Bonds

Municipals were on autopilot in the secondary with rates holding at Wednesday’s levels as U.S. Treasuries weakened on stimulus news. New-issues from Cook County, Illinois and Pennsylvania turnpikes repriced by 10 to 15 basis points and gilt-edged Columbus, Ohio, also repriced to lower yields. Supply scarcity coupled with pent-up demand amid the seasonal redemption season
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New York Mayor Bill de Blasio’s $92.3 billion fiscal 2022 preliminary budget rollout came with caveats about the levels of federal aid and prospective cuts from the state. The lingering COVID-19 crisis makes them more poignant than past advisories. De Blasio on Thursday said the spending plan, the final one for the term-limited mayor, “demonstrates
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Fitch Ratings said Thursday it upgradedLouisiana’s outstanding state highway improvement revenue bonds to AA from AA-minus and assigned a stable outlook to the bonds. Approximately $224 million of debt is affected. In addition, Fitch assigned the AA rating to the state’s $202.415 million of Series 2021A taxable state highway improvement refunding revenue bonds scheduled for
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Los Angeles lawmakers reached a tentative agreement with a union that represents 3,600 city firefighters Thursday to postpone raises for 18 months amid a pandemic-induced budget gap. The COVID-19 crisis has caused the worst economic downturn Los Angeles has ever faced, decimating city revenues and depleting budget reserves, according to a joint release issued by
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President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments.Bloomberg News Direct federal aid of $350 billion to state and local governments is just one of several ways President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments. Biden’s plan to
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Municipals were quiet and remained steady on Friday as U.S. Treasuries dipped slightly following President-elect Joe Biden’s address Thursday night that outlined plans for a $1.9 trillion relief package and the market prepared for a three-day weekend. In his speech, Biden called for a new round of stimulus checks and pandemic control measures. “Everyone was
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The Fitch Group announced its intention Thursday to acquire CreditSights, Inc., a provider of independent credit research. CreditSights and The Fitch Group, which includes Fitch Ratings, announced the deal in a statement and the deal’s terms are not being announced. Consummation is contingent on regulatory approvals and “customary closing conditions,” according to CreditSights. The Fitch
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Municipal yields were little changed Wednesday as several new issues priced in the competitive market and U.S. Treasuries pared back earlier losses. Markets were mostly unmoved in either direction as the U.S. House of Representatives was preparing to vote to impeach President Trump, a week after a mob took over the Capitol. Strong technicals continue
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Gary Gensler’s strong rule-making background honed during the last financial crisis could bring a municipal market regulation push to the Securities and Exchange Commission. Gensler is reportedly President Joe Biden’s pick to lead the SEC and sources say his experience as an active regulator as head of the Commodities Futures Trading Commission may transfer to
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California Gov. Gavin Newsom’s requests to fast-track some appropriations in his budget proposal received mixed reactions from lawmakers during budget hearings held Monday. The budget process typically gives lawmakers until June to approve a budget, but Newsom, citing the coronavirus pandemic, highlighted several areas where he wanted money allocated in the next several weeks. Assemblyman
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Alethia Nancoo joined Squire Patton Boggs’ 12-person global board. Washington-based Nancoo concentrates on public, private and project debt finance, with particular emphasis on capital markets, infrastructure construction, airport, toll road and surface transportation, mixed-use multifamily housing, and water and sewer utility sectors. For the full story, posted Jan. 12, click here.
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After the first full week of 2021, munis mostly brushed off the volatile news cycle and risk-on/risk-off movements in equities and U.S. Treasuries as technicals remained squarely in the muni market’s favor. Municipals were little changed Monday as participants await the larger new-issue calendar while equities and U.S. Treasuries react to tumultuous news out of
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Puerto Rico Governor Pedro Pierluisi appointed Francisco Rodríguez Dosal as executive director of the Puerto Rico Highways Transportation Authority Monday. The authority’s debt is currently in Title III bankruptcy as part of the Puerto Rico Oversight, Management, and Economic Stability Act. The HTA has about $6 billion of debt outstanding, most of it bond debt.
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Oklahoma’s gross receipts to the Treasury fell 3.8% in 2020 amid the coronavirus pandemic, high unemployment and falling oil prices, state Treasurer Randy McDaniel said. The report comes a month before lawmakers meet in Oklahoma City to allocate $8.46 billion in spending for the fiscal year that begins July 1. Collections from all sources in
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The Illinois Supreme Court should reject the “cramped” definition of state borrowing authority applied in litigation seeking to void $14.3 billion of Illinois general obligation bonds, the state argues in a brief. The state’s arguments in the brief mark the latest salvo in the efforts by John Tillman, head of the conservative Illinois Policy Institute,
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A San Francisco judge dismissed a lawsuit brought by a whistleblower accusing major banks of colluding to inflate variable-rate demand obligation interest rates. This week, Judge Anne-Christine Massullo in the Superior Court of California in the County of San Francisco said the plaintiff, Edelweiss Fund, did not sufficiently allege falsity under the state’s false claims
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Municipal yields rose in secondary trading, being pulled higher in sympathy with overall rates despite very little issuance over the past few weeks, leaving a lot of cash still on the sidelines while inflows into municipal bond mutual funds continue. The market treated the ongoing turmoil in Washington as a single event that won’t have
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