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Vol. 393 No. 35515 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE Monday, May 24, 2021 MONDAY Providence Illinois Has www.bondbuyer.com Wants to THE MARKETS Revenue MUNICIPAL BONDS WERE LITTLE changed Friday ahead of this Use POBs $7 billion pre-holiday week — led by the Washington BY PAUL BURTON To Pay MLF Metropolitan Area Transit Body Red flags waved as Authority’s $800 million-plus Providence Mayor Jorge Elorza BY YVETTE SHIELDS green bond deal — as inves- proposed issuing $704 million tors head into the last week in pension obligation bonds to Illinois will dip into its growing before the June reinvestment deal with a pestering unfunded pot of tax revenues to pay off the season begins. There are 19 liability problem in Rhode Is- remaining $2.175 billion of out- deals larger than $100 million land’s capital city. standing debt borrowed through in a mixture of credits that The amount exceeds the the Federal Reserve’s Municipal should keep yields steady, city’s annual operating budget. Liquidity Facility to manage last all else being equal. About Bond markets often frown on year’s COVID-19 tax blows. $1.64 billion of ESG bonds such borrowing and sentiment City of Providence The Treasury Department’s will be priced, equal to about among state officials who must “The pension payments are projected to grow year after year in a way interim guidance, released May half of the total issued in the sign off is uncertain. Skeptics that’s unsustainable for the city,” said Providence Mayor Jorge Elorza. 10, barring debt repayment as an first quarter, according to also call the city’s fiscal man- eligible use of American Rescue Refinitiv MMD. Joining WMATA agement track record shaky, Institute and a former state rev- “The pension payments are Plan dollars threw a wrench — at in selling ESG bonds in that while memories linger of a enue director. projected to grow year after least temporarily — into Chica- burgeoning market are issuers fiasco in Woonsocket, which Still, Elorza insisted, his year in a way that’s unsustain- go’s and Illinois’ plans to pay from New Jersey, California, tried a similar move nearly 20 180,000-population city is able for the city,” Elorza said. down debt issued last year. Illi- Wisconsin and Nebraska. �����2 years ago. backed up against a wall. “It’s only a matter of time be- nois borrowed through the MLF “It’s a riverboat gamble,” said “Doing nothing is not an op- fore they continue to squeeze and Chicago issued notes ahead WEB EXCLUSIVES Gary Sasse, founding director tion,” he said on a Zoom press everything else out of the bud- of a planned scoop-and-toss bor- NICHOLAS FALGIONE OF WEXFORD, of Bryant University’s Hassen conference. He proposed spe- get so that we’re cutting deeper rowing to stave off deep cuts and Pennsylvania, a longtime cial state legislation authorizing and deeper into the bone.” layoffs as tax revenues plummet- municipal banker and man- Providence to issue a 25-year The first step is City Council ed. Both planned to pay off the FRIDAY’S YIELDS aging director at PNC Capital taxable, fixed-rate bond, with approval. debt with ARP funds. Markets, died on May 12 after The Bond Buyer 40 an expected interest rate of 3% “This problem is nothing Both planned to lobby the Trea- to 4%. new,” council president John sury Department for a guidance a three-year battle with liver 5.0 cancer. He was 55. He joined The city, he said, could also Igliozzi said on the Zoom call: change during a 60-day comment To Maturity include a 10-year par call fea- “We had it 10 years ago, 20 period, but Illinois was under the PNC in 2013 as a managing 4.2 3.44 Unchanged director based in Pittsburgh ture on at least a portion of the years ago, and et cetera.” gun to make repayment plans 3.4 and was in charge of leading bond, enabling the city to refi- Elorza, elected in 2014 when ahead of a May 31 deadline to To Par Call nance in the future after evalu- he stymied ex-mayor Vincent pass a fiscal 2022 budget. The development of financial struc- 2.6 1.93 Unchanged tures for government entities ating the cost. Turn to Providence page 5 Turn to Illinois page 4 in Western Pennsylvania and 1.8 helping to build the firm’s cov- 1.0 erage of major governmental 05/10 05/13 05/18 05/21 issuers. Ex-MTA Official Violated Bidding Rules, IG Says 5.5 BY PAUL BURTON LEADERS: PETER COFFIN, PRESIDENT, 5.0 Breckinridge Capital Advisors, 4.5 New York Metropolitan and Andrew McCollum, head 4.0 Transportation Authority’s for- of investment management at 3.5 mer transit accessibility chief Greenwich Associates, discuss 3.0 violated ethics rules by reveal- ESG investing in fixed income 2.5 ing confidential information with a focus on the burgeoning 2.0 to a vendor during a competi- municipal ESG asset class. 1.5 tive bidding process, an MTA The Bond Buyer’s innovation MAMFJDNOSAJJ watchdog report said. editor, Lynne Funk, hosts. Complete market coverage appears on page 2 Alex Elegudin, a senior ad- visor in the MTA’s New York City Transit division from 2018 to 2020, relayed details to taxi technology provider Curb Mobility LLC and potential- ly jeopardized a $579 million contract to provide paratransit rides, according to Inspector General Carolyn Pokorny. Marc A. Hermann / MTA New York City Transit In what investigators consid- ered an apparent try to enable Alex Elegudin, shown in 2020 event, broke MTA and New York State Turn to MTA’s page 4 ethics policy, said MTA Inspector General Carolyn Pokorny’s office. 001_BB052421 1 5/21/2021 5:17:21 PM Market News Monday, May 24, 2021 2 The Bond Buyer Unrated Deals, ESG Lead Calendar as Issuance Lags Demand Municipal bonds were little changed Fri- While at on the day-to-day Wednesday $100.3 million of taxable day ahead of this $7 billion pre-holiday current levels, calendar with first lien revenue refunding bonds, Series week — led by the Washington Metro- tax-exempts pro- $771.6 million of 2021B, serials 2021-2038. UBS Financial politan Area Transit Authority's $800 mil- vide little value gas supply reve- Services Inc. is head underwriter. lion-plus green bond deal — as investors versus Treasur- nue bonds, Series Existing home sales fell 2.7% in April head into the last week before the June ies, compared 2021A, serials to a seasonally adjusted annual rate of 5.85 reinvestment season begins. with taxable 2022-2028, term million, from a non-revised 6.01 million There are 19 deals larger than $100 mil- munis they offer 2051, puts due and a 3.7% decline in March. lion in a mixture of credits that should keep even less value, 12/01/2028. RBC Sales have fallen for three straight months. yields steady, all else being equal. About Barclays not- Capital Markets is Economists polled by IFR Markets esti- $1.64 billion of ESG bonds will be priced, ed, adding that head underwriter. mated 6.09 million sales. equal to about half of the total issued in the back in Febru- BY LYNNE FUNK & AARON WEITZMAN The University “It is a clear trend that the combination first quarter, according to Refinitiv MMD. ary, when some of Nebraska Facil- of price increases and low inventory is Joining WMATA in selling ESG bonds in tax-exempt in- ities Corp. (Aa1/ frustrating home buyers, as they are either that burgeoning market are issuers from vestors considered buying taxable mu- AA//) is set to price on Wednesday $344.79 priced out or are choosing to back out,” New Jersey, California, Wisconsin and Ne- nis instead, “the story might repeat itself million of university facilities program according to Ralph McLaughlin, chief braska. again” now. bonds, $260.6 million of series 2021A, and economic advisor at Kukun. Infrequent issuer Hawaii brings highway Municipal to UST ratios closed at 62% $84.2 million of green Series 2021B. BofA Buyers should return, he said, when the bonds, gilt-edged Loudoun County, Virgin- in 10 years and 67% in 30 years on Friday, Securities is lead underwriter. headwinds clear. “Maybe new inventory ia, will lead the small competitive calendar according to Refinitiv MMD. ICE Data The California Public Finance Authority will come, which would help and also (one of only two deals of size) and nonrated Services saw ratios on the 10-year at 61% (////) is set to price on Wednesday $307.9 maybe interest rates will go up, which will senior housing deals will provide yield in- and the 30-year at 68%. million of Enso Village Project senior living cool prices some,” he said. “The housing vestors with some paper. Another California Trading was light but several prints revenue and refunding green bonds, Ziegler market needs more new homes, as that will issuer will bring taxable pension obligation showed some firmness. Maryland 5s of will run the books. free up existing inventory.” bonds as that trend continues. 2023 traded at 0.18%. Huntsville, Ala- Houston Combined Utility System (/AA/ Buyers are snapping up homes quickly, The total potential volume is estimated bama, 5s of 2023 at 0.20%. Utah 5s of AA/) is set to price on Wednesday $259.5 according to Scott Ruesterholz, portfo- at $6.99 billion, of which $970 million 2026 at 0.53%-0.50%. million of first lien revenue refunding bonds, lio manager at Insight Investment.
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