Bonds

Municipals were little changed ahead of the Fourth of July, while U.S. Treasuries were weaker and equities ended up. Triple-A yields were steady, while UST yields rose three to eight basis points. Municipal to UST ratios fell as a result. The two-year muni-to-Treasury ratio Monday was at 59%, the three-year at 61%, the five-year at

New Jersey Gov. Phil Murphy averted a government shutdown Friday, signing into law a record-setting $54.3 billion fiscal 2024 spending plan hours ahead of a July 1 budget deadline. The budget records an $8.3 billion surplus and features $5.4 billion of new spending in addition to major tax code changes and tax-relief provisions. For the

The Commonwealth of the Northern Mariana Islands, a U.S. territory, “is at risk of a severe fiscal crisis,” according to a U.S. Government Accounting Office report. The CNMI had $114 million of debt outstanding as of September 2020, much of it bond debt, according to its most recent audited statement. The government at that time

Illinois headed into the new fiscal year with fresh deposits to its rainy-day and pension stabilization funds, a low bill balance, and $1 billion in available general revenue funds — hitting several high marks on some fiscal metrics that had sunk during the state’s budget impasse six years ago. The state ended the year with

The Puerto Rico Oversight Board Friday approved the commonwealth’s fiscal 2024 budget that increases government spending and was already approved by the governor and local legislature. The budget consensus marks a departure from the long history of disagreements between the territory’s elected government and the board created by the federal government to restructure Puerto Rico’s

Municipals were steady to end the month and first half of the year ahead of a paltry new-issue calendar which will see next week’s volume drop to the lowest level of 2023. U.S. Treasuries were firmer out long and equities rallied. Treasuries saw yields fall by as much as seven basis points on the long

Dallas is moving ahead with plans to finance the replacement of its convention center and improvements to Fair Park starting with the private placement in August of short-term debt, which would be refunded as part of a sale of at least $1.4 billion of long-term bonds in 2024. The city council June 14 authorized work

Connecticut Green Bank is offering a seventh round of its one-year taxable Green Liberty Notes in a sale set to conclude on July 31. With buy-in starting at $100, the notes are geared towards retail investors, carry a 5% coupon rate, and will be issued through CGB Green Liberty Notes LLC, a subsidiary of the

June municipal bond issuance dropped 9% from 2022 as uncertainty over Federal Reserve policy and market volatility continued, but the total was the highest month of the year. June’s total volume was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data, and lower than the

Beating the legally mandated July 1 deadline to produce a balanced budget, New York Mayor Eric Adams and City Council have agreed on a $107 billion spending plan for fiscal 2024. “The agreement we reached today comes in the midst of a budget cycle dominated by great challenges and unexpected crises, but I am proud

Not-for-profit hospital balance sheets are on the mend from last year’s challenges that inflicted deep damage on balance sheets, but pressures persist and the recovery is slow going, according to reports published this week. Hospital finances showed signs of stabilizing in May with some improvement in operating margins, declining expenses and notable increases in outpatient visits,

Munis were weaker Thursday, unable to ignore larger losses in U.S. Treasuries, after better-than-expected economic data pointed to a strong U.S. economy. Equities ended mixed. Economic data released Thursday showed the U.S. economy is strong, said Edward Moya, senior market analyst at The Americas OANDA. The initial reaction saw UST yields surge, “while stocks focused

U.S. District Judge Laura Taylor Swain rejected a request by bond parties for her to certify interlocutory appeals of her decisions in the Puerto Rico Electric Power Authority bankruptcy. In a Wednesday hearing, Swain said she did not see a reason to reconsider her May decision rejecting certifying an appeal to her decision against a

Municipals were little changed in secondary trading Wednesday while sizable deals from Massachusetts, the Triborough Bridge and Tunnel Authority and others that saw ample demand in the primary and municipal bond mutual funds saw more inflows. U.S. Treasuries were firmer and equities closed mixed. Triple-A yield curves were firmer by a basis point in spots

As the Biden administration this week kicks off a national tour promoting its nearly two-year-old infrastructure law, the work to dispatch the funds into state and local coffers has just begun. A recent exchange between Federal Highway Administrator Shailen Bhatt and Sen. Shelley Moore Capito, R-W. Va., at a June 14 Senate committee hearing on

Pension funding-related threats to Chicago and Illinois’ fiscal health are on the rise, reports published this week warn. Chicago and Illinois — longtime examples of outliers nationally on the size of their unfunded liabilities and funded ratios — have made progress, with Chicago now making payments more closely aligned with an actuarial calculation and both

Vikram Rai, head of Citi’s municipal strategy group, has left the firm, he announced on Monday, after his position was eliminated. “Today was my last day at Citi,” he said in an email to clients. “I got cut,” he told The Bond Buyer. “I’m looking for a new job now.” Rai is an outspoken and

A federal bankruptcy court judge sided with Detroit in a ruling Monday that the police and fire pension system lacked authority to bypass the city’s Chapter 9 plan of adjustment and cut 10 years off the amortization of unfunded liabilities. The Police and Fire Retirement System voted in 2021 to shift to a 20-year amortization

Municipals were slightly firmer Friday ahead of a larger new-issue calendar with bellwether names, as U.S. Treasuries were stronger to close out the week while equities ended in the red. The $6.9 billion new-issue calendar features several high-grade deals, including nearly $1 billion of refunding general obligation bonds from Massachusetts, $886 million of GOs from

Massachusetts Gov. Maura Healey on Thursday announced a five-year, $14 billion capital plan that would lean on a mix of funding to carry out work across the state. The fiscal 2024-2028 Capital Investment Plan, Healey’s first capital spending proposal since taking office, includes spending for housing development, transportation, and green energy. “We’re also expanding support