7.11 in the first half of 2024. This surge has been
The recent U.S. Treasury market selloff had a significant impact on the municipal bond market. However, despite the pressure felt by municipals, they outperformed their taxable counterparts. This can be attributed to better economic data, which led investors to shift towards equities in a risk-on trade. As a result, Triple-A yields rose slightly, varying between
Municipal bonds experienced improvements on Wednesday as the primary market took center stage. Notably, Chicago made a comeback to price its delayed general obligation bond deal alongside deals from other entities such as the Triborough Bridge and Tunnel Authority, the Pennsylvania Turnpike Commission, and the Las Vegas Valley Water Department. The session was marked by
Dallas Fort Worth International Airport is gearing up to enter the municipal bond market with a $750 million deal, following an impressive rating upgrade from S&P Global Ratings. The upgrade from AA-minus to A-plus is a result of the airport’s robust enplanements, financial resiliency, and stable debt service coverage. This positive change in rating indicates
The municipal bonds market witnessed a weaker trend on Thursday due to the rise in U.S. Treasury yields and the rally in equities. Triple-A yields saw an increase of two to seven basis points, while USTs rose four to five points as volatility persisted in both markets. This recent trend has been characterized by “crazy
The approval of a $333.4 million general obligation bond referendum by the Omaha City Council signifies a significant step in the city’s capital planning process for the next four to five years. The bond proceeds will be allocated towards sewer construction and improvements, streets and parking, public safety and convention center facilities, parks and recreation,