Bonds

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Puerto Rico’s government is exploring refinancing its Puerto Rico Sales Tax Finance Corporation’s bonds, also known as COFINA bonds, a move some say could allow the commonwealth to see cost savings as it also works toward restructuring its general obligation bonds. The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks
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The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year. The changes codify new guidelines announced in October to restrict active trading, prohibit the purchase of individual securities and boost disclosure requirements among policymakers and senior staff
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Triple-A benchmark yields fell further Friday, as U.S. Treasuries were better in a continued flight-to-safety bid, while equities ended in the red again. Traders and managers reported a firm tone and trading showed it on Friday ahead of next week’s lower new-issue calendar. “It’s pretty quiet,” a New York trader said on Friday afternoon, pointing
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Triple-A benchmark yields were little changed for the first session in a week, as U.S. Treasuries were flat and equities were also little moved in either direction as all markets seemed to take a mid-week break from the volatility. The municipal to UST ratio five-year was at 75%, 84% in 10 and 89% in 30,
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Republicans’ procedural blockade of President Biden’s Federal Reserve nominees has left Senate Democrats with few options and could delay for months the revamp of the central bank’s board, according to analysts and political strategists. The 12 GOP members of the Senate Banking Committee decided not to show Tuesday for a scheduled vote by the panel,
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The Puerto Rico House of Representatives approved money for the central government’s Plan of Adjustment Tuesday, setting the stage for dollars to begin flowing to bondholders who have not been paid since the island defaulted on its debt in 2016. The measure authorizes spending $10.9 billion from past years’ revenues for paying various Plan of
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New York State and its numerous public authorities and agencies owe $186.6 billion to bondholders, the federal government, and future retirees, among others. Without borrowing, the Metropolitan Transportation Authority wouldn’t have been able to keep the subway running during the COVID-19 pandemic and the state unemployment trust fund wouldn’t have had enough cash to pay
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Harvey, Illinois, has resolved Securities and Exchange Commission concerns over its compliance with a 2014 consent judgment that settled fraud charges, removing one hurdle to a debt restructuring. The SEC forced the city back into court in October 2020 over concerns the city had not fully implemented an independent consultant’s recommendations aimed at cleaning up
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Munis sold off, playing catch-up Thursday’s U.S. Treasury selloff, while taxables pared back some of those losses in a flight-to-quality bid Friday as equities were hit hard on U.S.-Russia tensions. Triple-A muni benchmark yields were cut by up to 10 basis points on the short end but the pain was felt across the curve with
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U.S. Treasuries sold off hard Thursday, with the two-year rising 24 basis points to hit above 1.60% and the 10-year UST surpassing 2%, after inflation hit a four-decade high at 7.5%. Municipals followed suit, rising by five to eight basis points, but dramatically outperformed USTs. Equities took a beating, particularly tech stocks as markets digested
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Municipal yields were little changed Wednesday and the primary saw some action while U.S. Treasuries were slightly better on the day and equities were in the black ahead of Thursday’s CPI numbers. Triple-A benchmark yields were little changed while UST yields were slightly better outside of two years. The municipal to UST ratio five-year was
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Washington achieved better-than-expected spreads to triple-A benchmark yield curves on the $749.4 million general obligation deal it sold competitively Tuesday despite the recent choppiness in the market, according to Jason Richter, deputy treasurer for debt management. BofA Securities won the first tranche of $199.1 million beating out seven other bidders with a true interest cost
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Municipals were weaker Tuesday amid another spike in U.S. Treasury yields while equities rallied. The primary market was active, with Washington selling $743.5 million of general obligation bonds at similar spreads to its last deal in November. The South Carolina Public Service Authority priced $930 million of revenue refunding bonds while the state of Ohio
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Claire G. Cohen, 87, one of the first women professionals in the municipal bond industry, whose career in public finance spanned over 49 years died at home on Feb. 3. “She was a pioneer in many ways, never shy to express an opinion which was always thoughtful and without rancor,” said Hy Grossman, who began