Bonds

Federal Reserve Bank of St. Louis President James Bullard said he thinks the U.S. central bank can still achieve a soft landing, with inflation returning to the Fed’s 2% target without triggering a significant downturn. “Yes, the economy could go into recession, but that’s not the base case,” Bullard told the Economic Club of Minneapolis

New Jersey faces the uncertain economic conditions ahead with historic reserves, a trimmed-down debt profile, and a slew of upgrades from the major bond rating agencies. The state has received six upgrades in a little over a year, including four in April alone, one from each of the four major rating agencies. The Kroll Bond

The Seattle region’s Central Puget Sound Regional Transit Authority has racked up another series of low-interest loans from the federal government, totaling $327 million. So far, Sound Transit, a light rail, commuter rail and express bus service serving the Seattle metropolitan region, is the largest beneficiary of the U.S. Department of Transportation’s Build America Bureau,

Highland Park, Michigan, would get a $20 million lifeline under an appropriation Senate Democrats put in their version of the state budget to help pay down a $24 million water and sewer debt the city has warned could drive it into bankruptcy. The city just north of Detroit owes the Great Lakes Water Authority $24

Municipals were steady to close out the week, while U.S. Treasuries sold off on the heels of a stronger-than-expected jobs report. Equities rallied. Stronger-than-expected hiring and wage growth data on Friday caused “[UST] bond yields to climb while equities are advancing because the data is helping alleviate concerns of a potential recession,” said José Torres,

Illinois lawmakers are being urged to slow down as they consider pension mandates for Chicago that Mayor Lori Lightfoot’s administration warns could add $3 billion to the city’s long-term payment tab for its firefighters’ fund. The legislation raises benefits for employees hired beginning in 2011 when a Tier 2 pension system was established. Pension experts

Municipals improved Thursday while outflows from municipal bond mutual funds rose to more than $800 million. U.S. Treasuries were better on bonds five years and in and equities ended down as more news of troubled regional banks and the continued debt ceiling standoff in Washington hangs over markets. Triple-A benchmarks were firmer, with yields falling

U.S. District Court Judge Laura Taylor Swain denied Puerto Rico Electric Power Authority bondholders’ request she certify their appeal of her decision they have no lien on the bankrupt authority’s revenues. While bondholders could continue their appeal, without Swain’s certification it is less likely to be heard by the appeals court, said Puerto Rico Attorney

Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s

Chicago will tap $53 million of a 2021 budget surplus to fund the ongoing needs of asylum seekers that have flowed into the city from Texas. The city has received some state and federal funding but it falls far short of what’s needed to address the health, food, and housing needs of migrants that Texas

The Virginia Public School Authority plans to issue $63.2 million of School Technology and Security Notes to support the state’s capital program for school rehabilitation. The five-year, tax-exempt Series XI notes are expected to be issued by competitive sale in denominations of $5,000 on or around May 9, according to the authority. The school authority anticipates

Puerto Rico Electric Power Authority bondholders submitted expert reports attacking the Oversight Board’s plan of adjustment’s assumptions and proposed bond provisions. The experts, hired by the bondholders, argue the board’s estimates of money available for paying debt are too pessimistic and the proposed new bonds would lack basic protections for bondholders, increasing the risk they

Las Vegas, Nevada, had its issuer default rating upgraded to AA from AA-minus by Fitch Ratings, which cited favorable visitor trends, healthier-than-anticipated revenues and federal aid. A stable ratings outlook has been assigned. The upgrade affects the series 2004 limited tax general obligation bonds issued by the Las Vegas Special Improvement District. The special improvement

Record state spending on California’s K-12 education will enable schools to retain stable credit quality despite a several-year drop in enrollment, Fitch Ratings said. The state’s schools experienced their sixth year of declining enrollment in fiscal 2023, dropping below 6 million students for the first time in 20 years, said Fitch’s report, released Thursday. The

A California appellate court Thursday resurrected a lawsuit accusing prominent Wall Street banks of conspiring to manipulate the variable-rate debt market. The 1st District Court of Appeal reversed a lower court ruling less than two days after hearing arguments in the case, which dates back nearly 10 years. It’s the latest turn in a series

Indianapolis Public Schools and at least 30 Michigan school district voters will decide Tuesday the fate of more than $2.5 billion worth of borrowing for infrastructure work, new schools, and safety-related projects. Indianapolis Public Schools seeks $410 million for projects throughout the district with 23 schools in line for improvements. The borrowing would help pay

Municipals were steady throughout most of the curve ahead of a new-issue calendar of $6 billion. U.S. Treasuries were firmer and equities were mixed. “Investors’ jitters in the lead up to next week’s Fed meeting resulted in some large macro market moves and a rise in volatility,” noted BofA Securities strategists in a weekly report.

The rate of capture of sales and use taxes supporting the Puerto Rico Sales Tax Financing Corp. (COFINA) bonds has improved, the Puerto Rico Treasury Department said. The collection rate compared to the legally liable amount was 77% in fiscal 2022, a study by the Treasury’s Office of Economic and Financial Affairs showed. That compared

As it approaches a deadline on a state-backed incentive package, electric automaker Rivian faces fresh legal headaches in its plans for a $5 billion production plant in rural Georgia. A deal negotiated between Rivian, the Georgia Economic Development Commission, and the Joint Development Authority for Jasper, Morgan, Newton, and Walton Counties, with the blessing of

Municipals were weaker across the curve Thursday with the largest cuts seen on the front end, but outperformed a U.S. Treasury selloff following economic data that showed the growth in the U.S. economy slowed in the first quarter. Equities ended up. Triple-A yields rose as much as eight basis points on the two-year while UST

Chicago Mayor-elect Brandon Johnson named a transition committee and subcommittee leadership Thursday that draws from members of the city’s business, activist, and governmental communities to help shape his administration’s strategies and priorities. Johnson charged the group with crafting a written report in the coming week to guide the administration that takes office May 15th. “We

Walt Disney Co. sued Florida Gov. Ron DeSantis, alleging he’s threatening billions of dollars in business as retaliation for the company speaking against his policies. The lawsuit Disney filed Wednesday in federal court in Florida came amid an escalating dispute over the powers of the municipal authority that governs Florida theme parks ahead of a

Municipals were steady in secondary trading Wednesday as the competitive market saw the states of Washington and Delaware price large general obligation bond deals. U.S. Treasuries were weaker in most spots and equities ended mixed. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 68%, the five-year at 68%, the 10-year at 68%

The Illinois State Toll Highway Authority heads into the market this week with $500 million of new money debt that leaves just another $1.5 billion of borrowing still to come for its$14.8 billion capital program. The fixed-rate bonds will sell Wednesday, according to tollway officials. Proceeds will fund upgrades and expansion projects in the Move

Municipals were mixed Tuesday with most AAA scales showing large cuts on the front end and smaller bumps out long. U.S. Treasuries rallied hard, and equities sold off. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 69%, the five-year at 68%, the 10-year at 69% and the 30-year at 92%, according to

It’s been slim pickings so far this year in the high-yield municipal market, with investors turning to a handful of prominent credits — restructured Puerto Rico debt, prepay gas bonds, tobacco paper — while continuing to shun troubled sectors like senior living. The story in the high-yield space follows the larger $4.1 trillion muni market,

Municipals were mixed to start the week as participants await a $7 billion-plus new-issue calendar, while U.S. Treasuries were firmer and equities were mixed. The two-year muni-Treasury ratio Monday was at 62%, the three-year at 64%, the five-year at 65%, the 10-year at 67% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m.

Democrats on the House Natural Resources Committee began a revival attempt on the Puerto Rico Status Act on Thursday, aiming to give the island territory’s voters the choice of statehood. The bill, which died at the end of the last congressional session, would establish a binding plebiscite – a direct vote on the island to choose between

New York State is heading to market with a sale of green bonds aimed at refunding some debt previously issued for special projects. Loop Capital Markets and Barclays Capital as lead managers plan to price the New York State Environmental Facilities Corp.’s $150.555 million of Series 2023A tax-exempt state revolving funds revenue green bonds on

Fresh off two ratings upgrades this month, Nassau County, New York, is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week. First, J.P. Morgan Securities will price the county’s $114.86 million of Series 2023B (Aa3/AA-minus/A-plus/NR) general improvement refunding GOs on Tuesday. On Thursday, the county will competitively