Bonds

A so-called “fix” for Chicago’s “Tier 2” firefighters to ensure benefits meet federal requirements carries a $350 million price tag. That’s what officials told a House committee that moved the bill forward over the city’s objections. And a police “fix” carries a more burdensome toll of at least $1 billion, sources said. “The city of

The Puerto Rico Oversight Board and other parties are still trying to determine how District Court Judge Judge Laura Taylor Swain’s March ruling in the Puerto Rico Electric Power Authority bankruptcy will affect the bondholders’ payout, Puerto Rico Oversight Board Chair David Skeel said Friday. “The implications for the claim that the bondholders have is

Municipals were steady throughout most of the curve, though the front end did see smaller cuts on Friday to close out week that saw a significant correction for the asset class, while U.S. Treasuries were weaker, and equities ended down. It was too-rich ratios, too much outperformance to taxables and too much supply this week

The Florida Legislature has passed a bill that bans the issuance of municipal bonds using environmental, social or governance standards. The bill now heads to Gov. Ron DeSantis for his signature. House Bill 3 passed in the Senate by a 23 to 12 vote along party lines. It was approved last month by the House

Municipals were mixed Thursday, but the selloff appeared to subside, just as muni mutual funds saw the largest outflows year-to-date. U.S. Treasuries rallied and equities ended down. Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $2.876 billion was pulled from them as of Wednesday after $255.794 million of outflows the week prior.

Municipals continued to be hit hard on the front end of the curve in secondary trading as a $2 billion-plus deal from Illinois took focus in the primary. U.S. Treasuries were weaker, while equities ended mixed. Triple-A benchmark yields were cut 11 to 15 basis points, depending on the curve at one-year and nine to

As Congress gears up to craft a new five-year funding package for the Federal Aviation Administration, a House panel Wednesday held a hearing focused on boosting the pilot pipeline to meet growing passenger demand. The reauthorization of the FAA legislation is one of the big-ticket transportation items facing Congress this year. The legislation provides funding

Three parties filed arguments urging Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain to not certify a bondholder appeal of her ruling that the bondholders do not have perfected liens on PREPA’s revenues. The Puerto Rico Oversight Board, the Fiscal Agency and Financial Advisory Authority, and fuel line lenders filed separate objections Monday

Muni leaders are concerned that a flurry of regulations enacted by the Securities and Exchange Commission, some spurred by attempts to reign in the cryptocurrency market, is spilling over into other markets. The issues were brought to a head by two letters addressed to SEC Chair Gary and a subsequent grilling during a hearing by

Massachusetts’ House of Representatives overwhelmingly passed a $659 million tax cut package, handing off to the Senate one of the largest tax cut proposals in state history. In a 150–3 vote, the Democratic-majority House approved a $659 million proposal introduced by Rep. Ronald Mariano last week, a package in line with, but notably smaller, than

Richmond Federal Reserve Bank President Thomas Barkin said he wants to see more evidence that U.S. inflation is easing back to the central bank’s goal of 2%. “I want to see more evidence that inflation is settling back to our target,” Barkin said in an audience discussion at the Richmond Association for Business Economics Monday.

A New York judge has ordered an affiliate to the owner of the American Dream Mall to pay $389 million to a group of junior lenders. New York Supreme Court Judge Andrew Borrock this week granted a summary judgment to a group of the mall’s private financers, who sued in February, alleging the mall failed

Rejecting bondholders’ position that they are entitled to full recovery, District Court Judge Laura Taylor Swain set procedures for estimating bondholder claims in the Puerto Rico Electric Power Authority bankruptcy case and deadlines shorter than requested. The parties should engage in a “true estimation process, not a protracted trial to establish a precise computation of

Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected. “Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is

Municipals were weaker ahead of a heavier new-issue calendar, while U.S. Treasury yields rose and equities ended down. Investors will be greeted Monday with a new-issue calendar estimated at $11.488 billion, one of the largest year to date. Triple-A benchmark yields were cut two to six basis points, depending on the scale, while U.S. Treasury

S&P Global Ratings on Friday raised Massachusetts’s general obligation long-term credit rating to AA-plus from AA, and upgraded bonds backed by annual appropriations from the state. “The upgrade reflects our view that the commonwealth’s commitment to strengthen its budget management practices supported by the state’s improved reserves and a strong economy will be sustained through

A California bill that would restrict the state attorney general from imposing what the authors called “unreasonable, unworkable, and unnecessary conditions” on rural hospitals seeking to stay open by merging with, or selling to, another hospital was pulled from committee. Senate Bill 774, slated to be heard in the Senate Health Committee on Wednesday was

Municipals were steady Thursday in secondary trading as investors turned their attention to a sizable new-issue slate distracting from a weaker U.S. Treasury market. Equities rallied. Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $255.794 million was pulled from them as of Wednesday after $91.713 million of outflows the week prior. With

The Securities and Exchange Commission will host its Municipal Securities Disclosure Conference May 10, both in-person and virtual, where moderating staff from the Office of Municipal Securities will lead panelists through topics such as ESG, the Financial Data Transparency Act and voluntary disclosure. The conference will be attended by SEC chairman Gary Gensler, Commissioners Hester

They say the third time’s a charm — and that must be true in the Garden State, where for the third time in less than a week, New Jersey received a credit rating upgraded. S&P Global Ratings on Wednesday raised its long-term and underlying ratings on the state’s general obligation bonds to A from A-minus

The embattled Oklahoma Turnpike Authority will halt work on a controversial $5 billion expansion project until its access to the municipal bond market is assured. The work stoppage effective Friday comes as the OTA faces an investigative state audit, litigation by property owners opposed to the project, and legislation that would impact the selection and

Municipals were firmer in spots, while U.S. Treasury yields rose 10 years and in ahead of Wednesday’s consumer price index report. Equities ended mixed. Triple-A yields were bumped up to three basis points Tuesday while UST yields rose up to two basis points 10 years and in, moving municipal-UST ratios near their 12-month lows, according

New Jersey’s efforts to reduce long-term obligations, especially pension liabilities, resulted in good news for the Garden State, as it received a second rating upgrade ahead of next week’s sale of more than $1 billion of school bonds. Fitch Ratings raised New Jersey’s issuer and general obligation bond ratings on Tuesday to A-plus from A

Puerto Rico Electric Power Authority bondholders want 100% of what they are owed and the Oversight Board working on the power authority’s bankruptcy plan offers a dramatically lower repayment percentage, court filing show. In a filing late on Friday, the bondholders said even if one assumed their claim was “unsecured,” they would still have a

The Greater Asheville Regional Airport Authority in North Carolina has won approval to sell $175 million of transportation revenue bonds. The state Local Government Commission voted April 4 to allow the airport authority to continue to finance its expansion work at the regional airport. Most bond sales in the state must be approved by the

Citing “rollbacks in the face of myopic right-wing pushback against responsible fiduciary investing,” New York City Comptroller Brad Lander said Wednesday that two of the city’s pension funds have established new plans to reach net zero emissions in their investment portfolios by 2040.  “If the cynical war of political distraction waged by red-state politicians at the

The Securities and Exchange Commission has settled with Roberto Mejill-Tellado for his role in acting as an unregistered investment advisor for the City of Mayaguez, Puerto Rico, where he and six others were accused of defrauding the city of $9 million. In June 2022, Mejill-Tellado pleaded guilty to one count of conspiracy to commit wire

The Internal Revenue Service is examining a $338.4 million 2015 bond issuance by the Clark County School District in Nevada and asking questions about federal tax compliance, according to a letter the district received from the IRS that was disclosed on EMMA. According to the disclosure filing, the IRS is asking for copies of specified

The Biden administration has announced it planned to spend $585 million to fix aging water systems in the West, more than half going to California. The funding announced Wednesday during an event at the Imperial Dam on the Colorado River in Yuma, Arizona, will go to 83 projects across 11 states. California will receive $308

Municipals were firmer Thursday in a relatively quiet trading session as investors waited to see how many nonfarm payroll jobs were added in March. U.S. Treasuries and equities were mixed. The two-year muni-Treasury ratio was at 60%, the three-year at 60%, the five-year at 62%, the 10-year at 64% and the 30-year at 90%, according