Bonds

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension
0 Comments
Muni yields climbed even higher to end the week, while U.S. Treasuries were weaker and equities ended down. Muni yields, after outperforming USTs the prior week, “have adjusted higher in a hurry this week in sympathy with the UST selloff,” said Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel. Triple-A benchmark yields rose four
0 Comments
California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is
0 Comments
Short-term munis sold off Wednesday, as triple-A benchmarks rose in sympathy with U.S. Treasuries. Equities rallied. Muni yields rose seven to 12 basis points five years in, while USTs rose two to eight basis points. Performance-wise, Matthew Buscone, co-head of portfolio management at Breckinridge Capital Advisors, said the muni market has been soft this week.
0 Comments
Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the
0 Comments
A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to
0 Comments
Municipals were weaker in spots to end the week, while U.S. Treasuries and equities saw losses on continued concerns over the debt limit impasse and questions over the Federal Reserve’s next policy moves. Municipals mostly stayed in their own lane throughout the week but UST weakness Friday seeped into the secondary Friday, moving yields higher
0 Comments
The Puerto Rico Oversight Board will not be forced to turn over documents that may have provided a clearer picture of finances pertinent to the Puerto Rico Electric Power Authority bankruptcy. The U.S. Supreme Court reversed an appeals court decision, rejecting journalist group Centro de Periodismo Investigativo’s (CPI) request for Puerto Rico Oversight Board papers.
0 Comments
Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor
0 Comments
UBS will pay $850,000 to a Texas public school district in a settlement over the bank’s inability to underwrite bonds under a state law prohibiting government contracts with companies that “boycott” the fossil fuel industry, the state attorney general announced Friday. The settlement involves a $18.6 million Normangee Independent School District competitive bond sale the
0 Comments
Veteran financial advisory professional Jill Jaworski will take the helm of Chicago finances as chief financial officer and Cook County budget director Annette Guzman will become city budget director in Mayor-elect Brandon Johnson’s administration. Johnson made the announcements Thursday, four days before he is sworn into office, along with appointments for several other top roles
0 Comments