Bonds

As the New Year approaches, the Federal Open Market Committee will do its annual shuffling and rotating of voting members. It also brings Christopher Waller, executive vice president of the Federal Reserve Bank of St. Louis, as Fed governor who analysts believe will create a more “centered” FOMC. Each member of the FOMC has different

The IRS recently announced its fiscal 2021 priorities for tax compliance and enforcement involving municipal bonds will be released in quarterly updates.Bloomberg News The COVID-19 pandemic is expected to dominate any regulatory and enforcement actions taken by the Internal Revenue Service in 2021 involving the public finance sector. The pandemic is superseding other issues, such

Harvey, Illinois, will exit water receivership oversight at the close of 2020 in a court-approved action the city says could help its pursuit of a debt restructuring. The fiscally depressed suburb south of Chicago has been mired in litigation in recent years with bondholders, its public safety pension funds, the city of Chicago and the

After one of the worst sell-offs in municipal market history as COVID-19 began its rampage in March, the market rebounded in spades and ends 2020 with an all-time issuance record. The muni market saw $474.05 billion in 12,940 deals in 2020 compared to $426.35 billion in 11,596 transactions in 2019, according to Refinitiv. It bested

After a tumultuous year, the municipal market ends 2020 with strength, stability, and better-than-expected returns. The New Year begins with opportunity, but caution is warranted as credit concerns grow, municipal analysts said. From historically low yields amid a global pandemic and a controversial U.S. presidential election, the municipal market was punctuated with much uncertainty and

The New Jersey Economic Development Authority will kick off the new year with a $350 million social bond offering to finance school facility upgrades. The NJEDA is hitting the market with a school facility construction borrowing designated as “social” bonds on Jan. 7. The negotiated offering will be led by Loops Capital Markets with Chiesa

Municipals finished out an abbreviated trading session little changed as market players eye the first week of 2021’s new-issue slate, which checks in at over $2 billion. Yields on top-rated munis were flat across AAA scales. Traders again saw an abbreviated trading session ahead of the long New Year’s holiday weekend. The books have been

During 2020, our society has been faced with an economic crisis, health crisis, social justice crisis and environmental crisis. The pandemic has rapidly changed how banks engage with customers and employees; accelerating the shift from in-person interactions to digital engagements. Successfully leading a digital transformation requires much more than smart technology choices, culture is key.

Parallel to discussions over COVID-19 federal rescue aid to New York City has been what the city can do for itself, both short- and long-term. Mayor Bill de Blasio’s administration has spent its $1.4 billion allotment under the federal CARES Act passed in March. And while neither the state nor the city receive direct aid

Heading into the New Year, weak oil prices and production declines will continue to strain several North Dakota cities dependent on oil-related revenue. A prolonged period of production declines will hit the state’s Bakken Shale hub cities of Williston, Minot and Dickinson the hardest, according to a Moody’s Investors Service comment. Moody’s rates Williston Ba2

Municipal bonds were stable on Wednesday as the market remained mostly unchanged on the last full trading day of 2020. Thursday will see an early close with a full close on Friday. Trading will resume on Monday, Jan. 4, 2021. Residual position-squaring is about all that is happening this week — and much of last

Major lawsuits of interest to the municipal market will continue in several Southeast states in 2021. They include cases challenging a South Carolina utility’s bond disclosure practices, a fight over Florida toll bridge’s defaulted debt, and the so-called “water wars” litigation between Florida and Georgia. South Carolina-owned Santee Cooper says it is working on a

The Missouri Supreme Court’s refusal to hear the bond trustee’s appeal deals a final blow to litigation over whether Platte County bears legal responsibility to repay $32 million of defaulted appropriation-backed, development bonds, the county’s attorneys said. UMB Bank NA asked the state’s high court to hear its appeal of lower court rulings backing the

Municipal bonds were little changed Tuesday as the market took stock of 2020 and looked ahead to what 2021 might have in store. Yields on top-rated munis were flat across AAA scales. As the year comes to a close, the municipal bond market is essentially “cured from a functionality standpoint,” according to John Mousseau, president

Detroit Chief Financial Officer Dave Massaron will take the helm of Michigan’s budget office at the start of the New Year as state Budget Director Chris Kolb departs for an administrative position at the University of Michigan. “He is uniquely qualified to serve as budget director for the state, where I am confident he will

Municipal bonds were unchanged Monday as the markets resumed trading after the Christmas holiday break. Traders will again see an abbreviated trading week and another long weekend as the New Year’s holiday looms on Friday. Yields on top-rated munis were flat Monday across AAA scales. Muni to U.S. Treasury ratios stood at 75.5% in 10-years

Sheila Patel, chairman of Goldman Sachs Group Inc.’s asset-management unit, is leaving the $1.8 trillion division after almost two decades at the firm. Patel, 51, is among the company’s most senior women and shepherded some of Goldman’s highest-profile relationships with investors around the world. She will step down from the partnership and become an advisory

Passage of transit funding referendums in two large Texas cities hinged on coalition building, learning from past mistakes, project planning and effective outreach during the COVID-19 pandemic, their supporters say. Voters last month in San Antonio and Austin overwhelmingly approved measures. In San Antonio, 68% approved a shift of a one-eighth of a cent share

Expect “subdued” inflation in 2021, although a “modest” year-over-year increase will appear in the spring since it will be measured against a shut-down economy from last March and April, according to the Payden & Rygel economics team. “Inflation looks subdued across the world, whether you look at the U.S., Europe, or China,” the group said

New Jersey revenues received a lift from newly enacted tax increases, but a sustained fiscal rebound during the upcoming winter months will hinge on the trajectory of the COVID-19 pandemic, according to analysts. The Garden State saw a 6% revenue uptick for November compared to the year-ago period, fueled by a new millionaires’ tax and

The worst fiscal crisis in decades is pitting U.S. states against one another over billions in taxes from residents working from home. New Jersey and Connecticut on Tuesday joined a legal battle to stop neighboring states from taxing residents who due to the pandemic have stopped commuting over state lines and are now working remotely.

Market participants cautiously optimistic about the chances of important infrastructure legislation becoming law in 2021, as a new president prioritizing infrastructure faces the hurdles of the coronavirus and possibly a divided Congress. Sources expect President Joe Biden to push for an infrastructure bill early in the year, possibly as part of a broader economic stimulus

Puerto Rico bankruptcy Judge Laura Taylor Swain rejected five legal challenges filed by Puerto Rico Gov. Wanda Vázquez against the Oversight Board on taxing and spending authority. As part of her decision, Swain barred the government from implementing and enforcing the five acts the board had challenged. A few claims and counterclaims were left unresolved

The public finance industry is in a particularly positive position to start 2020, with low rates and supply, aggressive demand here and abroad, an increased focus on climate and taxable issuance, and geopolitical uncertainty leading to a continued flight to quality. There is a general consensus that municipals are poised to perform well in 2020,

Municipal bonds were unchanged Thursday in quiet pre-holiday trading. The market closed early ahead of the full close on Friday for the Christmas holiday. Trading will resume on Monday. Yields on top-rated munis were flat, remaining steady across the AAA scale. Treasury bonds were slightly stronger as equities traded slightly higher. In the primary, there

California Treasurer Fiona Ma’s office has gone virtual with the California Debt Financing Guide, making it easier for public finance professionals to find information they need. Ma announced the release of a new interactive software version of the guide Wednesday, which up until now had only been available as a static PDF document. It’s available

Kathryn White, NASBO director of budget process studies, said 32 states had year-over-year revenue declines in fiscal 2020.National Association of State Budget Officers States saw their revenue fall in fiscal 2020 after nine consecutive years of budget growth and those declines are expected to increase in fiscal 2021. That’s the message from the National Association

Municipal bonds were unchanged Wednesday as the market prepares to go into holiday hibernation ahead of the Christmas and New Year’s holidays. Yields on top-rated muni bonds were flat, remaining steady across the AAA scale. Treasury bonds were weaker as equities traded up. In the primary, there are no negotiated or competitive deals over $50

Puerto Rico economists have differing views about Puerto Rico’s economic condition in the coming year. Banco Popular Chief Financial Officer Carlos Vazquez acknowledged challenges but was generally optimistic. “The pace of the recovery has slowed as the beneficial effect of the CARES Act get extinguished and the second wave of COVID has led to additional

Municipal bonds remained unchanged Tuesday as the market looked positively at the passage of a federal stimulus bill even as a new strain of COVID-19 began to be felt around the world. Yields on top-rated muni bonds were flat, remaining steady across the AAA scale. Treasury bonds were slightly stronger as equities traded narrowly mixed.