Bonds

Puerto Rico Gov. Wanda Vázquez Garced named Puerto Rico Senator Zoé Laboy Wednesday to fill the open position of chief of staff and Elí Díaz Atienza to fill the role as governor’s representative to the Oversight Board. “I’m proud to have Zoé Laboy and Elí Díaz Atienza as part of our team,” the governor said.

After 39 years in public service, Long Beach, California’s city manager has announced he will resign and shift to the private sector. Pat West, 65, who made the announcement last week, said his last day will be Sept. 20. “What better time to make an exit then after the christening of the Civic Center and

Michigan is backing off its hard-line stance of demanding a struggling public school district close its high school. The state now intends to implement a working group that will develop a long-term solution to resolve the financial and academic crisis at Benton Harbor Area Schools. The district is dealing with an $18.4 million deficit, declining

Federal Reserve Bank of Minneapolis President Neel Kashkari said recession risks have risen “quite a bit” and the central bank should be ready to cut interest rates again to protect the U.S. economy. Federal Reserve Bank of Minneapolis President Neel Kashkari Bloomberg News “It is better to be early and aggressive if you see a

After a wild and crazy week that saw the yield curve invert for the first time in 12 years, recession talk and set record lows for muni yields — there was a much calmer tone on Friday to close out the week. There is an estimated $6.35 billion of deals on tap, with $5.08 billion

SPRINGFIELD, Ill. — The fate of the lawsuit seeking to block repayment of $14.3 billion of Illinois general obligation debt is in a judge’s hands. Sangamon County Circuit Court Judge Jack D. Davis II heard oral arguments in his Springfield courtroom Thursday about the case that opponents say is “frivolous” and filed for “a malicious

The Louisiana State Bond Commission approved a nearly $1 billion financing plan Thursday, a portion of which will be used to renovate and modernize the Mercedes-Benz Superdome, the home of the National Football League’s New Orleans Saints. While the 44-year-old Superdome needs upgrades due to its age, the improvements are also being used as a

A head of fixed income at IFS Securities allegedly shorted Treasuries in an off-book transaction that lost at least $10 million, according to sources, potentially crippling the Atlanta-based broker-dealer. Keith Wakefield, former managing director at IFS Securities, was fired after the alleged illegal trades. The firm did not fully have the funds to settle those

Municipal bonds were mostly stronger on Tuesday as a surge of supply moved into the market, led by deals from Texas and Virginia. Primary marketCitigroup priced and repriced San Antonio, Texas’ (Aaa/AAA/AA+) $454.895 million of Series 2019 general improvement and refunding bonds, combination tax and revenue certificates of obligation and tax notes. Citi also priced

The different growth trajectories of two Missouri-based broker-dealers ultimately led to the deal in which St. Louis-based Stifel Financial Corp. will buy Kansas City-based George K. Baum & Co. Stifel announced Monday it had reached a definitive agreement to acquire Baum. “This is definitely a bittersweet decision for sure,” Baum president and CEO Jonathan E.

Puerto Rico’s Oversight Board said it remains committed to assist in the island’s fiscal recovery in the midst of political chaos over who will be running the government. The board issued a statement Friday, two days after the Puerto Rico Supreme Court rejected Pedro Pierluisi as governor, stressing the need for collaboration to bring stability

Chicago’s recent defeasance of its remaining senior-lien water bonds resolved a review Moody’s Investors Service launched in May that included eight utility and special district credits nationwide as a result of an appellate court ruling on Puerto Rico special revenue bonds that has shaken the market. Moody’s issued a report this week confirming the Baa2

After effortlessly taking down $13.2 billion of bonds this past week, muni buyers will see another above average issuance week with $7.6 billion but it will not be nearly enough to “feed the beast.” There will be $5.70 billion of negotiated deals slated for next week and $1.95 billion of competitive sales, equating to more

The municipal market pick up right where it left off on Wednesday — with unwavering demand from investors. “The muni market saw a ton of paper hit and didn’t blink, it probably could have handled more,” said one New York trader. “I know buyers would have liked to see more but the slate next week

The municipal bond market had no problems whatsoever digesting the massive amount of issuance that hit today and in the process saw yields drop down ever lower, getting ever closer to all time lows. “Muni cash is performing well in the face of the rate rally,” said a trader on Wednesday afternoon. “At some point

The municipal bond market started to see supply come in, as a bunch of deals priced both on the negotiated and competitive sides. Today’s issuance was an appetizer for Wednesday, the main course that looks like it will be the busiest day of the year. “Demand for munis continues to demonstrate unwavering retail support as

The pending sale of a bond-financed manufacturing facility in Minnesota to a commercial modular-construction company would fully pay off bondholders first hit with defaults in 2011. The payoff would retire bonds that have fluctuated in price based on the project’s fortunes, hitting lows of 30 cents on the dollar as the lease changed hands, leading

The wait is over. After seven months without seeing one week of double-digit issuance, municipal bond investors will finally get a supply surge. There is an estimated $12.6 billion of new issuance slated for the upcoming week, with 32 deals scheduled $100 million or larger, 9 of which are competitive sales. There are also three

The Trump administration is planning to place restrictions on disaster aid for U.S. states and territories, holding up $8 billion that Puerto Rico is relying on to rebuild from Hurricane Maria and reverse an economic rout that drove the government into bankruptcy. The Department of Housing and Urban Development plans to release rules for accessing

Puerto Rico’s House voted in favor of the outgoing governor’s chosen successor, Pedro Pierluisi, keeping his nomination alive for now. Pedro Pierluisi Bloomberg News But confirmation by one of the island’s two chambers will do little to ease uncertainty about who will become Puerto Rico’s next governor when the current one —forced out by weeks

The upward outlook tick on one of Illinois’ ratings carries a bigger bang in the market than it would for other states, given its low investment grade standing and investor concerns about trading volatility that moves in tandem with headlines. Fitch Ratings on Wednesday raised its outlook to stable from negative on the state’s BBB

Illinois got rare good rating news Wednesday when Fitch Ratings revised its outlook to stable from negative after an April tax windfall that set the table for an improved fiscal 2019 and 2020 budget picture and pushed rating threats to the backburner, at least for now. Fitch affirmed the state’s BBB rating, two notches above

Preston Hollow Capital LLC’s private lending business tanked after Nuveen warned banks to shun the firm or lose its business — a threat Nuveen says was exaggerated simply to get bankers’ attention. Those were the positions staked out as the conflict between the Chicago-based investment powerhouse and the newer and smaller Texas-based purveyor of direct

The muni market will slow down this week, as all markets and investors are waiting to see how much the Fed will cut interest rates on Wednesday. Will it be 25 basis points or 50? Volume is tempered this week due to the scheduled Federal Open Market Committee Meeting but at an estimated $4.9 billion

The creditworthiness of the U.S. government will be intact for two years and the flow of federal aid to state and local governments will be assured under the two-year budget deal expected to be approved by the Senate and sent to President Trump for his signature. Speaker Nancy Pelosi, D-Calif., at her weekly news conference

Absent an eleventh-hour settlement, Delaware Chancery Court Vice Chancellor Sam Glasscock III will preside over a two-day trial during which direct lender Preston Hollow Capital LLC will try to make its case that Nuveen wrongly sought to choke off its access to financial backing and deals. Nuveen has defended itself against the accusations arguing its

As the month of July winds down, municipal issuance will be muffled thanks to the Federal Reserve’s monetary policy meeting and subsequent announcement on interest rates. And while it’s normal for issuers to purposely schedule deals around the Fed, expected issuance next week is certainly respectable. There is an estimated $4.9 billion of new issuance

Puerto Rico’s political upheaval has already hurt the economy and a disorderly transfer of power may lead to near-term delays in the territory’s historic debt restructuring. Gov. Ricardo Rosselló said late Wednesday he would resign effective Aug. 2, leaving the future of the government in flux. His resignation came after a series of corruption arrests,

Bridgeview, Illinois’ deal to free Major League Soccer’s Chicago Fire from playing at the suburb’s bond-financed SeatGeek Stadium provides near-term fiscal stability but a burdensome debt load still weighs heavily on its balance sheet, S&P Global Ratings said. S&P Global Ratings resolved its CreditWatch on Bridgeview’s general obligation bond rating by affirming it at the

The University of Alaska Board of Regents has approved a financial exigency declaration allowing administrators to lay off tenured faculty, shutter academic programs and close entire campuses. The regents were forced to take Monday’s drastic step after Gov. Mike Dunleavy, a Republican, employed line item vetoes on June 28 to slash $130 million from the