Bonds

Moody’s Investors Service raised Louisiana’s general obligation bonds and issuer credit rating to Aa2 from Aa3 Wednesday, citing significant progress the state has made restoring its financial reserves and liquidity. Despite a trend that sees a decline in production and a rise in volatility for its gas and oil industries along with unfavorable demographics, the
0 Comments
Municipals extended their rally Wednesday with triple-A yields falling double-digit basis points following strong secondary trading, while a billion-dollar bond offering from Connecticut took focus in the primary. U.S. Treasuries ended slightly better, and equities were in the black. Triple-A yield curves were bumped eight to 10 basis points across the curve with the biggest
0 Comments
Anaheim, California, Mayor Henry Sidhu has resigned amid allegations of corruption involving the city’s sale of Angel Stadium to the Los Angeles Angels Major League Baseball team. Sidhu resigned Monday, effective Tuesday, saying it would allow the city to “move forward without distractions” as the FBI investigates allegations that he provided insider information to the
0 Comments
The California attorney general has objected to dismissal on public disclosure grounds of a lawsuit alleging widespread fraud by major banks in the variable-rate market, which under state law prevents the court from dismissing the case on those grounds. The office of Rob Bonta filed its objection to the dismissal with a California appellate court
0 Comments
Factory and port shutdowns in China, the Port of Oakland’s largest trading partner, were a leading factor in a double-digit drop in cargo volume in April, port officials said. Disruptions at Shanghai, the world’s busiest port, are delaying U.S.-bound import shipments and wreaking havoc on ocean carrier scheduling.  “U.S. exports have been hampered by vessel schedules thrown
0 Comments
The Municipal Forum of New York honored three industry leaders and awarded a scholarship to an Urban Leadership Fellows at its annual dinner on Thursday. Homer Schaaf, of counsel at Norton Rose Fulbright, was awarded the Forum’s Lifetime Achievement Award; Elizabeth Fine, counsel to the governor of New York, received the Public Service Award; and
0 Comments
Laws proposed or passed by several states prohibiting local governments from paying ransoms in cyberattacks are viewed as an encouraging trend by Moody’s Investors Service. The laws enhance preparedness and incident response, which Moody’s wrote in a commentary, are both credit positives for local governments. “The measures to prohibit ransomware payments will encourage local governments
0 Comments
Municipals were better Friday after catching a bid in the secondary, finally following U.S. Treasuries in a flight-to-quality, while still underperforming, keeping valuations above 100% on the 10- and 30-year. Equities pared back earlier losses to end mixed after the S&P 500 dipped into bear market territory earlier in the session. “The correlation between stocks
0 Comments
The new infrastructure law provides $15 billion to replace lead service lines, money that advocates and water utilities say will be a strong start to a complicated, years-long effort that will require a mix of financing tools, including WIFIA loans and traditional municipal bonds. But before water systems can start to replace their toxic lines,
0 Comments
The Puerto Rico Electric Power Authority appears set to lose $169 million or more over the course of a quarter of a year as higher fuel prices have cause it to use nearly half of it’s annual budget for fuel in just three months.  Given the authority’s losses, “there does not appear to be any
0 Comments
Environmental, social, and governance factors do not impact the vast majority of Fitch Ratings’ U.S. public finance ratings. That’s according to a recent analysis by Fitch that analyzed how ESG risks are intertwined with credit risks. “We’re just trying to provide some transparency to investors on where ESG risks are also relevant to the credit
0 Comments
Municipals were little changed and U.S. Treasuries were mixed in what amounted to a relatively quiet day for fixed-income markets, while equities were mixed to end the day. Municipals took more of a wait-and-see approach ahead of a calendar filled with general obligation bonds from credits across the spectrum. Municipal to UST ratios were still
0 Comments
Puerto Rico’s government plans to tax profits of foreign corporations with manufacturing facilities on the island to replace funds lost as the U.S. ends the tax credit that supports Puerto Rico’s Act 154 tax on foreign corporations. In the late summer 2019, then-U.S. Treasury Secretary Steven Mnuchin told Puerto Rico’s government the Internal Revenue Service
0 Comments