Bonds

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Massachusetts Gov. Maura Healey on Thursday announced a five-year, $14 billion capital plan that would lean on a mix of funding to carry out work across the state. The fiscal 2024-2028 Capital Investment Plan, Healey’s first capital spending proposal since taking office, includes spending for housing development, transportation, and green energy. “We’re also expanding support
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Municipals were slightly firmer Friday ahead of a larger new-issue calendar with bellwether names, as U.S. Treasuries were stronger to close out the week while equities ended in the red. The $6.9 billion new-issue calendar features several high-grade deals, including nearly $1 billion of refunding general obligation bonds from Massachusetts, $886 million of GOs from
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State budget surpluses are boosting transportation investment, with state lawmakers approving nearly $13.5 billion in new transportation funding in the first six months of the year. One-time funding measures, many of which will use bonds, account for half of all the bills that have been introduced this session, according to the American Road & Transportation
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Municipals showed some strength Tuesday, U.S. Treasury yields fell and equities ended down. Triple-A scales bumped up to five basis points, depending on the scale, while UST yields fell three to five basis points. The two-year muni-to-Treasury ratio Tuesday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year at 68% and
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Municipals were steady to end the week, continuing their outperformance of U.S. Treasuries. Equities were down near the close. Triple-A scales were little changed, while UST yields rose eight to nine basis points on the short end. The two-year muni-Treasury ratio Friday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year
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Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, acknowledged having inadvertently made prohibited trades in the past calendar year, but attributed the errors to a misunderstanding of the rules.Bloomberg News Federal Reserve Bank of Atlanta President Raphael Bostic disclosed having made prohibited personal trades last year.  Bostic said his
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Bond traders have overestimated month-over-month headline inflation heading into four of the last seven Consumer Price Index releases, says Citigroup strategist Raghav Datla.Benjamin Girette/Bloomberg Bond traders are underestimating how much Tuesday’s Consumer Price Index report will show the inflation rate dropped last month, according to Citigroup Inc. strategist Raghav Datla. Datla’s assessment is partly based
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Municipals were steady ahead of this week’s consumer price index print and Federal Open Market Committee meeting. U.S. Treasuries were slightly firmer on the front end and equities were up near the close. The two-year muni-Treasury ratio Monday was at 64%, the three-year at 67%, the five-year at 68%, the 10-year at 69% and the
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Deploying greater use of bond financing to cure the county’s affordable housing shortage is getting a fresh look in the Senate via the Affordable Housing Bond Enhancement Act. The bill, which was introduced Tuesday, is cosponsored by Sens. Catherine Cortez Masto, D-Nev. and Bill Cassidy, R-La. The legislation takes aim at expanding the use of mortgage
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Municipals were little changed Friday ahead of a smaller new-issue calendar, outperforming a weaker U.S. Treasury market for another session. Equities ended up. Triple-A yields were mostly flat while UST yields rose up to nine basis points on the front end, pushing muni to UST ratios there lower. The two-year muni-Treasury ratio Friday was at
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A lawyer for the Puerto Rico Electric Power Authority bondholders argued Thursday that if a receiver had been in place early on in the PREPA bankruptcy process, they would have controlled him or her and therefore raised rates to repay bonds in full. Assured Guaranty Attorney Mark Ellenberg argued that to be the case in
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The House Committee on Transportation and Infrastructure has introduced the Securing Growth and Robust Leadership in American Aviation Act, a bipartisan bill that would reauthorize the Federal Aviation Administration’s funding over the next five years, expanding the Airport Improvement Program and including a number of improvements aimed at improving workforce and services of the aviation
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Bond lawyer requests for clarifications on Internal Revenue Service rules affecting municipal finance are so far eliciting no answers from the IRS, leading the National Association of Bond Lawyers to send a letter to the agency requesting a response to some issues that date back to 2018.   The letter comes from NABL president Jodie Smith of Maynard Nexsen,
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Puerto Rico Electric Power Authority bondholders say they are owed $8.5 billion and the timeframe of being able to collect on their claim should continue in perpetuity. That was a central point of contention during Tuesday’s PREPA bond claim estimation hearing during which lawyers for the bondholders and the Oversight Board argued about what the