Bonds

While many observers welcomed the bankruptcy judge’s approval of the Puerto Rico Plan of Adjustment, some warned the current restructuring is not a cure all for the island’s underlying fiscal troubles. Participants say there is a long road to sustainable recovery for the island that is dependent on the local government keeping its spending in

Municipals faced another weaker day with benchmark yield curves seeing two to four basis point cuts, underperforming a slightly better U.S. Treasury market, while equities ended in the red. Munis played catch up to the large selloff in Treasuries since Friday, holding municipal to UST ratios steady. The five-year was at 54%, 68% in 10

Municipals outperformed another large selloff in U.S. Treasuries that pushed that market to the highest yields since before the pandemic began while equities also saw massive losses as the markets fully digest an expected March rate hike. Triple-A benchmark yields saw two to four basis point cuts across the curve Tuesday while the 2-, 5-

U.S. District Court Judge Laura Taylor Swain approved the Plan of Adjustment for Puerto Rico’s central government bonds and obligations Tuesday afternoon, setting the stage for the commonwealth to exit bankruptcy after more than four years of intense negotiations over its massive debts. The action sets the restructuring terms for about $33 billion of debts

Newly released transcripts of Federal Reserve policy meetings in 2016 show then-Governors Jerome Powell and Lael Brainard were quick to pivot away from planned interest-rate hikes in the face of risks posed by a stumbling Chinese economy. Both policy makers made clear in the year’s January meeting of the Federal Open Market Committee they believed

In 2021, the Dormitory Authority of the State of New York overtook the state of California for the top spot. New York City, the New York Metropolitan Transportation Authority, the Ohio Buckeye Tobacco Financing Authority, the New York Urban Development Corp., New Jersey and Massachusetts were ousted from the top 10 in 2021. All the

The top municipal underwriters accounted for $456.44 billion in 11,808 transactions for 2021 compared to $451.24 billion in 11,849 deals in 2020. BofA Securities led with $62.01 billion of deals. Out of the top five, only BofA Securities and Morgan Stanley increased market share year-over-year. Stifel Nicolas & Co. moved into the top 10, while

North Idaho College had its outlook revised to negative by Moody’s after management turmoil, including the firing of its president, put the accreditation of the two-year college at risk. If the two-year college loses accreditation, credits students received for completed classes would not be eligible to transfer to a university. Loss of accreditation could put

The Internal Revenue Service has revised its Form 8038-CP to facilitate electronic filing, which will be out later this year. “The January 2022 revisions simplifies the filing process for issuers when providing certain explanations and supplemental information,” the IRS said in an instructional video introducing the new form. “Additionally, revisions to the form were needed

Local officials Friday hailed the U.S. Department of Transportation’s rollout of a nearly $28 billion bridge program that highlights spending on smaller, local bridges across the country. The Infrastructure Investment and Jobs Act provides $40 billion in funding for bridges over the next five years, including $27.5 billion in the Bridge Formula Program. The program

Chicago Public Schools’ $872 million of junk-rated paper met with a more fickle high-yield audience this week, underscoring the district’s vulnerability to market volatility even as it inches closer to investment grade status. At attractive spreads that offered a healthy yield kick with many maturities offering 4% coupons, the bonds were 2.2 times oversubscribed, CPS

Municipals ended the week steady to slightly weaker in spots, even as U.S. Treasuries sold off and equities ended mixed on inflation concerns and more hawkish Fed speak. Municipal yields have risen in response to Treasuries, but were mostly unmoved by Friday’s selloff, again lagging taxable counterparts as munis are wont to do on a

A suburban Chicago hotel and conference center’s COVID-induced struggles led to a fresh default on its restructured bonds this month. Breathing room still remains for the Westin Chicago Lombard debt from a bondholder-provided loan that is helping manage the pandemic’s toll on operations and continue renovations designed to enhance its appeal. Defaults occurred in mid-2020

Municipal benchmark yields were steady to firmer by a basis point 10-years and out Thursday as U.S. Treasuries were stronger and equities sold off led by tech stocks. The municipal primary dominated the day with several large deals pricing. The correction to higher yields over the past week is allowing investors to be more selective

Municipal bonds were largely unchanged Wednesday, the first session in a week in which benchmark yield curves were not cut, while the primary provided more guidance for a supply-starved market. U.S. Treasuries were flat 10-years and in, but softer on the long bond and equities ended in the black. Municipal to UST ratios rose slightly

Cuyahoga County hits the market Thursday with a mix of taxable and tax-exempt sales-tax-backed bonds to help finance a $435 million upgrade to the home of Major League Baseball’s Cleveland Guardians. The sale offers $123.4 million of ballpark improvement project tax-exempt paper and $67.5 million of taxables with maturities through 2037. KeyBanc Capital Markets and

Municipal secondary selling pressure remained elevated on bonds inside 10 years while the larger primary got underway and deals saw bumps in repricings as U.S. Treasuries made small gains and equities rallied. Triple-A benchmark yields saw one to four basis point cuts while U.S. Treasuries ended the session better. Municipal to UST ratios rose slightly

Major challenges for the public finance industry abound but rising interest rates is the largest concern for business in 2022, market participants said in a Bond Buyer/Arizent Research survey. Nearly 60% of respondents said rising interest rates are their biggest worry, followed by regulatory requirements or changes at 45% and a lack of face-to-face communication

Municipal yields rose again Monday by three to six basis points on elevated selling pressure while short U.S. Treasuries saw pressure and equities ended mixed. Municipal to UST ratios rose slightly on the day’s moves. The five-year was at 50%, 67% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE

The Texas Supreme Court Tuesday will consider a case that may decide the fate of what would be the nation’s first bullet train. The high-speed train connecting Dallas and Houston is one of only a handful of high-speed rail projects under development in the U.S. The court case is the latest in a series of

Among the U.S. Virgin Islands government’s many problems is an economy that shrunk 24% in real terms from 2009 to 2019. The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5% through from February 2020 to October 2021, according to New York Federal Reserve Bank Early Benchmarked

The United States Department of Justice on Friday told the Puerto Rico bankruptcy judge it would defend the constitutionality of the Puerto Rico Oversight, Management, and Economic Stability Act, the law governing the bankruptcy process that has been challenged by several parties. The move may slow the confirmation process of the Plan of Adjustment. U.S.

The lingering effects of federal aid should help not-for-profit hospital ratings weather the COVID-19 pandemic’s wounds even as labor shortages and other strains persist through 2022, S&P Global Ratings said. “Our view remains stable as the sector continues to weather the pandemic well — albeit with the benefit of significant federal aid,” S&P said in

Municipals ended the week with another round of cuts to triple-A scales, moving yields higher by another five basis points, playing catch-up to the selloff in U.S. Treasuries. Muni yields rose 13 basis points across the yield curve to end the first week of 2022. The five-year UST rose 15 basis points to a high

The Department of the Treasury has issued its final ruling on its State and Local Fiscal Recovery Funds, leaving the controversial tax cut ban mandate virtually untouched as it hopes to restrict the use of stimulus funds to offset tax cuts. “Congress specified two types of ineligible uses of funds: funds may not be used

Municipal triple-A benchmark yields rose as much as eight basis points on the short end on certain scales Thursday as U.S. Treasury yields remained elevated and equities see-sawed as more hawkish Fed speak continued. The Federal Reserve expects Omicron to fizzle in weeks, and while pandemic-related risks remain, the economy is strong and the Fed

Illinois-based NorthShore University HealthSystem and Edward-Elmhurst Health finalized their proposed merger this week, launching the start of 2022 merger and acquisition activity. The deal comes after closing the books on a year that saw a downtick in the number of mergers but an upswing in transaction size measured by revenue. The ongoing COVID-19 pandemic’s impact

WASHINGTON — The Biden administration appears close to naming a Treasury Department veteran and leading voice on fighting climate-related financial risk to the top bank-regulatory job at the Federal Reserve Board. Sarah Bloom Raskin — who was the No. 2 at Treasury and a Fed governor in the Obama administration — has emerged as the

Securities Industry And Financial Markets Association executive vice president and general counsel Ira D. Hammerman will be leaving the agency at the end of 2022 after more than 18 years with the group. A participant in key muni discussions over the years, Hammerman was involved in lawsuits and key meetings with regulators on behalf of

Selling pressure picked up and municipals showed some weakness for the first time since November on Tuesday following two days of rising U.S. Treasuries, but the asset class still outperformed that market’s double-digit moves to higher yields. Triple-A benchmark yield curves saw two to three basis point cuts, the largest one-day move in either direction