Seeing was believing as JFK T1 P3 deal was upsized

Tours showing off the speed of progress at the under-construction New Terminal One project at New York’s John F. Kennedy International helped spur the upsizing of a bond deal for the P3 by $1 billion to $2.5 billion. Project CFO Manoj Patel credits the construction progress with the deal's performance: it's rare for such a large project to be on schedule and on budget, he said. Two years into the project, the terminal is 40% completed and has procured 96% of its trade packages.?

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

New York City balanced its largest-ever budget in a deal days before the July 1 deadline marking the start of fiscal 2025. Better-than-expected revenues, a strong economy and savings on asylum seeker programs allowed the city to restore cuts to social services. But analysts warn the city's bad budgeting habits remain.

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A year after committing to the funds, the Biden administration Monday inked the formal grant agreement that, along with low-interest federal loans, make up a $11.7 billion package for the Hudson Tunnel megaproject. The money marks the largest federal transportation grant in American history and will allow construction to begin as soon as this month on the long-delayed project, considered one of the most complex and important in the Northeast. "This time it's real," said Senate Majority Leader Chuck Schumer, D-N.Y., one of many officials gathered Monday for a ceremony to sign the Full Funding Grant Agreement for the rail tunnel project between New York and New Jersey. "All systems go. No turning back. Locked in.

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Municipals were firmer Monday ahead of a $9.2 billion new-issue calendar. Treasuries were little changed. “We expect that favorable July technicals and a stable-to-rallying UST market backdrop should support municipal prices, despite a sizable tax-exempt competitive calendar ... heavier-than-typical dealer inventories, and hedge fund selling into the strong summer cash flow,” noted J.P. Morgan strategists, led by Peter DeGroot, in a morning market note.

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The Biden administration awarded $504 million in grants last week to a dozen tech hubs across the country to scale up the production of critical technologies and create jobs in innovative industries. The tech hubs are part of a push by the administration to accelerate domestic growth in industries such as biomanufacturing, clean energy, artificial intelligence and climate resilient infrastructure.

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