Bonds

The Municipal Securities Rulemaking Board’s proposed rule on the fair dealing obligations of solicitor municipal advisors is in need of clarification, MAs and dealers believe, particularly with respect to disclosure of where such professionals owe their loyalty. Comment letters filed with the MSRB late Thursday struck that common theme in response to the MSRB’s draft
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A new opinion issued by the Justice Department says Puerto Rico’s admission as a state could legally include a transition period to temporarily continue the special bankruptcy provisions under PROMESA. That’s good news for the ongoing restructuring of the territory’s debt because it provides an assurance that statehood would not necessarily involve an abrupt dissolution
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Illinois spread penalties narrowed this month to levels in line with its ratings for the first time in years as the state reaps the benefits of swelling tax revenues, federal cash and a market looking for scarce yield. The state’s 10-year spread currently stands at 63 basis points higher than Refinitiv Municipal Market Data’s AAA
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Municipal bond yields rose by as much as seven basis points in the belly of the curve Thursday, playing catch-up to the U.S. Treasury market, while Refinitiv Lipper reported another large round of inflows, a nod from investors that they remain engaged in the market, regardless of low rates. Refinitiv Lipper reported $1.85 billion of
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After delivering over $6 trillion of fiscal policy in response to COVID-19, lawmakers in Washington, D.C. have now turned to infrastructure discussions. Democrats and Republicans should be able to find common ground here. Although a Memorial Day weekend deadline has passed, the possibility for a bipartisan infrastructure package still exists. However, there has been a
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A rocket carrying a payload for the National Reconnaissance Office was successfully launched Tuesday off the eastern shore of Virginia, the Virginia Commercial Space Flight Authority announced, and if the two-year-old facility attracts more business, it will boost the state economy. The Minotaur I rocket took off from Virginia Space’s Mid-Atlantic Regional Spaceport at the
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Municipals were little changed Monday as the market awaits the larger new-issue calendar and participants position themselves ahead of the Federal Reserve meeting. After a week of U.S. Treasury strength, rates rose Monday bringing the 10-year back to 1.50% after hitting 1.43% Thursday, a three-month low. Municipals did not follow and few participants anticipate any
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With the race for New York mayor riveted on public safety, candidates for comptroller got a chance to discuss the city’s finances in their first televised debate. That didn’t stop the top eight Democratic hopefuls from extending beyond financial nuts-and-bolts on Thursday’s NY1 get-together, in advance of the June 22 primary. Scott Stringer, who has
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The Internal Revenue Service has told the city of Winchester, Virginia it closed an audit of $28.6 million in 2012 general obligation refunding bonds without taking any adverse action. Winchester announced the decision Thursday in a public notice on the EMMA database of the Municipal Securities Rulemaking Board. “By letter dated June 1, 2021, the
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Two bipartisan Senate infrastructure proposals unveiled Thursday have raised hope that the Biden administration will avert a Democrats-only approach. One involves a wide-ranging framework worked out by 10 senators while the other involves more narrowly tailored legislation that would spend $78 billion on passenger and freight rail. The narrowly focused bill is the latest bipartisan
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The private operator of Puerto Rico’s electric transmission and distribution systems has been plagued by outages and protests since it took over June 1, culminating in a 900,000-customer outage Thursday. LUMA Energy’s takeover of these systems is a central part of the Puerto Rico Oversight Board’s plans to transform the Puerto Rico Electric Power Authority
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As the market for ESG-certified bonds grows, Oregon-based Kestrel Verifiers is growing along with it. The eight-person women-owned firm has added two new employees this year and gained marquee clients like Stanford University, the American Museum of Natural History in New York City and the cities of Boston and Seattle, the latter a joint project
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This year’s mayoral election is one of the most significant in New York City’s long history. It’s also one of the strangest. A generational pandemic, a rare midsummer primary, an open seat, crime and financial strife plus a new wild card, ranked-choice voting, are all at play. Brooklyn Borough President Eric Adams faces heightened scrutiny
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The pandemic has highlighted the importance of basic functional infrastructure, budget management and affordable housing to the vitality of cities. That’s the takeaway from the 2021 State of the Cities report released Thursday by the National League of Cities. Nearly 600 cities, towns and villages were surveyed along with 57 mayoral speeches that provided additional
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Municipal bonds rallied Wednesday as triple-A benchmark yields fell as much as five basis points out long but bumps were seen across the curve, moving levels on high-grades below 1% on bonds maturing inside 14 years, while another round of billion-plus inflows were reported. The Investment Company Institute reported $1.089 billion of inflows into municipal
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Puerto Rico Gov. Pedro Pierluisi signed a bill Wednesday rejecting any pension cuts and undoing pension reforms enacted in 2017, despite these cuts and adjustments being part of the proposed plan of adjustment and approved fiscal plan. “The public pensioners dedicated years of their lives to the service of our people and were the engine
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