Bonds

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Harrisburg University of Science and Technology violated its bond covenant at the beginning of the month when it missed a monthly $1.2 million interest payment to the bond trustee. Jessica Warren, Harrisburg University’s executive director of marketing and communications, said the university only needs to make interest payments twice a year on its outstanding bond
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Municipals took a breather Friday ahead of the long weekend and a much smaller calendar after seeing yields rise and underperform U.S. Treasuries, pushing ratios to levels last seen in November 2023. In addition to “more attractive raw yields, municipal underperformance has allowed relative values to improve as well,” noted Kim Olsan, senior vice president
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Munis were weaker Wednesday as the primary market saw a slew of new deals price, adding pressure to secondary market trading. U.S. Treasury yields rose throughout most of the curve and equities ended down. Triple-A yields rose as much as 11 basis points while USTs were weaker by five basis points. As munis have seen
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A California Senate committee received few details from the department charged with building a public broadband program on its plans to expand into underserved neighborhoods. The program faced criticism last year for prioritizing upscale cities, like Beverly Hills, over impoverished and middle-class areas, such as Los Angeles’ South Central region and Oakland, communities lacking in
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Municipals were weaker to start the week, as U.S. Treasury yields rose slightly and equities were mixed near the close. Muni yields rose up to nine basis points, depending on the scale, while UST yields rose up to three basis points. “While we acknowledge that the market tone is weaker [Monday], we are generally constructive
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States are casting around for solutions to a drop in gas tax revenues which includes hiked registration fees and the expansion of toll roads, which remains politically sensitive.  “Various projections from state DOTs, think tanks, and economists show that gas tax revenue, which is the largest source of revenue for state transportation trust funds, is
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Virginia Beach tapped the municipal bond market to help fund a surf park development backed by multi-Grammy award winning artist Pharrell Williams.  The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing the construction of a 3,500-person entertainment venue, parking facilities and land acquisitions, as
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Municipal bonds saw a touch of weakness in spots as the last large issues of the week priced while municipal bond mutual fund flows show retail engaged and high-yield continuing to outperform the broader investment-grade market. U.S. Treasuries faced some pressure on a slew of economic data and Fed speak that gave participants pause on
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Exchange-traded funds have seen inflows over the past several weeks as demand grows, showing improved retail investor sentiment and a better market environment overall. LSEG Lipper reported muni ETFs saw $91 million of inflows for the week ending Wednesday after $922 million of inflows the week ending May 8, while the Investment Company Institute reported
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Fitch Ratings last week upgraded Milwaukee’s issuer default rating and general obligation rating to A-plus from BBB-plus. The outlook is stable.  Milwaukee benefited from Fitch’s new rating criteria, rolled out last month, which incorporate most of the credit factors that Fitch has considered historically but include additional analytical factors and now assign specific weightings to
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Municipals were slightly firmer Wednesday as the New York City Transitional Finance Authority came to market with a $1.8 billion deal with small bumps from its retail offering and inflows into exchange-traded funds topped $1 billion. U.S. Treasuries and equities rallied following the consumer price index report that came in softer than expected. April’s CPI
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The Virginia General Assembly is set to pass a new budget next week after a saga that saw the state’s Republican governor and the Democratically controlled legislature clash over environmental issues, school funding, and pay-fors.     Although the budget deal still needs to be officially approved during the special session that begins Monday, Gov. Glenn
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Municipals were a touch weaker in spots ahead of another robust new-issue calendar. U.S. Treasury yields rose and equities were up. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 62%, the five-year at 60%, the 10-year at 60% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s 3 p.m. EST
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The Senate Thursday overwhelmingly passed a five-year Federal Aviation Administration authorization that features a 20% boost for major airport capital improvement projects. The bipartisan measure, which had been stalled by negotiations over an ultimately successful move to add additional flights to Ronald Reagan Washington National Airport, heads now to the House, which is expected to