Bonds

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The Puerto Rico Oversight Board reiterated its position on pension cuts in the Plan of Adjustment Friday, the biggest source of tension it has with the local government, but was unclear on how willing it was to accommodate the government’s demands. Puerto Rico Gov. Pedro Pierluisi and many of the legislators have called for zero
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Municipals were a touch softer Friday as U.S. Treasuries rose and equities sold off as global concerns over China and COVID were heightened and participants prepared for the FOMC meeting and potential for tapering next week. Triple-A benchmark yields rose a basis point beginning in 2028 while UST were off another three to four on
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The Securities and Exchange Commission has settled with Sweetwater Union High School District in San Diego County, California, as well as its former chief financial officer Karen Michel for misleading investors in connection with an issuance of $28 million of municipal bonds. The Commission charged Michel with violating Section 17(a)(3) of the Securities Act of
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Municipals were little changed on light trading in the secondary again Wednesday as Illinois and Texas priced bonds in the primary and the Investment Company Institute reported another round of billion-dollar-plus inflows. The Investment Company Institute reported $1.325 billion of inflows for the week ending Sept. 8, following $1.804 billion of inflows the prior week,
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Chicago Mayor Lori Lightfoot tapped San Antonio, Texas, school superintendent Pedro Martinez — a former Chicago Public Schools fiscal chief — to lead the district as fiscal and governance change looms. Lightfoot introduced Martinez as the new chief executive officer at a news conference Wednesday. Martinez is the first Latino to hold the CEO position
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The government of Guam has settled on a $937 million budget for fiscal 2022, which starts Oct. 1. Gov. Lourdes “Lou” Guerrero on Saturday said she would let the budget go into effect without her signature. The legislature transmitted the budget to her on Aug. 31. The budget includes $623.6 million of total General Fund
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Municipals were little changed ahead of a $10 billion-plus new-issue week as California offered $2 billion of general obligation bonds to retail investors and the market considered the municipal bond provisions offered from Washington. Triple-A benchmarks reported steady levels while U.S. Treasuries improved and equities also improved. “The municipal market is relatively unchanged and not
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Municipals were little changed, underperforming a U.S. Treasury rate reversal from Wednesday as all eyes were on the primary with Minnesota selling $897 million of general obligation bonds to strong reception. Triple-A benchmarks were unmoved while the 10-year UST fell four basis points and the 30-year five. As such, ratios rose slightly with the 10-year
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First of two parts Visceral memories of the Sept. 11 terrorist attacks on the World Trade Center in New York City — and more positively, the response from the capital markets — linger 20 years later. The anniversary comes as the city is trying to emerge from a newer crisis, the COVID-19 pandemic. Meanwhile, generational
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California Gov. Gavin Newsom announced the release of $2.75 billion to support the state’s Homekey project Thursday. The program provides money to local governments to build permanent supportive housing for unhoused people. It’s estimated the additional funding could build up to 14,000 housing units for people exiting homelessness, said Newsom, who called it the largest
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Almost two dozen amicus briefs have been filed with the U.S. Supreme Court in the past 10 days in favor of granting Supplemental Security Income benefits to Puerto Ricans and other territorial residents, with oral arguments set for Nov. 8. Providing the payments would mean an additional $1 billion in federal transfers to Puerto Ricans
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Municipal bonds were little changed, ignoring another reversal in U.S. Treasuries on Friday ahead of a larger-than-average $10 billion-plus calendar led by California, Texas and New York issuers. Triple-A benchmarks were unmoved again Friday while the 10-year UST rose four basis points and the 30-year four. As such, ratios fell slightly with the 10-year muni-to-Treasury
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VanEck launched a municipal exchange-traded fund with a sustainability designation, the first ETF of its kind in the municipal space. The VanEck HIP Sustainable Municipal fund, SMI ticker, introduced Friday, is an actively managed fund focusing on investment-grade state and local government debt that funds projects promoting sustainable development, including affordable housing, green spaces and
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Two Chicago area not-for-profit health providers — NorthShore University HealthSystem and Edward-Elmhurst Health — will join forces to form a nine-hospital system. Warrenville-based Edward-Elmhurst operates three hospitals west of Chicago — Edward Hospital in Naperville, Elmhurst Hospital in Elmhurst and a behavioral facility located on Edward’s campus. Edward and Elmhurst hospitals merged in 2013 to
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Title: Director Public Finance — Credit StrategyFirm: Wells FargoAge: 39 Kristen Fontana always had an affinity for the policy side of public finance. After dipping her toes into public finance with an internship at an investment bank during the financial crisis, she decided to go back to school for a graduate degree. There, Kristen said,
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ICE Data Services has acquired Andrew Kalotay Associates to enhance its fixed income analytics, bringing Kalotay’s proprietary software to ICE’s network of data, analytics and execution services for municipal bonds and other fixed-income securities. Kalotay Analytics has provided high-speed, high-precision software for fixed-income market participants for more than three decades. It includes quantitative real-time pricing
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Melissa Norcia was appointed the chief administrative officer for the California State Teachers’ Retirement System on Tuesday. Norcia starts September 15 and replaces Lisa Blatnick, who became CalSTRS chief operating officer in August. CalSTRS was established by law in 1913 to provide retirement benefits to California’s public school educators from prekindergarten through community college. Today,
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Recent severe weather events — hurricanes, wildfires, and droughts — coupled with the effects of COVID-19 underscore the growing urgency for the public finance industry to adapt to changing conditions and update and build infrastructure to withstand their effects. While congressional Democrats are working toward a $3.5 trillion budget reconciliation package that will be heavy
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The catastrophic remnants of Hurricane Ida snuck up on Northeast states Wednesday, catching officials and the general population off-guard. But such a storm, still delivering massive amounts of rain more than 1,300 miles from its Louisiana landfall, is no outlier, one New Jersey climate official warned. “It may be a different animal, as you put
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The Municipal Securities Rulemaking Board has asked the Securities and Exchange Commission for permission to extend the deadline to pass the Series 54 exam two weeks to Nov. 30, 2021, from the previous date of Nov. 12. The extension comes, as promised, shortly after the agency began offering remote examinations following news that a municipal
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The municipal market was little changed on Friday as a disappointing August jobs number punctuated an otherwise lackluster day of light trading activity ahead of the Labor Day holiday. Trading fell to a trickle at about $2.1 billion near the close and triple-A benchmarks were unmoved, outperforming a cheaper U.S. Treasury market which saw the