Bonds

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The Municipal Securities Rulemaking Board’s request for information on environmental, social and governance considerations in the muni market represents a dangerous attempt by the board to bring politics into the realm of public finance and should be abandoned immediately. That’s according to Utah State Treasurer Marlo Oaks, who helped lead the coalition of officials from
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Municipal yields rose up to seven basis points Thursday pushing the one-year triple-A muni to 1%, a level not seen since April 2020 during the initial COVID-led selloff. U.S. Treasuries pared back some losses near the close, but the two-year hit its highest level in over two years after inflation hit its highest in 40.
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Puerto Rico bankruptcy Judge Laura Taylor Swain directed the Oversight Board to take quick action to advance a new deal for the Puerto Rico Electric Power Authority, after the governor killed the existing deal Tuesday. In her order on Tuesday evening, Swain rejected the requests of the Ad Hoc Group of PREPA Bondholders and yet
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Municipals were weaker Monday along with U.S. Treasuries while stocks sold off on the ongoing crisis in the Ukraine. Triple-A yield curves saw two to five basis point cuts while UST yields rose up to six basis points, paring back some of Friday’s gains. Municipal to UST ratios showed the five-year at to 81% (down
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A pair of high-profile public-private partnership projects will advance after winning key federal loans this week. Maryland’s Purple Line light rail project received a $1.7 billion Transportation Infrastructure Finance and Innovation Act loan and the Capital Beltway Express LLC got a $1.05 billion loan. Both loans will be used in part to refinance outstanding TIFIA
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Municipals ended the week mixed, while the swings in U.S. Treasuries continued and equities sold off as Russia’s invasion of Ukraine escalates. Triple-A yield curves saw one to four basis point cuts while UST yields fell up to 12 basis points on the 10-year, with ratios inching closer to 100% as a result. Municipal to
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Another day of losses for municipals on Thursday as U.S. Treasuries fluctuated throughout the session, equities were back in the red while another round of outflows were reported from municipal bond mutual funds. Triple-A yield curves saw three to seven basis point cuts, with the larger losses out long, while UST reversed earlier losses to
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Municipals improved on Tuesday as the U.S. Treasury flight-to-safety bid continued and equities sold off on the escalating turmoil in the Ukraine. Municipal yields fell three to six basis points across triple-A yield curves while five- and 10-year USTs saw yields fall 14 and 11 basis points, respectively. Municipal to UST ratios rose as a
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If Russian hackers target the U.S. as retribution for economic sanctions prompted by its invasion of Ukraine, it could mean more harmful and longer-term cyberattacks than the public sector has experienced previously. “We remain concerned about the potential for cyberattacks on U.S. public finance related targets such as utilities, infrastructure and state and local governments,”
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Fitch Ratings on Friday revised Pittsburgh, Pennsylvania’s outlook to stable from negative and affirmed its AA-minus rating ahead of an upcoming general obligation bond deal. Fitch said the revision reflects its expectation “the city will maintain stable financial performance, gradually rebuilding reserves after a large draw on fund balance in 2020 that resulted from pandemic
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Municipal triple-A yields rose three to four basis points on Friday, losing up to half the gains they made Thursday, as U.S. Treasuries saw losses throughout the day but ended flat. Equities rallied hard after the European Union imposed sanctions on Russia and the U.S. indicated it would follow suit. Municipals had a hard time
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Municipals were mixed Wednesday even as U.S. Treasuries and equities sold off amid intensifying tensions over the Russia-Ukraine crisis. Municipal triple-A yields were unchanged on the Refinitiv MMD scale while experiencing up to two basis point cuts outside 10 years on ICE Data Services’ curve and two basis point bumps inside of 5 years on