Judge strikes down Missouri’s anti-ESG investment rules

A federal judge Wednesday struck down a pair of year-old Missouri investment rules that regulated "non-financial" investment advice from broker-dealers and investment advisors. Judge Stephen Bough of the U.S. District Court for the Western District of Missouri issued the order the day after hearing oral arguments from both parties, which had submitted dueling summary judgment motions. He ordered a statewide permanent injunction prohibiting the implementation, application, or enforcement of the rules.

From politics to disclosure to funding, the changing climate challenges muni issuers. Learn more in our Climate Spotlight 2024 package.

The Biden administration is taking unprecedented steps to address the rising heat in what many are already deeming the hottest year on record by releasing its National Heat Strategy, a 37-page strategy document outlining how the administration will work with federal agencies and state and local governments to address the growing threat of extreme heat. But President Biden and the executive branch are not alone.?

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Tennessee is hitting the gas on its plan to develop P3 toll express lanes. The state has selected a stretch of Interstate 24 between Nashville and Murfreesboro to be its first "Choice Lane," an optional toll lane to bypass congestion.

Watch what the municipal bond industry’s innovators and influencers are saying in our Leaders series of video interviews. Check out our lineup of future live interviews and archived conversations.

Utah voters will weigh big bond propositions Nov. 5 as two top-rated issuers seek authorization for $1.237 billion of general obligation debt. The Salt Lake City School District Board of Education approved a plan last week to seek $730 million of bonds to rebuild two high schools, construct an athletic field house, and upgrade facilities. The Salt Lake County Council took action Tuesday to ask voters for $507 million of bonds to build a Justice and Accountability Center in Salt Lake City that would consolidate the county's two existing jails.?

Advance rates are available for The Bond Buyer’s California Public Finance conference, coming to San Francisco in October.

Underwriting spreads for municipal bonds surged in the first half of 2024, rising above $7 for the first time in 25 years, to $7.11 in the first half of 2024 from $3.70 in the first half of 2023. The last time spreads were above $7 was in 1999. Part of the increase in spreads stems from who is coming to market, said Wesly Pate, a senior portfolio manager at Income Research + Management. “Underwriting costs are quite scalable, so if you have a disproportionately greater number of smaller deals hitting the market, it’s naturally going to shift that underwriting costs higher,” he said.

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