Bonds

Municipals were little changed Monday as the market awaits another heavy new-issue calendar and an upcoming inflation report. U.S. Treasuries were slightly firmer and equities were mixed near the close. While muni yields were steady Monday, yields fell last week, with 10-year notes falling seven basis points to end the week at 2.65%, said Jason

The Puerto Rico Oversight Board and Puerto Rico Fiscal Agency and Financial Advisory Authority said the judge in the Puerto Rico Electric Power Authority bankruptcy case should reject objecting bond parties’ request to reopen the case to hear new evidence. The bond parties objecting to the proposed plan of adjustment said in late April projections

New findings show the increasing frequency and severity of climate hazards pose growing financial risks for local government issuers in the U.S. municipal bond market, according to a report from S&P Global Sustainable1. In 2023, the hottest year on record globally, the U.S. faced 28, billion-dollar weather and climate disasters, that caused a record $92

Shreveport, Louisiana, voters approved $256 million of general obligation bonds Saturday. The voters approved $125 million for a streets and drainage bond, $82 million for a water and sewer bond, and $49 million for a police and fire infrastructure bond. The first two bonds passed with 80% in favor and 20% against. The last passed

Collin Teague has joined Siebert Williams Shank & Co. as a managing director in the company’s public finance group in New York, the firm announced Thursday. Teague was most recently an executive director in the municipal securities department at Morgan Stanley. “Collin joining us is further evidence of our commitment to growing our public finance

With about 94% of the $55 billion of federal funding from the 2021 Infrastructure Investment and Jobs Act for the country’s water and wastewater needs yet to be disbursed, issuers may not need much in the way of municipal bonds for water infrastructure, analysts said. Bond issuance for water and sewer purposes declined 6.7% to

Investors should be aware of risks that Build America Bonds pose if called under an extraordinary redemption provision, as many of these could result in losses, especially if the bonds were purchased at a premium,the Municipal Securities Rulemaking Board warned Friday. That comes amid expectations that issuers will redeem $20 to $30 billion in BABs

On Thursday the Governmental Accounting Standards Board requested feedback via a survey designed to aid the board’s tinkering with standards and disclosures regarding infrastructure and capital assets.   “We would like feedback from users of governmental financial statements on what information would have a meaningful effect (more than ‘nice to know’) on their analyses for decision making or assessment

Municipals held steady Friday ahead of a sizable $7 billion, new-issue slate with a mix of credits across the spectrum, from healthcare to housing to toll roads and bellwether general obligation issuers. U.S. Treasuries improved across the curve while equities rebounded after another volatile week across markets. “Bond market investors are all wishing that April was behind us as they

The California Treasurer’s office will relaunch its DebtWatch website on May 1, offering a more user-friendly format with vastly more data than the original 2015 version. The website’s software will allow investors, issuers and taxpayers to access all the data the California Debt and Investment Advisory Commission gathers on bond issuance to allow them to

Kansas Gov. Laura Kelly on Wednesday vetoed tax cut legislation that she called “too expensive” and offered lawmakers a less-costly alternative. The Democratic governor, who in January vetoed a previous tax reduction bill passed by the Republican-controlled legislation, said the latest measure “jeopardizes our state’s future fiscal stability.”    House Bill 2036, which cleared the House

Municipals saw losses Thursday following U.S. Treasuries to higher yields, while equities sold off after GDP growth slowed in the first quarter. While growth slowed, inflation was hotter, said ING Chief International Economist James Knightley, as the core PCE deflator rose 3.7% on an annualized basis, three-tenths of a point higher than expected. “Unsurprisingly Treasury yields

The California Supreme Court has granted review of a case challenging retirement reforms state lawmakers approved 11 years ago, marking a return of pension spiking questions to the high court for the first time since a 2020 ruling on an Alameda County case. The new case — Ventura County Employees’ Retirement Association v. Criminal Justice

Municipals were slightly weaker in secondary trading Wednesday as the Los Angeles Unified School District’s nearly $3 billion pricing for institutions took focus. U.S. Treasury yields rose and equities ended mixed. Munis started the second quarter in “excellent shape,” as credit spreads are in fair value range, and muni-UST ratios start to cheapen, said GW&K

Moody’s Ratings on Monday revised Illinois’ outlook to positive from stable. The rating agency also affirmed the state’s A3 issuer rating and the A3 rating on Illinois’ general obligation debt and Build Illinois sales tax bonds. It assigned a rating of A3 to $1.8 billion of forthcoming Illinois GO bonds. The new bonds include $250

The Securities and Exchange Commission is seeking additional feedback on the Municipal Securities Rulemaking Board’s one minute trade reporting proposal, beginning a process that often results in eventual disapproval. The move begins formal “disapproval proceedings” related to the proposed amendments to Rule G-14 on time of trade reporting, the SEC’s answer to the amendments filed

Fitch Ratings affirmed both Miami Jewish Health Systems and Subsidiaries long-term issuer default ratings and the the city of Miami Health Facilities Authority’s $41 million of Series 2017 revenue bonds issued by on behalf of MJHS at speculative-grade BB-plus. The rating outlook on both is negative, Fitch said. “The affirmation reflects good growth in the

The U.S. Virgin Islands Gov. Albert Bryan Jr. declared a local state of emergency Monday to stabilize the islands’ electrical system and pay Water and Power Authority debts after various government-dependent agencies had not been paying their bills. The state of emergency will let the governor use the central government’s rainy-day fund to provide money

The Inflation Reduction Act has paved the way for broader participation in affordable housing and a renewed focus by developers on sustainability, panelists at Baker Tilly’s 2024 DevelUP conference said this week. One panelist called the 2022 law “the largest opportunity to build foundational generational wealth that you will experience,” and others praised the tax

The Municipal Securities Rulemaking Board has approved a request for comment for amendments to its Form A-12 under its registration rule A-12, which would collect information on associated persons from bank dealers for display on MSRB.org. That step was approved during the MSRB’s second quarter meeting that concluded Thursday. The meeting also discussed a bevy

Florida’s Brightline passenger train has added a chunk of unrated tax-exempt paper to an extensive debt restructuring that may price in the coming days, according to investors. Price talk Friday for the paper hovered between 11% and 15%, said an investor who is watching the deal. The bonds are subject to the Alternative Minimum Tax.

A contentious rule proposal has a host of broker-dealer and investment firms calling for a rewrite as the effects on the municipal bond market portend calamity.  “Overall, we recommend that the rules in general be reconsidered and ideally rewritten,” said Susan Joyce, head of muni trading & FI market structure, AllianceBernstein. “We definitely see a

A whopping $13 billion new-issue calendar awaits investors for the final full week of April in what has been a challenging month as macroeconomic data, Federal Reserve policy uncertainty and geopolitical turmoil have caused nearly daily mood swings in all markets. Triple-A yields were little changed Friday ahead of the larger calendar while U.S. Treasuries

Improved finances brought Los Angeles Unified School District upgrades from two ratings agencies as it heads to market April 24 with a $2.98 billion Build America Bonds redemption and general obligation bond refunding. The upgrades affect roughly $11 billion in outstanding GOULT bonds and $472 million in outstanding COPs. The school district is the third

Municipal bond mutual funds saw the first large outflows of 2024, marking tax-deadline selling pressure coinciding with higher rates and volatile U.S. Treasury market moves. LSEG Lipper reported $1.47 billion of outflows from municipal bond mutual funds for the week ending April 17, “as higher rates and tax liabilities drove outflows from both [exchange-traded funds]

On Tuesday, global law firm Nixon Peabody LLP released the names of newly minted partners and counsels who have arrived at the next level in their public finance career.  According to the firm, “Nearly 80% of the new partners are members of historically underrepresented groups at the partnership level in the legal profession, which aligns

Municipals were little changed Wednesday as supply slowed and small inflows into muni mutual funds returned. U.S. Treasury yields fell and equities saw losses. The Investment Company Institute reported small inflows to municipal bond mutual funds for the week ending April 10, with investors adding $18 million to funds following $69 million of outflows the week

Municipal analysts are concerned the growing federal government debt may lead to challenges for municipal finances in the near-, medium- and long-term. The increasing federal debt may force states and local governments to pay higher rates on their bonds. “Since some municipal investors may also choose Treasuries given their very low risk, the greater supply

Municipals were slightly weaker as the focus turned to a large new-issue day with deals upsized and accelerated. The asset class followed U.S. Treasuries to higher yields while equities closed the session up. Triple-A yields rose one to five basis points, depending on the curve, while UST yields rose up to four basis points. The

Los Angeles Mayor Karen Bass broadened her priorities from tackling homelessness and police officer retention, presenting a plan in her State of the City speech to comprehensively evaluate city departments to make them more effective as she wrestles with a $467 million deficit. The mayor will present her budget later this week. The city has