Bonds

Puerto Rico Gov. Pedro Pierluisi halted collections of a gasoline and diesel tax for 45 days, in a step that may lead to conflict with the Oversight Board and may run afoul of a revenue provision in the bond restructuring law. Pierluisi signed the moratorium late Tuesday. In late March, Board General Counsel Jaime El

Municipals were mixed as participants mostly sat on sidelines while U.S. Treasuries rallied on the short end after the Fed hiked rates a half-percentage point. Equities rallied to close the day. The 50 basis point rate hike is the steepest increase since 2000 and follows the 25 basis point rate hike in March. The bond

The development of autonomous vehicles is a priority of the Biden administration but Congress should pass legislation to clarify federal oversight of the emerging technology, Transportation Secretary Pete Buttigieg said. But some senators say they want the U.S. Department of Transportation to take the lead on the issue. Self-driving cars “are a priority for us,

The U.S. economy will probably fall into a recession as the Federal Reserve combats multidecade-high inflation, Randal Quarles, the Fed’s former vice chair for supervision, said. “Given the intensity of inflation, the degree to which unemployment has been driven down — to bring that back into an equilibrium, it’s unlikely the Fed is going to

Municipals were weaker Tuesday in choppy secondary trading while U.S. Treasuries and equities were mixed near the close. Triple-A benchmarks were cut up to three points, depending on the scale, while UST yields rose on the short end and fell seven years and out. Muni to UST ratios were at 83% in five years, 94%

Municipals were weaker to start May with the one-year muni approaching 2% after one of the worst-performing Aprils in more than 30 years. The asset class on Monday outperformed U.S. Treasuries, which saw yields rise to multi-year highs while equities rebounded from losses earlier in the day to end in the black. Triple-A benchmarks were

The Fed’s choreographed rate-raising exercise may well tail off by year’s end, several prominent asset managers said Monday. The managers were speaking at the Milken Institute Global Conference Beverly Hills. . “I think the Fed will turn dovish by the end of the year and that will lead to a lot of opportunity on the

Texas ballots are bursting with a record $18.5 billion of bonds Saturday as cities and school districts ask voters to approve 207 debt issues to accommodate in many cases the state’s ballooning population.   The amount of debt tops the previous record of $15.45 billion that was put to voters in November 2019 — of which

Illinois plans to hit the market with at least $1 billion of general obligation paper before fiscal 2022 ends June 30, the first deal to benefit from the state’s latest rating upgrade. The state “intends to sell general obligation bonds prior to June 30, 2022, to support the upcoming construction season, to continue the pension-buyout

S&P Global Ratings placed New Orleans’ A-plus long-term and underlying ratings on general obligation and limited property tax debt on CreditWatch with negative implications due to a lack of timely information. “The CreditWatch action reflects that we will likely withdraw these ratings if we do not receive the city’s fiscal 2020 audited financial statements within

Sen. Joe Manchin, D-W.Va. questioned a key Biden Administration energy policy Thursday when he called tax credits for electric vehicles “ludicrous” amid strong consumer demand and a lack of American production of EV batteries.   “There’s a waiting list for electric vehicles with the fuel price at $4. But they still want us to throw

New York Mayor Eric Adams’ executive budget for fiscal 2023 would provide an additional $1.2 billion in spending compared to his February plan thanks in large part to a greater-than-expected revenue surge. Adams presented his $99.7 billion revised spending plan Tuesday during the state of the city address in Brooklyn and later took questions from

Oregon filed amended offering documents Thursday for a recent lottery bond deal after the state Court of Appeals reversed a $1 billion verdict against the state in a dispute over forest management. The Department of Administrative Services had priced $217.7 million in lottery revenue bonds in two tranches of taxable and tax-exempt debt two weeks

Municipal issuance dropped 7.5% year-over-year in April, again owing to a drop in taxable and refunding volumes in the face of continued market volatility and rising interest rates. The $34 billion figure is slightly up from the 10-year average of $33.612 billion. Total April volume was $34.329 billion in 729 deals versus $37.105 billion in

The Municipal Securities Rulemaking Board plans to issue a request for comment on a retrospective review of its Rule G-14 in hopes of cutting down the standard 15 minute time of trade reporting window that has been in place since 2005. That was decided at the MSRB’s quarterly board meeting which concluded Thursday. The MSRB

Municipals were mixed Friday, outperforming larger losses in U.S. Treasury ahead of the Federal Open Market Committee meeting next week where the Fed is expected to implement another rate hike. Equities sold off led by tech stocks. Triple-A benchmarks were cut up to two basis points, depending on the scale, while UST yields rose seven

S&P Global Ratings revised the outlook on the Reedy Creek Improvement District to developing from stable due to the uncertainty as to what will happen next in the economic/political saga playing out in Florida. “The outlook revision to developing reflects our view that there is at least a one-in-three chance that the credit profile securing

Municipals were weaker Thursday amid increased secondary selling pressure, while U.S. Treasury yields rose 10 years and in after the unanticipated decline in first-quarter gross domestic product. Equities rallied. Triple-A yield benchmarks were cut up to three basis points, while USTs saw the largest losses inside of 10 years. Muni to UST ratios were at

Challenges to the Puerto Rico Plan of Adjustment heard by the Court of Appeals for the First Circuit Thursday will not impact the terms for bondholders, but may affect the government’s ability to pay debt service. Puerto Rico credit unions argued Puerto Rico’s central government engaged in fraud by pressuring them to buy nearly $1

The eligibility of some investment banks to underwrite municipal bonds in Texas is under review while the state checks compliance with its fossil fuel law, according to the attorney general’s office. The state comptroller asked 158 financial companies — including investment firms, mutual funds and others — to clarify their treatment of energy businesses. Issuers

Municipals were mostly steady Wednesday amid a busy primary market, while U.S. Treasuries sold off, paring back gains from the past two trading sessions, and equities ended in the black. The UST improvements were short-lived and yields rose on Wednesday by as much as 11 basis points. Municipal participants are being less reactive to UST

Oklahoma is poised to follow in the footsteps of Texas in preventing banks from participating in municipal bond deals if they “discriminate” against the firearm industry or “boycott” fossil fuel energy companies with two bills nearing final legislative approval this week. On the gun front, House Bill 3144, which passed the state Senate in a

The Kentucky Public Transportation Infrastructure Authority has approved the sale of up to $443.8 million of tax-exempt bonds to refund a loan taken out in 2013 under the Transportation Infrastructure Finance and Innovation Act. Delayed during the COVID-19 pandemic, the refunding now depends on how much savings can be achieved in the rising interest rate

Municipals were mostly steady Tuesday in mixed trading, once again largely ignoring moves to lower yields in U.S. Treasuries, while equities sold off ahead of corporate earnings. The large new-issue calendar got underway with the largest competitive deal of the week coming from Washington with $1.32 billion of general obligation bonds, which saw slightly wider

The Puerto Rico Oversight Board rejected several local government initiatives, including the governor’s proposed fiscal 2023 budget. The board sent a letter on Friday to Gov. Pedro Pierluisi rejecting the budget he submitted on March 16, and two separate letters to Juan Zaragoza Gómez, Senate Finance Committee president, rejecting three Senate bills relating to firefighters

Denver International Airport CEO Phillip Washington has had a hand in President Biden’s equity and infrastructure efforts since before the administration even took office. Washington, along with former U.S. deputy transportation secretary John Porcari, chaired the Biden-Harris policy committee for infrastructure, and Washington led the transportation transition team.  In the roles, the pair helped draft

An improved financial picture at Hollywood Burbank Airport led Fitch Ratings to revise its outlook to stable from negative despite uncertainty around a terminal expansion project. Fitch concurrently affirmed an A rating on the Los Angeles-area airport’s $83.2 million in revenue bonds. A combination of improving passenger volumes and financial relief from federal aid helped

Municipals were steady to firmer in spots Monday but underperformed U.S. Treasuries that saw yields fall further while equities ended in the black led by tech stocks. Triple-A yield curves saw one to two basis point bumps while UST ended the session four to nine better after falling double-digits earlier in the day. Muni-UST ratios

With all eyes on implementation of the $1.2 trillion infrastructure law, the U.S. Department of Transportation has tapped a new academic center to push for more public-private partnerships and provide assistance to the thousands of local governments in line for a slice of the transportation funding. The DOT on April 8 announced a $5 million

St. Louis County Council members signed off on $105 million of borrowing to cover the county’s share of a convention center expansion despite growing concerns about the project’s cost. The city issued $105 million in late 2020 to cover its share of the public tab but the county’s financing had long been in a holding