Bonds

The municipal secondary was quiet after a volatile week that moved municipal rates higher and ratios into a range that investors say are a more satisfactory level to engage in the asset class following months of stagnant rates. Triple-A benchmarks were little changed Friday while U.S. Treasuries ended the week at lower yields — sub
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As executive vice president and chief financial officer of Pittsburgh International Airport, Eric Sprys knows of the city’s dark industrial days. “I hear those stories all the time,” he said. Now the airport itself is the latest example of Pittsburgh’s modernization. It is scheduled to break ground Oct. 14 for its $1.4 billion 700,000-square-foot terminal.
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Federal authorities dropped the hammer Thursday on the former head of fixed income trading at the now defunct Atlanta-based IFS Securities Inc. for allegedly engaging in unauthorized and speculative trading activity that bankrupted the firm. The U.S. Attorney’s Office for the Northern District of Illinois and the Securities and Exchange Commission filed criminal and civil
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The two highest ranking leaders of the Puerto Rico Electric Power Authority are out after several weeks of power outages have plagued the island. On Monday the president of the board resigned. He was replaced Tuesday. On Wednesday the executive director resigned, and was immediately replaced. After the resignation of the board president, Ralph Kreil
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Municipals were slightly weaker outside of five years Wednesday, with triple-A benchmarks cutting levels by a basis point or two, after four days of a correction to higher yields not seen since February and March of this year. U.S. Treasuries pulled back from Tuesday’s losses earlier in the morning, but yields rose into the afternoon
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While Metropolitan Transportation Authority officials have been touting the need for congestion pricing revenue during multiple public hearings, observers have cited broader challenges for the state-run agency that has been in crisis mode throughout the COVID-19 pandemic. Debt is high, federal aid won’t last forever and New York City area mass transit ridership is uncertain.
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Problems distributing ballots to potential voters on the Puerto Rico Plan of Adjustment have led to calls to push back the Oct. 4 voting deadline, and this may potentially push back the plan confirmation. The Official Committee of Retired Employees on Thursday filed a motion to have the deadline pushed from 5 p.m., Oct. 4
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Muni issuers are considering and beginning to roll out blockchain based solutions, including distributed ledger technology for various muni projects, but the market remains nascent. The introduction of blockchain and its use of digital ledger technology caught market attention in 2016 as a banking alternative that could transform operating systems, and for munis, promised the
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Municipal yields edged higher Friday as selling pressure emerged early and buyers greeted it by demanding some concessions, though municipals still outperformed taxables by a large degree on the week. Triple-A benchmark yields rose another two to three basis points, moving the municipal 10-year to 1% on both Refinitiv MMD and ICE Data Services scales.
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The Puerto Rico House of Representatives could approve next week restructured bonds for the Puerto Rico bankruptcy, which may move the process along. House Speaker Rafael Hernández Montañez plans to submit a bill to allow the sale ofrestructured bonds consistent with the proposed Plan of Adjustment, said Lilliam Maldonado, spokesperson for Rep. Jesús Santa Rodríguez,
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The Securities and Exchange Commission on Thursday charged a firm and its two principals with violating numerous duties under Municipal Securities Rulemaking Board Rule G-42, which lays out the core responsibilities of municipal advisors. The actions–which are the first enforcement cases the SEC has brought under the 2016 rule–were brought in the U.S. District Court
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Municipals sat tight again Wednesday as broader markets digested the Federal Open Market Committee leaving interest rates unchanged and noting the tapering process may begin sooner. The news was largely expected and U.S. Treasuries ended the day a touch firmer while equities made up for lost ground though pared back earlier gains. “The biggest news
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S&P Global Ratings has singled out states’ underfunding of retiree medical benefits as a key credit risk for states. States continued to sharply underfund their OPEB plans and unfunded liabilities ticked upward in fiscal 2020, S&P analysts reported in their annual survey published Monday. During the economic expansion preceding the pandemic, few states pursued and
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Ohio State University hits the market Tuesday with $600 million of green-designated bonds to finance a hospital facility. Proceeds will go toward construction at the school’s Wexner Medical Center, with opening expected in 2026. It will house up to 820 beds in private-room settings, 60 neonatal intensive care beds, and state-of-the-art diagnostic, treatment and inpatient
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Municipals largely ignored the rally in U.S. Treasuries and a massive selloff in equities as participants await another large new-issue week. Without the primary in play and a mostly muted secondary, triple-A benchmark yield curves were little changed, coming nowhere near the moves in Treasuries as the 10- and 30-year UST fell five and six
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Tax law changes and bond provisions included in the $3.5 trillion reconciliation package being debated in Washington likely will shift the demand components for and the makeup of the muni market in dramatic ways in the coming decade. The market is closely watching Washington to see whether the proposed tax law changes — higher rates
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Rebounding casino and new online gambling tax revenues will give Detroit’s general fund a boost this year and in the coming ones as it tackles looming pension contribution pressures. The city’s estimating conference revised general fund projections for the fiscal 2022 which began July 1 to $1.1 billion from $995 million thanks mostly to $66
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The Puerto Rico Oversight Board reiterated its position on pension cuts in the Plan of Adjustment Friday, the biggest source of tension it has with the local government, but was unclear on how willing it was to accommodate the government’s demands. Puerto Rico Gov. Pedro Pierluisi and many of the legislators have called for zero
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Municipals were a touch softer Friday as U.S. Treasuries rose and equities sold off as global concerns over China and COVID were heightened and participants prepared for the FOMC meeting and potential for tapering next week. Triple-A benchmark yields rose a basis point beginning in 2028 while UST were off another three to four on
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The Securities and Exchange Commission has settled with Sweetwater Union High School District in San Diego County, California, as well as its former chief financial officer Karen Michel for misleading investors in connection with an issuance of $28 million of municipal bonds. The Commission charged Michel with violating Section 17(a)(3) of the Securities Act of
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