Bonds

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

The Municipal Securities Rulemaking Board is now accepting applications for two regulated and two public board members to join its 15-person board for the 2023 fiscal year, and is particularly seeking a non-dealer muni advisor and an institutional investor. The application period runs through Feb. 7. The nominating committee, led by Meredith Hathorn, MSRB vice

The U.S. Treasury market sold off in double-digits to start 2022 and equities were better on Monday while munis saw a softer tone, but most triple-A yield curves only saw a basis point cut in spots. Municipal to UST ratios fell on the moves in UST. The five-year was at 44%, 64% in 10 and

FactSet has reached a deal with S&P Global to buy CUSIP Global Services for $1.925 billion in cash, helping expand its role in the global capital markets and advancing its open data strategy. FactSet, a global provider of integrated financial information and analytical solutions located in Norwalk, Connecticut, will become the CUSIP system’s second operator

Buffalo has spent generations trying to beat back its bad weather reputation. A hotel guidebook in the western New York city shows sailboats out on the water on a sunny day, with a headline that reads: “This is the Buffalo you don’t see on the Weather Channel.” But that is not the image people generally

A majority of municipal market participants say liquidity and equity are a top concern on a high-yield deal. Nearly 69% of respondents to a HilltopSecurities high-yield team survey ranked liquidity and equity as their first or second level of concern for 2022. “Our biggest takeaway from the survey is that there is ample appetite for

Louisiana has asked a federal court to dismiss a lawsuit filed by an Arizona-based online business that argues the state’s local sales and use tax collection system is unconstitutionally complex, a complaint that probes the Supreme Court’s high-profile 2018 South Dakota v. Wayfair ruling. Arizona-based Halstead Bead Inc. on Nov. 15 filed the lawsuit in

Gaming revenues, a major economic driver for Nevada and Clark County, are exceeding expectations. The Gaming Control Board said Wednesday that statewide gaming revenue in November was $1.32 billion, just shy of the single-month record of $1.36 billion reported in July. If the state surpasses $500 million in December, it will exceed its greatest single-year

The United States Treasury agreed to provide support for Puerto Rico’s Act 154 tax for an additional year. Act 154 is a 4% excise tax on the revenues of foreign corporate subsidiaries based in Puerto Rico. In 2011 U.S. Treasury agreed to a tax credit for the Act 154 payments on a temporary basis. The

December municipal bond issuance was up nearly 10% year-over-year at $38.2 billion, but total volume in 2021 fell just shy of last year’s record. The muni market saw $475.3 billion of debt in 2021, down 1.9% from $484.6 billion in 2020. Despite this, the total issuance for 2021 still bested the previous record of $448.6

Municipals ended 2021 little changed and lightly traded. U.S. Treasuries pared back losses and equities saw modest gains. Municipal bond mutual fund inflows hit $1.2 billion in the last reporting week of the year. Triple-A benchmarks saw a basis point bump on bonds in 2029 but were largely unchanged otherwise. Ratios rose slightly on the

The U.S. Virgin Islands is nearing a vote on a proposed $1 billion matching fund bond refunding to address a multibillion-dollar pension shortfall. Unless there is an unexpected infusion of cash or reduction of benefits before fiscal 2024, Moody’s Investors Service projects the USVI Government Employees Retirement System will run out of money by that

Municipals saw some pressure on long rates as U.S. Treasuries sold off and equities made gains. Triple-A benchmarks saw a basis point cut on bonds outside of 2035 but were largely unchanged otherwise. Ratios fell on the moves in UST. The five-year was at 46%, 67% in 10 and 76% in 30, according to Refinitiv

Puerto Rico bankruptcy Judge Laura Taylor Swain approved a settlement between the Oversight Board and the governor on contested pension laws, removing a large roadblock to the island’s bankruptcy deal. Under the deal, Swain declared the laws illegal with the stipulation the board and Gov. Pedro Pierluisi would craft a deal for better employee pensions

The year winds down with another day of an unchanged muni market and slightly weaker U.S. Treasury market while equities were mixed. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services

Several Puerto Rico bankruptcy parties objected to the Oversight Board’s proposed bankruptcy deal documents, saying they were discriminatory, did not respond to the judge’s directions, and attempted to breach applicable bankruptcy law. Among the objecting parties filing objections to revised documents the board filed with the bankruptcy court were Puerto Rico’s Fiscal Agency and Financial

Municipals were thinly traded and benchmark yields little changed while U.S. Treasuries were a tick better on the 10- and 30-year and equities continued their march upward. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3