Bonds

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

Broker-dealers remain hopeful for policy issues vital to the municipal bond market including restoring advance refunding and raising the bank-qualified limit following a Bond Dealers of America fly-in event Thursday. Representatives of BDA member firms descended on Congress in a lobbying blitz that included visits with lawmakers on the House Financial Services Committee and the

As New York City officials grapple with finding ways to balance their budget for the next fiscal year, one area of growing concern revolves around the very ground that the city is built on — commercial real estate. Comptroller Brad Lander’s office last week took a deep dive into how hybrid work is affecting the

Market data platform SOLVE has launched a new platform that provides information for market professionals through the aggregation, curation and delivery of available historical and real-time fixed-income data. Some of the resources available include color from SOLVE’s AI-powered technology, regulatory compliance solutions, coverage of illiquid securities and a suite of tools for new-issue and secondary

The California Housing Finance Agency had its rating upgraded to Aa2 by Moody’s Investors Service, which cited the state treasurer conduit’s improved financial strength. It is the highest rating in agency history, according to CalHFA, and is among the top ratings that Moody’s assigns to housing finance agencies nationwide. “This rating has CalHFA well-positioned to

After a late-night legislative session on Wednesday, members of the Nashville Metropolitan Council voted 38-0 to approve a fiscal year 2024 budget that matches the $3.2 billion size and most substance of Mayor John Cooper’s May budget plan, preserving his signature proposal for a pay increase for public employees, while shifting some funds to do

Municipals had another constructive session by holding steady Thursday as inflows returned to municipal bond mutual funds for only the second time since early February. U.S. Treasuries were weaker, and equities ended mixed. The two-year muni-to-Treasury ratio Thursday was at 61%, the three-year at 63%, the five-year at 65%, the 10-year at 67% and the

Cook County expects to end the current fiscal year with a surplus providing some cushion as it looks to erase an $85.6 million gap looming in the next budget as rising salary and pension expenses, healthcare, and a state change on personal property replacement tax distributions weigh on the county’s fiscal landscape. The gap next

The Puerto Rico Oversight Board said challenges to its Puerto Rico Electric Power Authority projections are “irrelevant.” The board filed its argument Tuesday evening in response to a PREPA bondholders filing a week earlier defending their right to have U.S. District Court Judge Laura Taylor Swain consider their attacks on the assumptions of the fiscal

Municipals showed some strength Tuesday, U.S. Treasury yields fell and equities ended down. Triple-A scales bumped up to five basis points, depending on the scale, while UST yields fell three to five basis points. The two-year muni-to-Treasury ratio Tuesday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year at 68% and

State budget surpluses are boosting transportation investment, with state lawmakers approving nearly $13.5 billion in new transportation funding in the first six months of the year. One-time funding measures, many of which will use bonds, account for half of all the bills that have been introduced this session, according to the American Road & Transportation

Lawmakers in South Carolina have passed a fiscal 2024 budget that mirrors closely the plan pitched by Gov. Henry McMaster earlier this year. The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.