Bonds

Municipals were firmer in secondary trading Tuesday as the primary market picked up steam, while U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 84%, according to Refinitiv Municipal Market Data’s 3

U.S. states are expected to cut their budgets, marking a return to more modest levels of spending after years of stimulus-fueled growth and tax cuts.  Total general-fund spending is expected to fall to $1.2 trillion in fiscal 2025, according to an analysis by the The Pew Charitable Trusts. That’s a roughly 6% decline from estimates of

Federal Reserve chair Jerome Powell, left, and David Rubenstein, co-founder of Carlyle Group Inc., during an Economic Club of Washington event in Washington, D.C. on Monday. Powell said he will complete his current term as Fed chair but had no further comment on his plans or aspirations after his term expires in 2026.Bloomberg News Regardless

Ohio state legislators are considering a bill that would bar the state’s pension systems, state colleges and universities and the Bureau of Workers’ Compensation from prioritizing environment, social and governance factors when making investment decisions.  Ohio’s Senate Bill 6 passed the state Senate on May 10 by a vote of 26 to 7, with senators

The North Carolina Local Government Commission approved $226 million in water revenue bonds for three municipalities in the Research Triangle Region at its meeting Tuesday. The commission approved a $76 million bond and an $88.4 million state revolving fund loan for Sanford, a $75 million bond and a $54 million SRF loan for Fuquay-Varina, and

A subsidiary of Spanish highway operator Abertis is considering borrowing $424 million to fund capital projects for four Puerto Rico toll roads.  The Public Finance Authority, a Wisconsin-based conduit issuer, approved the municipal bond sale for Puerto Rico Toll Roads LLC, at a June 26 board meeting. PFA would loan the proceeds it borrows to

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board’s amendments to Rule G-47 on time of trade disclosure, adding three disclosure scenarios, retiring some existing guidance and clarifying some supplemental information. The amendments were filed with the Commission in April and the amendments themselves were discussed and approved at the MSRB’s quarterly

In light of the U.S. Supreme Court’s recent reversal of the so-called Chevron doctrine, House Republican leaders Wednesday launched a review of the Biden administration’s environmental, social and governance agency regulations. House Transportation and Infrastructure Committee Chair Rep. Sam Graves, R-Mo., and Rep. James Comer, R-Ky., chair of the House Oversight Committee, sent letters this

The looming 2028 Olympics and the specter of crime took center stage at the Los Angeles County Metropolitan Transportation Authority’s state of the agency event this week. Los Angeles Mayor Karen Bass handed off the gavel and her title as Metro chair to Los Angeles County Supervisor Janice Hahn during Wednesday’s event held at Union

Municipals were little changed Friday ahead of another large new-issue calendar. U.S. Treasury yields fell further and equities ended higher. A “relatively difficult start to the year” was expected, “as Treasury yields were too low, market participants were too optimistic about the number of rate cuts this year, and muni ratios were near their multi-year

Officials in East St. Louis, Illinois, have sued the local police and firefighter pension boards and the state comptroller to block the use of a law allowing the comptroller to intercept state funds going to the city and redirect them to pension payments. According to the Belleville News-Democrat, the city is challenging the law’s legitimacy

Public infrastructure built with federal emergency funds must conform to stricter flood-risk standards to better protect against rising climate risk, the Biden administration said Wednesday. The standard, which was years in the making, requires buildings and other infrastructure built with Federal Emergency Management Agency funds to be elevated higher above local flood levels, or relocated

Municipals were mixed in secondary trading Wednesday as the primary market took focus, led by a $1.2 billion deal in three series from the Dormitory Authority of the State of New York. U.S. Treasury yields fell slightly and equities ended up. Thursday’s consumer price index report is the “event of the week,” said Cooper Howard,

Solid investment returns and higher interest rates have been a boon for state and local pension funds, Moody’s Ratings said in a comment piece this week. Strong market performance and higher interest rates have resulted in a $3 trillion drop in unfunded pension liabilities as of June 30 compared to the peak in 2020, marking

Congress is back in Washington, D.C. with a busy week as the Senate launches its 2025 appropriation process and the House holds full Appropriation Committee votes on a transportation and housing spending measure and an energy bill that would see a significant boost in nuclear support. House Republicans have spent weeks advancing various spending measures

Municipals were little changed Tuesday outside of bumps on the front end, as U.S. Treasury yields rose slightly and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m.

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

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

California’s presidential election ballot in November will include $20 billion dollars of statewide bond measures, with $20 billion more in one regional bond election. At the state level, lawmakers reached agreements last week on two $10 billion general obligation bond measures that were heading toward approval in floor votes this week. The measures were put

The Washington Metropolitan Area Transit Authority is issuing $625.4 million of second lien dedicated revenue bonds by negotiated sale July 8, which should yield an enthusiastic market response.    “As the interest on the bonds will be exempt in D.C., Maryland, and Virginia, I expect strong interest from in-state buyers,” said Patrick Luby, head of Municipals,

Parties in the Puerto Rico Electric Power Authority bankruptcy showed themselves to be further apart than ever before, with the Oversight Board offering little beyond the current plan’s 4% recovery for non-settling bond parties and some bond parties suggesting they should get 100% of what they say is at least an $8.5 billion claim and

The Illinois state comptroller reported a 55% year-over-year increase in the end-of-year general revenue fund cash balance as her office paid the state’s bills in a timely manner, a departure from recent years when the state’s unpaid bill backlogs topped $10 billion. Illinois ended the fiscal year with a $1.7 billion balance in the general

Municipals were slightly firmer, underperforming U.S. Treasuries, which saw gains up to 10 basis points on the short end, after a better-than-expected jobs report kept a Federal Reserve rate cut in September in play. Equities ended up. While the numbers still suggest a healthy labor market, “this report absolutely keeps the probability of a September

Fitch Ratings affirmed Los Angeles International Airport’s AA rating and stable outlook despite ongoing delays on its automated people mover. The airport’s AA issuer rating reflects “LAX’s superior credit characteristics, including a strong underlying air trade service area, significant operational activity supported by a diverse mix of domestic and foreign-flag carriers, favorable rate agreements with

When the west abutment on Minnesota’s Rapidan Dam partially failed last week, officials initially feared a total collapse.  The dam did not collapse, but storms caused water to overflow it, debris to clog parts of it and the flood flows to ultimately generate so much erosion that waters ultimately went around the dam. For days,

Reinvestment demand will remain strong in July, as large redemptions will support technicals and lead to positive returns. June saw $42.4 billion of redemptions, the highest redemption figure since August 2023, helped the muni market as new-issue buying last month was “pretty strong,” said Pat Luby, head of municipal strategy at CreditSights. Net supply for

Municipals were a tad firmer ahead of the Fourth of July holiday, as U.S. Treasury yields fell and equities ended mixed. The Federal Open Market Committee meeting minutes released after the early market close signaled the Fed is in no hurry to cut rates. FOMC members saw inflation “diminishing” but still needed more evidence it

California’s controversial high-speed rail project cleared a major milestone Thursday when the authority overseeing the project approved final environmental clearance for the final, and possibly the most challenging, segment of the route. The California High-Speed Rail Authority’s approval of a Final Environmental Impact Report/Environmental Impact Statement during a two-day meeting last week marked the last

Municipals were steady Tuesday as U.S. Treasury yields fell and equities ended higher. The muni market will see few deals this week as issuers usually “take a breather” on coming to market during holiday-shortened weeks, noted senior vice president and director of strategic planning and fixed income research at SWBC Chris Brigati. Along with the

Fitch Ratings gave Children’s Health System of Texas a negative outlook on its AA rating, citing financial pressure from a plan to build a partly bond-financed $5 billion pediatric health campus in Dallas. Fitch noted the project will be funded by Children’s Health and UT Southwestern Medical Center and will be “supported by philanthropy and