Bonds

Puerto Rico’s economic activity index increased 0.5% in May from April and 3.3% from May 2021. , according to data released from the Economic Development Bank for Puerto Rico Thursday. Over the last six months the index has gone up four times from month to month, stayed the same once, and gone down once.  May was
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Los Angeles International Airport received a $50 million grant from the federal infrastructure bill for terminal road improvements, among the largest dispersed from the $1 billion allocated to 85 airports nationally. The grants are the first allotment in a five-year, $5 billion airport terminal grant program funded by the Infrastructure Investment and Jobs Act, Transportation
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Municipals were mixed to close out a quiet summer Friday session ahead of a larger new-issue calendar that sees several billion-dollar deals. Triple-A benchmark yields once again largely ignored a selloff in U.S. Treasuries after a robust jobs report indicated the Federal Reserve will likely hike interest rates another 75 basis points at its next
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Municipals were steady to firmer in secondary trading Thursday as a large airport revenue bond offering from the City and County of Denver, Colorado, and the Triborough Bridge and Tunnel Authority’s MTA deal took the focus. Municipals continued to ignore the movements of U.S. Treasuries, which saw yields rise for the second day, while equities
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Municipals rallied Wednesday, ignoring a selloff in U.S. Treasuries, after the Federal Open Market Committee meeting minutes reiterated the Fed’s position it would raise rates 50 to 75 basis points at its July meeting to stave off inflation. Equities ended slightly up.. Municipals were in their own lane Wednesday and triple-A yields fell four to
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Illinois opened the new fiscal year with a near clean slate on bill payments and $1 billion in its once-barren rainy day fund, but the state’s latest financial results offer a contrast that underscores the weight of pension and long-term debts on the state’s balance sheet as viewed through an accounting lens. The near-term picture
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Municipal yields fell for the third session in a row following the flight-to-safety bid in U.S. Treasuries as recession concerns continue to grow. Equities were mixed. Triple-A benchmark yields were bumped three to six basis points Tuesday with the strongest moves out long. Falling yields over the past two weeks have been “a welcome sigh
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The once notoriously opaque municipal bond market has experienced many changes that have improved disclosure over the years. Among those was the creation of the Municipal Securities Rulemaking Board’s EMMA website where issuers have posted bond and disclosure documents since 2009. Improved disclosure in the market is due largely to people, like Mary Colby, who
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Chicago-based Mesirow is continuing to add new professionals to its capital markets and public finance operations to grow its footprint in the municipal industry. Mesirow has hired Elizabeth Funk, a veteran municipal underwriter who specializes in high-yield bonds, as managing director in the institutional sales and trading municipal underwriting group. She is the seventh new
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The U.S. Virgin Islands Water and Power Authority board approved an electric system budget Thursday it said will stop its loss of cash. WAPA Chief Financial Officer Jacob Lewis said the budget would stop the authority from “bleeding cash” by projecting a positive or zero free cash flow. The U.S. Virgin Islands Water and Power
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Elizabeth Reich, who wrapped up her final day as Dallas chief financial officer on Thursday, will be joining Dallas Area Rapid Transit starting July 18. DART announced on Friday that Reich, as its new CFO, will be a key member of the executive team, reporting to President & CEO Nadine Lee and leading the agency’s
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The Puerto Rico Oversight Board again imposed the fiscal 2023 budget on the Puerto Rico’s central government. While the board had reached a consensus budget with the local legislature and Gov. Pedro Pierluisi in June 2021 for fiscal 2022, there was little cooperation with the board this year, said Board Member Antonio Medina. The Puerto
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A new fund dedicated to advancing social equity and led by an NBA veteran and a leading municipal firm is moving into New York State’s growing cannabis industry. Social Equity Impact Ventures, LLC, a premier minority-led investment team, will sponsor and manage the New York Social Equity Cannabis Investment Fund. This first-of-its-kind $200 million fund will be
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Municipals were firmer to end the month, but underperformed a U.S. Treasury rally following cooler-than-expected inflation data that fueled recession fears. Equities sold off leading to the S&P 500 closing with the worst first half performance since the 1970s. “A global central bank effort to fight inflation is driving rising recession fears that has given
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Gov. Phil Murphy signed New Jersey’s largest budget into law Thursday. As the nation faces an economic slowdown, Murphy addressed a joint session of New Jersey legislators and told them that the record $50.6 billion spending package, which follows strong consecutive tax seasons and includes a $7.8 billion surplus, avoided using “temporary windfalls for long-term
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A year-long dispute over nine Puerto Rico-based investment funds that hold municipal securities has intensified over the past few weeks, raising issues of disclosure, investment fund shareholder voting, and Securities and Exchange Commission regulations. Puerto Rico-based Ocean Capital said it is trying to gain control of several tax-free Puerto Rico-based income funds through fairly electing
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A federal judge Tuesday trimmed claims from cities pursuing damages from a group of major banks over an alleged conspiracy to inflate interest rates on variable-rate bonds. Judge Jesse Furman in the U.S. District Court for the Southern District of New York also rejected for now the bank’s argument that San Diego’s claims came too
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Municipals were steady to firmer in spots in secondary trading as a large revenue bond offering from the New York City Transitional Finance Authority took the focus and saw yields lowered in a repricing. U.S. Treasuries improved on rising recession concerns while equities ended nearly flat. Municipals underperformed the moves to lower yields in UST,
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