Bonds

Municipals were mixed Thursday, while U.S. Treasuries were firmer five years and out and equities ended mixed after data showed the economy grew at a hotter-than-expected pace in the second quarter. “News that U.S. economic growth accelerated faster than expected in the second quarter has sent market participants on a roller-coaster ride,” said José Torres,

Bond insurance continued to grow in 2024, with insurance increasingly utilized by issuers and strong demand from retail and institutional investors. Municipal bond insurance grew 24.4% in the first half of the 2024 year-over-year, according to LSEG data. The top two municipal bond insurers wrapped $19.355 billion in 1H 2024, up from $15.561 billion of

The Louisiana State Bond Commission approved three bond issues totaling more than $3 billion on Wednesday. The commission approved a $1.33 billion to $2 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge, a state general obligation bond of up to $1 billion, and gave preliminary approval to a state gas

Enjoy complimentary access to top ideas and insights — selected by our editors. The Dormitory Authority of the State of New York ranked first among the Top 10 issuers in the first half of 2024, helped by a $2.9 billion deal in March. The Florida Development Financing Corp., Massachusetts, the Los Angeles Unified School District and

Municipals were little changed in secondary trading Tuesday as the busy primary market took focus, led by two billion-dollar-plus deals from the Texas Transportation Commission and South Carolina Public Service Authority. U.S. Treasuries were firmer and equities were up toward the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 65%, the

Municipalities face the most difficulty in attracting and winning new hires compared to all other financial sector participants, according to Arizent’s workforce development research.  The difficulty comes as governments seek to attract potential young hires who are skeptical of the public sphere and its potential for career progress in the post-COVID-19 period. This disillusionment has

On the heels of President Joe Biden’s departure from the presidential race, munis were mixed Monday. U.S. Treasuries gave back some early gains, ending the day slightly weaker, while equities ended up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year

Chicago Transit Authority Chief Financial Officer and Treasurer Jeremy Fine is leaving the agency, CTA President Dorval Carter, Jr., announced at a Wednesday meeting of the CTA’s Committee on Finance, Audit and Budget. Fine will join the Illinois Institute of Technology, CTA spokesperson Manny Gonzales said. Officials at the committee meeting said the CTA made

Lack of capacity at state transportation departments share some of the blame for infamously high infrastructure costs in the U.S. compared to other countries. On the other hand, procurement practices that increase competition among contractors help bring down costs, said Will Nober, an economics doctoral student at Columbia University, Zachary Liscow, a professor at Yale

The Board of Directors of the Municipal Securities Rulemaking Board will try to iron out some thorny issues when they meet on July 24-25, for their final quarterly gathering this fiscal year. Establishing priorities for the next fiscal year and approving the FY 2025 budget to advance its strategic plan are among the agenda items.

California voters consider environmental policy so important, according to a recent poll, that it could influence who they support for president. Most favor a $10 billion bond measure proposed to pay for flood control and climate resiliency projects, and the majority plan to cast their ballots for President Joe Biden in the deep blue state.

Municipals were little changed Friday ahead of another week of healthy issuance. U.S. Treasuries were weaker and equities ended down. Tax-exempts, aided by rallying USTs, are “enjoying a relatively strong start” to the second half, said Barclays strategists Mikhail Foux and Clare Pickering. Investment-grade and high-yield returns “have been remarkably similar, though — on the

An Oklahoma judge on Friday issued a permanent injunction against the enforcement of a 2022 state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes.  Oklahoma County District Court Judge Sheila Stinson took the action “based upon the act being unconstitutionally

The Dormitory Authority of the State of New York sold $1.2 billion of revenue bonds last week to good demand, with spreads coming in tighter compared to a DASNY negotiated deal that priced last year. “Overall the bond sale was a success,” said DASNY spokesperson Jeffrey Gordon. “[Last week’s sale] benefited from a calm market

Short-term munis were slightly firmer Thursday as muni mutual funds saw continued inflows and the primary market slowed. U.S. Treasuries yields rose and equities sold off. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal

New climate change rules for Federal Emergency Management Agency flood aid should generally be a credit positive for the Southeast, analysts say. Though FEMA released the finalized rule July 10 with an effective date of Sept. 9, some of the rule changes are already being applied.  The new rule will require FEMA to consider climate

Municipals were little changed Wednesday as the primary market saw another busy day, led by an upsized $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. U.S. Treasuries were slightly firmer and equities were mixed toward the close. The two-year muni-to-Treasury ratio Wednesday

Out of the rubble of one of Michigan’s largest regional malls is set to rise a collection of shops, workplaces and homes — with the help of some municipal bonds. Sterling Heights, Michigan, plans to issue $45 million of limited tax general obligation bonds to help finance a $1.06 billion redevelopment of Lakeside Mall.  The

U.S. states are expected to cut their budgets, marking a return to more modest levels of spending after years of stimulus-fueled growth and tax cuts.  Total general-fund spending is expected to fall to $1.2 trillion in fiscal 2025, according to an analysis by the The Pew Charitable Trusts. That’s a roughly 6% decline from estimates of

Phoenix returns to the municipal market this week with its first new money general obligation bond issue in 12 years and a plan to be a more frequent borrower using that credit source in the future. Kathleen Gitkin, the city’s chief financial officer, said she has high expectations for the $238.8 million tax-exempt and taxable