Bonds

Municipals were weaker Wednesday, as U.S. Treasury yields rose and equities ended down. The two-year muni-to-Treasury ratio Wednesday was at 66%, the three-year at 67%, the five-year at 67%, the 10-year at 66% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at

Congressional Republicans launched fresh salvos in the partisan battle over environmental, social and governance investment polices last week and Treasury waded into the issue as the debate continues to simmer among the states. The House Republican ESG Working Group on Aug. 1 released a 37-page report titled “The Failure of ESG: An Examination of Environmental,

Following a three-day extended rally, municipals reversed course and were mostly weaker five years and out Tuesday in secondary trading as the primary market took focus with several large deals. U.S. Treasuries sold off and equities rallied. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 66%, the five-year at 66%, the 10-year

Amendments to Municipal Securities Rulemaking Board Rule A-12 on registration that would require bank dealers to disclose their related “associated persons” would level the playing field for those dealers already required to do so, commenters on the proposal said. “The proposal would require MSRB-registered bank-dealers to begin reporting certain information about firms’ associated persons, including

Puerto Rico Electric Power Authority bond parties asked the U.S. Court of Appeals for the First Circuit Monday to reject the Oversight Board’s request to rehear the court’s June decision that bondholders have a lien on the authority’s net revenues. While the board’s request delays the bankruptcy, it “has the positive effect of clarifying, in

A strong majority of university leaders expect to see an increase in partnerships with the private sector as higher education continues to face headwinds. That’s according to the latest annual survey from The Chronicle of Higher Education and P3 EDU. Seventy-four percent of university leaders said they expect to see P3s increasing at their schools,

The Municipal Securities Rulemaking Board announced yesterday that it has selected three new board members to four-year terms along with the new chair and vice chair that were announced last week. The new public members are Ahmed A. Abonamah, the former chief financial officer and director, Department of Finance, City of Cleveland, and Daniel L. Wiles,

The Federal Deposit Insurance Corporation board shocked the municipal bond market on Tuesday with a proposal that would switch out CUSIP numbers with Financial Instrument Global Identifiers, a marker based on standards developed by Bloomberg.  “It was an opaque process, but we did hear of efforts behind closed doors to expand the scope of FDTA to include

Williams College, the liberal arts school sprawled across 450 acres of the Berkshire highlands in Massachusetts, is out to show municipal bond investors the greater value of some higher education debt. The alma mater of former President James Garfield and current U.S. Rugby Olympian Kristi Kirshe plans to sell $108 million of bonds next week

Following the receipt of $12 billion from the Biden administration in July of this year, the Gateway Development Commission is seeking to execute an additional $3.8 billion Federal State Partnership grant agreement from the Federal Railroad Administration.   The additional funds will provide the GDC with a cushion with which to facilitate advance payments, as well

Municipals extended their rally Friday, underperforming U.S. Treasuries which saw yields plummet up to nearly 30 basis points on the short end after a weaker-than-expected nonfarm payrolls report. Equities sold off. Muni yields were bumped nine to 14 basis points, depending on the scale, while UST yields fell 17 to 29 basis points, pushing two-,

With the launch of several muni exchange-traded funds in recent weeks, there are now just over 100 muni ETFs in the space as firms ramp up their offerings to fill the gap in the marketplace and address the growing demand from clients. “There’s definitely a bit of an arms race out there,” said Brendan McCarthy,

Municipals were firmer Thursday as muni mutual funds saw inflows top $1 billion and issuers were paid $26 billion of principal. U.S. Treasuries rallied and equities sold off. Muni yields were bumped two to eight basis points, depending on the scale, while UST yields fell up to 13 basis points on the short end. The

The first glimpse of proposed rules for the closely watched Financial Data Transparency Act carried a surprise for the municipal bond market. The Federal Deposit Insurance Corporation board Tuesday approved a draft notice of proposed rulemaking for the FDTA. Enacted in December 2022, the law requires that municipal securities disclosures be converted into a machine-readable

Municipals were steady, underperforming U.S. Treasuries after the Federal Reserve held rates, as expected. Equities ended up. Wednesday was about setting market participants up for a policy change in September, said Jeff MacDonald, executive vice president and head of fixed-income strategies at Fiduciary Trust International. The muni yield curve has “remained stubbornly inverted” throughout most

Houston’s mayor and controller traded barbs on Wednesday over a negative rating outlook the city received from S&P Global Ratings ahead of a July general obligation bond sale that financed part of a settlement with firefighters.  In his report to the city council, Houston Controller Chris Hollins said the action by the rating agency to

Municipals were little changed Tuesday as U.S. Treasuries were firmer and equities were mixed toward the end of the session. Muni yields remain near levels seen at the start of summer last year, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. Yields may move lower after the Federal

Enjoy complimentary access to top ideas and insights — selected by our editors. Bond counsel in the first half of 2024 handled a combined $236.731 billion across 3,933 bond issues, up from $172.268 billion in 3,493 transactions this time last year.  The top 10 bond counsel saw some shuffling and welcomed three new entrants. The

Kim Olsan joined NewSquare Capital last week as a senior fixed-income portfolio manager.  The 30-year industry veteran said she hopes to bring her broker-dealer background and deep knowledge of municipal bonds to the firm.  Olsan said she looks forward to “interacting directly with advisors and investors to grow their municipal footprint and expose them to

The U.S. Soccer Federation is tapping the municipal market this Thursday as it seeks to fund its new headquarters and training facility in Georgia. U.S. Soccer will issue $200 million of tax-exempt revenue bonds through the Fayette County Development Authority.  The bonds will help finance most of the project’s expected $225 million cost. Arthur M.