Bonds

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

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

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

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

The Turnpike Authority of Kentucky approved the sale of $128 million of revenue bonds, with the proceeds to be used to refund the authority’s Series 2010B Build America Bonds. TAK Treasurer Steve Starkweather said he expects the authority to price the bonds June 6 with an all-in true interest cost of 3.216%. They are to

Municipals were little changed in secondary trading Tuesday as a large new-issue calendar took focus in the primary, led by a $1.5 billion retail order from the New York City Transitional Finance Authority. U.S. Treasuries were firmer across the curve and equities were up near the close. The two-year muni-to-Treasury ratio Tuesday was at 64%,

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

Chicago’s iconic lakefront is also its portal to water supplies from Lake Michigan, serving not only the city but 120 of its suburbs. But Chicago’s top suburban customer and Illinois’ largest water wholesaler, the DuPage Water Commission, now says it plans to strike out on its own. The commission revealed this week that it has

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

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

California budget watchers, who were bracing for another series of cuts to close the state’s now $44.9 billion deficit, saw those fears realized when the governor released his May budget revisions. The state needs to solve deficits projected for the next two years, not just this year, California Gov. Gavin Newsom said Friday during his

Amid a major federal government push to get rid of lead in water service lines, many municipalities are struggling to keep up.  One city has been ahead of the curve: Pittsburgh, which recently celebrated removing 11,000 lead pipes. The Pennsylvania city has around 6,000 pipes to go, and estimates that it will finish around 2026. 

The Municipal Securities Rulemaking Board has asked for Securities and Exchange Commission approval to amend its supervision rule to reflect a remote work environment, a reality dealers have been handling for years now. The MSRB filed for the amendment to its Rule G-27 on supervision, touting it as a step to harmonize MSRB and Financial

On Friday, Mayor Brandon Johnson will headline the city of Chicago’s 2024 investor conference at the Chicago Cultural Center, geared toward an open Q&A format and organized around the narrative that rating agencies have underestimated the city.  “We think Chicago’s ratings are lower than they ought to be, given the size, strength, economic vitality and

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