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Ohio Utility Has Bribery Charge Deal

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Ohio Utility Has Bribery Charge Deal Vol. 393 No. 35549 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Monday, July 26, 2021 MONDAY MSRB Taps Ohio Utility www.bondbuyer.com Chair, Sets THE MARKETS Has Bribery MUNICIPALS WERE STEADY IN typical summer Friday style Strategy ahead of a less-than-robust BY KYLE GLAZIER Charge Deal new-issue calendar that will A busy Municipal Securities finish out July. The U.S. Rulemaking Board quarterly BY YVETTE SHIELDS Treasury 10-year ended 10 board meeting saw Patrick Brett basis points higher from where selected as fiscal year 2022 chair, Akron, Ohio-based FirstEner- it started the week while the the adoption of a multi-year stra- gy Corp. agreed to pay $230 mil- tegic plan, decisions on sever- lion to resolve federal charges in stock market rallied and earn- al regulatory initiatives and the connection with an alleged brib- ings pushed it to record highs adoption of a $43 million operat- ery scheme involving a $1 billion Friday. 2 ing budget. public bailout for two nuclear Those and other developments power plants owned by a bank- WEB EXCLUSIVES emerged at the MSRB’s in-per- rupt subsidiary with municipal son meeting held July 21-22 in Patrick Brett, a managing director and head of municipal debt capital debt. THE PUERTO RICO OVERSIGHT BOARD Washington. Brett, a managing markets at Citi, will serve as chair in the board’s new fiscal year. Federal authorities charged the isn’t ready to sign off on a deal director and head of municipal public utility holding company debt capital markets at Citi in “Both Patrick and Meredith fiscal year. The board sought with conspiring to commit honest just yet. Gov. Pedro Pierluisi New York will assume the chair exemplify the commitment to comment on the development services wire fraud. The publicly and truckers reached a pact with the start of the board’s new public service and market knowl- of its plan in December 2020, traded company signed a deferred to end the drivers’ strike, fiscal year Oct. 1. Meredith Ha- edge that are hallmarks of great and Kim said the process also prosecution agreement that could which threatened the island’s thorn, a managing partner at the Board leaders,” said MSRB CEO included in-depth interviews with potentially result in dismissal of law firm of Foley & Judell in Mark Kim. “I am delighted to be stakeholders. the charge in three years if the economy. However, Board Baton Rouge, Louisiana, will be working alongside Patrick and “We spent the last year lis- firm abides by provisions that Spokesman Matthias Rieker vice chair. Meredith to advance the MSRB’s tening to our stakeholders and call for improved compliance and said, “what I read in the media bold new strategic plan grounded formulating the Board’s vision ethics measures and continued is inconsistent with the fiscal in our Congressional mandate to for the market that helps bring cooperation in an ongoing federal FRIDAY’S YIELDS protect investors, issuers and the progress and opportunity to com- probe. Current and former firm plan.” The board has not seen munities across the country,” The Bond Buyer 40 public interest.” officials are not protected from the agreement, he added, but The MSRB said it will soon Kim said. “I’m looking forward prosecution. after it has read the deal, it 5.0 announce the incoming class of to continuing that dialogue and The former subsidiary — will come out with a formal 4.2 To Maturity four board members whose terms sharing our strategy for how we FirstEnergy Solutions — that 3.37 Up 0.01 will also begin Oct. 1. can deploy the tools of regula- benefited from the tainted bailout position. 3.4 The board adopted a four-year tion, technology and data in im- legislation is now known as En- To Par Call strategic plan, which it plans to pactful ways to serve the public ergy Harbor and no longer affili- 2.6 NOTED ECONOMIST MOHAMMED 1.60 Unchanged publish prior to the start of its Turn to MSRB page 4 Turn to Ohio page 4 El-Erian believes inflation will 1.8 stay high, and “the Fed should 1.0 ease its foot slowly off the 07/12 07/15 07/20 07/23 Federal Aid Keeps MTA Flush, But CFO Sees Issues accelerator.” 5.5 BY PAUL BURTON THE PUERTO RICO AQUEDUCT AND 5.0 4.5 Sewer Authority plans to The Metropolitan Transporta- Where the dollars go 4.0 tion Authority is armed with bil- New York MTA proposed operating refund $1.8 billion of out- 3.5 lions from several rounds of federal budget breakdown for 2022 standing 2012 debt in an 3.0 funding. Toll and tax revenue is up, August deal, according to 2.5 other indicators are positive and 2.0 a posting on the Municipal commuters are probably spared a Payroll, 30% 1.5 fare increase for this year. Securities Rulemaking Board’s JJMAMFJDNOSA But as he outlined scenarios Non-labor and other EMMA site. Complete market coverage expense adjustments, 24% appears on page 2 related to the authority’s rolling four-year financial plan and how it hinges on post-pandemic rider- Debt service, 17% ship return, Chief Financial Offi- Health and welfare, 13% cer Robert Foran’s message to the MTA board on Wednesday was Pension, 8% clear: Don’t get too giddy. Out-year deficit borrowing Overtime, 5% looms, according to Foran. With- Other labor, 3% out a 2021 fare increase, a two-year wage freeze and service cuts, the MTA could face a combined $3.5 Source: Metropolitan Transportation Authority Turn to MTA page 5 001_BB072621 1 7/23/2021 5:11:37 PM Market News Monday, July 26, 2021 2 The Bond Buyer What $60B of Redemptions Does to the Muni Bond Market Municipals were steady in typical sum- funds, according it “at the meeting, Jackson Hole symposium. mer Friday style ahead of a less-than-robust to JB Golden, in the press con- They see tapering beginning “in late-2021 new-issue calendar to end July. executive direc- ference, or in sub- or early-2022 at a pace of $10 billion per The U.S. Treasury 10-year ends 10 basis tor and portfolio sequent speeches month, with the option to increase or de- points higher than it started the week, but manager at Advi- by other Fed offi- crease that rate depending on economic con- back to levels of a week ago, while the stock sors Asset Man- cials.” ditions,” she said. market rallied and earnings pushed them to agement. And Ariel If tapering goes according to plan, Thomas all-time record highs Friday. “The unceasing Acuna, founder added, rate hike could start in 2023. Triple-A benchmarks were little changed. wave of post-pan- and CEO at LTG “If the economy continues to improve and Municipal-to-UST ratios were at 64% for the demic inflows Capital, LLC/The tapering progresses smoothly, the Fed could 10-year and the 30-year was at 71%, accord- continues and the Aqueduct Strate- commence hiking rates in 2023.” ing to Refinitiv MMD. ICE Data Services amount of money BY LYNNE FUNK & AARON WEITZMAN gy, expects “the Also of interest to Thomas is “how the Fed had the 10-year muni-to-Treasury ratio at entering the mar- Fed to shed some is incorporating the rising concern around 65% and the 30-year at 70%. ket this year has light on when they the Delta variant into its growth outlook and The total potential volume for this week is been nothing short of astounding,” Golden anticipate beginning to slow their monthly also the Fed’s reaction to the slump in the 10 estimated at $6.356 billion, down from total said. bond purchases.” year yield.” sales of $8.653 billion last week while 30- While there may be some concern and Moving to other issues, Sean Simko, man- But AXA’s Page thinks the FOMC will day visible supply is pegged at $9.4 billion. market pressure over the resurgence of the aging director and head of fixed income port- need more time to figure out a taper plan Washington along with King County, COVID-19 Delta variant and the potential folio management at SEI’s Investment Man- and doesn’t anticipate a big announcement Washington, and Philadelphia lead the slate impact it could have on state and local gov- agement Unit, wants clarity on the projected at Jackson Hole. He expects the Fed to issue with various negotiated and competitive ex- ernments, Golden said, it seems more tech- path of interest rates. a “warning” of coming tapering in Septem- empt and taxable general obligation bonds. nical in nature than fundamental. “At this point, the Fed has projected two ber, followed by a taper announcement in The housing and utility sectors also are well “There have been a host of supportive tail- rate hikes by year end 2023,” he noted. “This December. represented. winds for the asset class this year, including a contradicts the messaging that inflationary At Jackson Hole, the chair could say With about $60 billion coming due and it healthy political backdrop, a credit backstop pressures are transitory. We are looking for “something that suggests that a decision is being very unlikely for new issuance to hit in the form of the $1.9 trillion American clarity on this topic.” imminent, perhaps specifically referring to that figure, the supply-demand imbalance is Rescue Plan Act, concern over higher taxes, Some, like Wilmington’s Thomas, expect the September meeting,” Page said, “but we severe and keeping municipal performance and a lack of safe haven alternatives,” he said.
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