Bonds

Municipals were stronger on Thursday with yields falling another two to five basis points on triple-A yield curves and new-issues fared well while Refinitiv Lipper reported $2.9 billion of outflows, marking the largest negative flows in nearly two years. The last time outflows were above $2 billion was on April 8, 2020 when they hit

Efforts to capture a fixed share of California’s budget for water infrastructure will continue despite the failure of a ballot measure campaign. As the More Water Now campaign announced Tuesday it had failed to secure the needed 1 million signatures for the Water Infrastructure Funding Act of 2022 by the deadline, Assemblyman Devon Mathis, R-Visalia,

Illinois would pump up now near-empty rainy day fund, pay more of its bills down, bolster scheduled pension contributions, and provide one-time tax relief under budget plans Gov. J.B. Pritzker laid out Wednesday. The state expects an additional $2.2 billion of revenue, about 5% of general funds, in fiscal 2022 and another $2 billion in

The two active municipal bond insurers wrapped $38.7 billion in 2021, an 8.7% increase from the $35.6 billion of deals done in 2020. It marks the highest level since 2009. The industry par amount was achieved in 2,151 deals, fewer than the 2,270 in 2020. Market demand for bond insurance increased steeply during the past

Federal Reserve Bank of St. Louis President James Bullard said he would like to raise interest rates at the central bank’s meetings in March and May but played down the benefits of a larger-than-expected move. “Fifty basis points, I don’t think helps us — at least sitting here today, I don’t think that really helps

The University of Chicago won back stable rating outlooks as investment returns swelled last year and student-driven revenues bounce back with a return to campus. The selective private school’s enrollment levels and fundraising also weathered the COVID-19 pandemic, factors that have especially benefitted the ratings of higher-grade, private schools with healthy endowments and strong student

Municipals ended the month in the red but yields rose only a basis point or two on most triple-A scales on Monday while U.S. Treasuries were also softer and equities rallied hard. Triple-A benchmark yields rose slightly as did UST, keeping muni to UST ratios in a higher range. The municipal to UST ratio five-year

Illinois Gov. J.B. Pritzker will propose a one-time, $1 billion tax relief package when he unveils his proposed fiscal 2023 budget Wednesday, joining the wave of leaders of Democratic and Republican-run states in looking to tap surging tax collections to provide temporary or permanent cuts. Pritzker’s proposal would double the existing $300 income tax credit

The Puerto Rico Oversight Board has discussed completing the Puerto Rico Electric Power Authority restructuring without a local law supporting it, since members of a Senate panel appear opposed to such legislation. The board reached preliminary terms with the bondholders on a Restructuring Support Agreement in spring 2019. As currently proposed, the Puerto Rico Senate

President Joe Biden Friday visited the site of a major Pittsburgh bridge that collapsed just hours before he was scheduled to visit the city to highlight his infrastructure spending plan. Looking at the 450-foot collapsed span, Biden pledged the White House would “fix them all,” referring to thousands of bridges needing investment nationally. “We’re sending

Michigan’s multi-billion dollar revenue windfall puts tax relief front and center for Democrats and Republicans alike as the legislative session and budget season heats up. While both sides of the aisle are pushing for tax cuts, the form they would take remains the subject of debate. Gov. Gretchen Whitmer, a Democrat who is up for

Municipal yields rose double digits Friday bringing levels to highs not seen since early April 2020. The short end of triple-A scales has risen more than 30 basis points over the past five sessions on elevated selling pressure and overall market volatility. Triple-A yields rose by six to 10 basis points and ratios increased again

Credit unions and teachers’ associations separately filed notices of appeal of the court-approved Puerto Rico Plan of Adjustment Friday afternoon. The teachers’ associations will ask the appeals court to stay implementation of the plan, said Bufete Emmanuelli Partner Jessica Méndez Colberg. In the last week the Oversight Board said it was hoping the plan could

As New York’s Metropolitan Transportation Authority stumbles toward a post-pandemic future, its finance team continues an orderly transition to meet a significant change in the short-term debt marketplace. In September 2018, the MTA issued the municipal market’s first tax-exempt transaction linked to secured overnight financing rate notes, the replacement for Libor, the London interbank offered

The Puerto Rico Oversight Board passed a fiscal plan Thursday with 18% more spending through fiscal 2026 compared to the fiscal plan it approved in April. The fiscal plan projects $107.5 billion in Puerto Rico government spending and federal spending for Puerto Rico, from the current fiscal year to fiscal 2026. The April fiscal plan

The Port of Los Angeles launched a Cyber Resilience Center Monday that protects not only port administration systems, but the shipping companies that berth there. The development of the center came after cyberattacks in 2017 and 2018 struck some of the largest shipping companies. “We must take every precaution against potential cyber incidents, particularly those

Municipals continued their ascent to higher yields Wednesday, even before the Federal Open Market Committee said it would “soon” raise interest rates. U.S. Treasury yields spiked following the FOMC statement and Chairman Jerome Powell’s comments. “Powell’s seeming unwillingness to dismiss some of the more-hawkish scenarios for the path of policy this year, leaving all options

Industry advocacy groups view the Libor transition as a continuing education effort for municipal advisors and an issue that could be eased with a legislative fix from Congress. Speaking Monday at the Government Finance Officers Association’s winter debt committee meeting, Susan Gaffney, executive director of the National Association of Municipal Advisors, said that NAMA has

Municipals faced more cuts to triple-A benchmark yields with the five-year hitting 1%, a level not seen on Refinitiv MMD’s curve since May 2020 and the 10-year at 1.34%, a high not seen since April 2020 when the market was in recovery from the initial COVID-induced selloff. U.S. Treasuries were slightly weaker while equities ended

The broad nature of the Municipal Securities Rulemaking Board’s request for information on environmental, social, and governance practices in the municipal securities market is worrying some industry advocacy groups. Representatives from the National Association of Municipal Advisors, the Securities Industry and Financial Markets Association, and the National Association of Bond Lawyers discussed the issue Monday