Bonds

UBS Group is the only bank that underwrites municipal bonds on the list the Texas comptroller released Wednesday of 10 financial companies determined to be boycotting the fossil fuel industry under a 2021 law aimed at protecting the state’s oil and natural gas businesses. Placement on the list could jeopardize UBS’ participation as a co-manager

Long-end munis were much weaker Wednesday while a large new-issue from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were saw losses along the curve and equities made gains ahead of the Jackson Hole event that starts Thursday. Triple-A municipal yields rose two to 10 basis points with the

Directors at two of the Federal Reserve’s 12 regional branches favored a 100-basis-point increase in the discount rate in July, minutes of discount-rate meetings show. The boards of the St. Louis and Minneapolis banks voted for a bigger move on July 14, the Fed said in a statement released Tuesday. A day earlier, a report

Municipals were a touch weaker Tuesday, but the focus was on a large new-issue day with airport revenue bonds from Minneapolis-St. Paul and transportation revenue bonds from Delaware leading the calendar. Treasuries saw smaller losses out longer with the 10-year closing above 3% again while equities ended in the red as economic data disappointed. Triple-A

Chicago-owned O’Hare International Airport heads into the market next week with $1.77 billion of across-the-board A-plus-rated paper after two upgrades. The city will sell the bonds in four series offering a mix of paper subject to the alternative minimum tax and non-AMT with $1.3 billion being raised for projects and the remainder refunding outstanding debt

The tone for munis was mixed Monday as they mostly ignored broader weakness in U.S. Treasuries while equities sold off as the markets continue to weigh what’s to come from Federal Reserve officials later this week in Jackson Hole. Triple-A yields rose one to three basis points, depending on the curve, while U.S. Treasuries saw

Puerto Rico’s power problems continue, with at least two major blackouts in the past week, leading to a rising wave of criticism of Puerto Rico’s LUMA Energy, which may force its departure and could impact the Puerto Rico Electric Power Authority debt restructuring. LUMA’s future may be influenced by the PREPA debt negotiations. It currently

Cities and states facing elevated construction costs face an unappetizing menu of choices ranging from more borrowing to delaying projects, each of which carry their own set of credit risks. Elevated construction costs also mean fewer bids for public projects, as contractors are likely to opt first for the private sector, particularly when the market

Long-term education debt reached its highest levels on record in 2020, the most recent data sample available, reaching $505 billion. That’s highlighted in Reason Foundation’s recent K-12 Education Spending Spotlight, which leans on U.S. Census Bureau data to show long-term debt has reached its highest level since the organization began releasing the report in 2002.

A deluge of ratepayer-backed utility debt in the wake of 2021’s Winter Storm Uri continues with a Kansas regulator approving the state’s first securitization deal. The Kansas Corporation Commission (KCC) on Thursday unanimously passed an irrevocable financing order allowing Kansas Gas Service to issue securitized bonds to recover $328 million in costs incurred during the

Municipals closed out the week with more weakness with yields rising up to 10 basis points on the short end of the yield curve, following U.S. Treasuries to higher yields while equities ended down. The one-year triple-A benchmark saw smaller cuts with yields rising up to four basis points, depending on the scale, while two-,

S&P Global Ratings Friday revised its outlook to positive from stable on New Jersey general obligation bonds. The rating agency highlighted the state government’s recent payments to its underfunded state pension system. “The outlook revision follows the second consecutive year the state has budgeted the full annual actuarially determined contribution to its retirement systems,” S&P

The Federal Reserve looks to be paying closer attention to a potential pinch-point that rankled dollar funding markets almost three years ago and could at some stage become a catalyst for ending early officials’ plans to shrink the U.S. central bank’s expanded balance sheet. Yields offered by money market funds — vehicles that invest in

Municipals were weaker again Thursday led by continued pressure on the short end while municipal bond mutual funds saw outflows for the second consecutive week. Triple-A yield curves saw cuts of up to nine basis points on bonds five years and in, depending on the curve, while U.S. Treasuries made small gains to close out

A county judge declined to dismiss a lawsuit challenging the Oklahoma Turnpike Authority’s extension plan at the same time the OTA asked the state supreme court to validate bonds for the project. The ruling was the first in either of two lawsuits seeking to block OTA from building certain extensions as part of its bond-financed

Municipals sold off Wednesday with the largest losses up front, pushing the one-year triple-A yield well above 2%, the first time since March 2020. U.S. Treasuries were weaker and equities ended down. U.S. Treasuries started the day with large losses after higher inflation numbers out of Europe led to volatility early on but they pared

Fitch Ratings said it has hired six analysts to join its U.S. Public Finance group. The analysts will be based throughout the country and cover various municipal subsectors. Joining Fitch’s San Francisco office are senior directors Pascal St. Gerard, who will serve as Fitch’s Western regional manager, and Karen Fitzgerald, who becomes Fitch’s sector head

Municipals were weaker Tuesday as short-end munis continued to sell off, U.S. Treasuries were weaker 10 years and in and equities were mixed. Triple-A muni yields rose nine to 12 basis points in one-year, further inverting the curve on the short end. Heavy secondary trading on the short end moved one-year triple-A yields as much

Lisa Gorab, president and managing director of New Jersey’s Wilentz, Goldman and Spitzer law firm, passed away on June 4 at 61. The Clifton, New Jersey, native became the first woman to hold the position of president at the century-old firm when elected in 2021, the crowning achievement of a thirty-year career in public finance law. “She

Short-end munis extended their days long selloff, continuing to play catch up to short-end U.S. Treasuries, as triple-A munis correct from recent outperformance relative to taxables. USTs were firmer, while equities were up near the close. Triple-A benchmarks rose 11 to 15 basis points on the one-year and three to eight basis points in two