Bonds

Munis were little changed in the last session of the month and few deals of size priced, while muni mutual funds saw inflows overall but high-yield saw the first outflows since mid-April. U.S. Treasuries were mixed and equities saw losses. “The final session of October concludes what has been an upwardly trending curve all month

Nora Wittstruck is chief analytical officer for governments at S&P Global Ratings.Bear Gutierrez/Bear Gutierrez Nora Wittstruck is the new chief analytical officer for governments at S&P Global Ratings. Wittstruck takes over from Robin Prunty, who retired in August.  “One of the challenges of whomever would have taken this role is filling her shoes. She is

Chicago Mayor Brandon Johnson speaks at the Democratic National Convention earlier this year. Johnson on Wednesday unveiled his fiscal year 2025 budget proposal.Bloomberg News Chicago Mayor Brandon Johnson on Wednesday proposed a $17.3 billion fiscal 2025 budget that calls for a $300 million property tax increase, a move that reverses a campaign promise but avoids

The Department of Transportation announced $2.4 billion in funding for 122 rail projects in 41 states and the District of Columbia, though concerns about the future of rail and other infrastructure funding are rising.  ”Through the Bipartisan Infrastructure Law, we’re funding rail infrastructure projects that create jobs and expand workforce development, reduce costs for consumers,

Secondary trading showed a weaker tone Tuesday but the focus shifted to the primary as a large slate of new issues along the credit spectrum were priced, while U.S. Treasuries improved and equities closed the session mixed. The primary was led by two large California issues, including the state’s competitive sale of tax-exempt and taxable

Oklahoma Treasurer Todd Russ, his office and his chief of staff were sued alleging they withheld documents related to the state’s anti-ESG law. Oklahoma Treasurer Todd Russ, his office and his chief of staff and deputy treasurer, Jordan Harvey, were sued last week by an open-records company that accused them of withholding and possibly destroying

Municipals were little changed Monday as the market took a breather following volatility last week and ahead of what is expected to be the last sizable new-issue slate until well after the election. U.S. Treasuries were weaker and equities saw gains. The two-year ratio Monday was at 64%, the three-year at 63%, the five-year at

The Department of Transportation announced the winners of $970 million in federal grants heading to 125 US airports spreading across 46 states, Guam, and Palau.  “Investing in America’s airport infrastructure isn’t just about upgrading runways and terminals, it’s about growing local economies, creating jobs, and ensuring the safety and efficiency of travel,” said U.S. Transportation Secretary

Municipals improved Friday after a volatile week for the asset class, ignoring losses in U.S. Treasuries, while equities closed the week mixed. Investors will see higher yields and ratios along with a nearly $11 billion new-issue slate for the final week of the month and the last ahead of the election. Triple-A yields fell three

Federal Reserve Bank of Cleveland President Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished.  “We have made good progress, but inflation is still running above the FOMC’s 2% objective,” Hammack said Thursday, referring to the rate-setting Federal Open Market Committee.

Record bond volume, a focus on climate, more floating-rate debt and broader integration of municipals into fixed-income markets is on the horizon for the public finance industry. Those are among the factors that will lead to market growth in 2025 and beyond, panelists at this week’s Bond Buyer California Public Finance conference said. The increase

Tom Vales, a muni bond electronic trading expert, has joined Build America Mutual’s board as an independent director. The bond insurer has seven board members, including three independent directors. Vales will succeed John White, who is retiring, according to a press release. “Tom’s career has been about making fixed-income markets more transparent and efficient,” said Seán

The Municipal Securities Rulemaking Board will be issuing a request for information on its rate card fee setting process, one of the many topics that were discussed during the MSRB’s first quarterly board meeting of FY 2025 held Oct. 23-24. The rate card request for information will be out in the next couple of weeks,

A California Bay Area school district that recently made waves for failing to pass a budget on time sold $352 million of general obligation bonds last week. The district entered the market with a downgrade to its underlying rating, but the deal was bolstered with a bond insurance wrap that covered most maturities. West Contra

Shreveport, Louisiana, was downgraded by Moody’s Ratings.Adobe Stock Shreveport, Louisiana, was downgraded to Baa2 from Baa1 Wednesday by Moody’s Ratings. The agency maintains a negative outlook on the rating. The downgrade of Shreveport’s issuer, general obligation and senior revenue ratings will affect $2.1 billion in debt when the city completes the anticipated $88 million Series

North Carolina’s largest transportation project to date may be structured as a public-private partnership after the controversial toll lanes proposal won a pair of key votes last week. The Charlotte City Council and transportation planning group Charlotte Regional Transportation Planning Organization gave the green light to the North Carolina Department of Transportation to pursue a

Houston Controller Chris Hollins’ investor conference took place Tuesday without the  participation of key city officials after Mayor John Whitmore raised “pay-to-play” concerns about corporate sponsorships for the event and requested a city probe. Hollins countered on Tuesday, calling on the Houston inspector general’s office to also investigate corporate sponsorships for the mayor’s Sept. 17

Municipal market participants this week laid out their doubts about a data standards law in a blizzard of comments to the Securities and Exchange Commission. A similar refrain came from issuers big and small: the Financial Data Transparency Act of 2022 represents regulatory overreach and an unfunded federal mandate that will especially burden small issuers.

Municipals extended their selloff with the largest losses on the short end amid another busy day in the primary market, led by an upsized JFK Airport Terminal 6 Redevelopment Project deal. U.S. Treasuries were little changed and equities ended mixed. Triple-A yields rose three to 12 basis points, playing some catch up after recent outperformance.

The Securities and Exchange Commission has charged Alliance Global Partners for engaging in unfair practices and publishing daily quotes at above market prices on anywhere between 4,300 and 6,500 different municipal bonds between February 2019 and February 2021. The firm violated Municipal Securities Rulemaking Board Rules G-13 on quotes, G-14 on reports of sales or