Bonds

Moody’s Ratings downgraded Manhattan, Kansas, bonds to A1 from Aa3 in the wake of a tardy audit and deteriorating finances. A tardy annual audit and deteriorating finances led Moody’s Ratings to downgrade the issuer and general obligation rating for Manhattan, Kansas, to A1 from Aa3 and warn the rating could be lowered further or even

<img src=”https://public.flourish.studio/visualisation/20548015/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were lightly traded in a post-Thanksgiving holiday-shortened session, but the asset class held onto a firmer tone Friday following an improved U.S. Treasury market, ahead of what’s building up to be a sizable new-issue slate for the first week of the last month of 2024. Demand for paper

“By modernizing this key venue, we will not only attract more events and visitors but also stimulate local businesses and create a vibrant atmosphere in the area,” said D.C.’s Democratic Mayor Muriel Bowser. “Our agreement stipulates that at least 40% of contracts will be awarded to certified business enterprises, with an ambitious goal of reaching

<img src=”https://public.flourish.studio/visualisation/20514185/thumbnail” width=”100%” alt=”chart visualization” /> Issuance fell in November year-over-year, marking the first month supply has declined in 2024, as election-related uncertainty and fewer available pricing days kept volume low. Despite this, bond volume in 2024 will break issuance records. November’s volume was at $24.743 billion in 607 issues, down 33% from $36.918 billion

Jackson Hospital engaged Allen Wilen, partner at Eisner Advisory Group, as the chief restructuring officer in early September. The defaulted issuer Jackson Hospital & Clinic of Birmingham, Alabama, is set to receive bridge loans from some of the holders of its bonds. Investors participating in talks with the hospital have agreed to loan up to

<img src=”https://public.flourish.studio/visualisation/20515760/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were firmer Wednesday following U.S. Treasury yields lower as economic indicators sent investors the signal the Federal Reserve will likely continue on its rate-cutting path.  “While this month’s core PCE inflation, data was certainly a little higher than the Fed would like it to be, it was very

The Chicago skyline in August. Chicago is preparing to go to market with a refinancing deal that will help balance its budget.Bloomberg News A complex refinancing deal pricing next week continues Chicago’s move from scoop-and-toss practices but still front-loads savings to help balance the city’s budget. The city will issue $142.09 million of sales tax

<img src=”https://public.flourish.studio/visualisation/20497288/thumbnail” width=”100%” alt=”chart visualization” /> Municipals improved, outperforming small losses in U.S. Treasuries Tuesday, while equities closed with the Dow and S&P 500 hitting records. The day’s moves followed the Federal Open Market Committee meeting minutes that signaled the Federal Reserve will be cautious with further policy easing. If the economy progresses as expected,

Bloomberg News The Securities and Exchange Commission more than doubled the number of municipal market enforcement filings in fiscal year 2024 from fiscal 2023, in a year that saw 583 total enforcement actions and a record-breaking $8.2 billion in financial remedies ordered. Despite the great sum of financial remedies, the 583 enforcement actions represent a

<img src=”https://public.flourish.studio/visualisation/20477360/thumbnail” width=”100%” alt=”chart visualization” /> Muni yields fell Monday, following a U.S. Treasury rally, while equities ended up as market participants signaled their confidence in President-elect Donald Trump’s pick for U.S. Treasury Secretary. Muni yields were bumped up to seven basis points, depending on the scale, while USTs rallied up to 15, with both

Congress passed the Financial Data Transparency Act of 2022 as a means of modernizing and improving the organization, readability and availability of financial information collected by certain federal agencies (i.e., the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Consumer Financial

Roosevelt & Cross CEO Charles Stavitski and President Elaine BrennanRoosevelt & Cross Charles Stavitski and Elaine Brennan have been promoted to new leadership positions at Roosevelt & Cross.  The pair, who were already members of the firm’s board of directors, have taken on more leadership duties in the past year, with new titles now formalizing

Pew senior officer Fatima Yousofi found states are considering diverse funding and financing tools to manage climate threats to their infrastructure.Pew As the municipal bond market expects issuance to swell over the next decade to accommodate climate-related infrastructure needs, states are also eying cap-and-invest and superfund programs to augment what is expected to be substantial

Longtime investment banker George Joseph McLiney, Jr., passed away unexpectedly at age 87 Saturday.  The founder of McLiney and Company, which was acquired by SAMCO Capital Markets in 2019, McLiney was also a devoted husband, father, grandfather and great-grandfather, an avid golfer and a successful Kansas cattleman. George McLiney, Jr. “He loved life, and that

The village of Pewaukee, Wisconsin, is facing legal action over its transportation utility fee, which the Wisconsin Court of Appeals struck down in March.Adobe Stock The village of Pewaukee, Wisconsin, has become the target of lawsuits from the state’s combined chamber of commerce and manufacturers’ association over its transportation utility fee, which was struck down

<img src=”https://public.flourish.studio/visualisation/20436998/thumbnail” width=”100%” alt=”chart visualization” /> The municipal market was lightly traded and little changed Friday ahead of the Thanksgiving-shortened week, with strong market technicals leading to more muni outperformance to U.S. Treasuries and corporates. Triple-A yields barely budged for the ninth consecutive trading session while USTs saw small losses on the short end and

<img src=”https://public.flourish.studio/visualisation/20420283/thumbnail” width=”100%” alt=”chart visualization” /> As yearend approaches, investors have traditionally turned to tax-loss harvesting to use some of their losses to offset gains. However, this year may see less of the tactic than in previous years due to the strength of the muni market. Investors use tax-loss harvesting to sell investments at a

<img src=”https://public.flourish.studio/visualisation/20420841/thumbnail” width=”100%” alt=”chart visualization” /> Municipal were little changed Thursday as inflows into muni mutual funds topped $1 billion. U.S. Treasury yields rose and equities closed the session up. Municipal bond mutual funds saw $1.288 billion of inflows for the week ending Wednesday, according to LSEG Lipper. That compares to $303.2 million of inflows

A rendering of the planned Calcasieu River bridge in southwest Louisiana, the state’s largest and most complex public-private partnership to date.Plenary One way to tell that the public-private partnership to replace Louisiana’s Calcasieu Bridge has gained national attention in P3 and transportation infrastructure circles? “People can actually pronounce it now the correct way,” joked Shawn

<img src=”https://public.flourish.studio/visualisation/20399114/thumbnail” width=”100%” alt=”chart visualization” /> Municipal secondary trading did little to move triple-A yield curves, outperforming a weaker U.S. Treasury market again, as the primary market took focus. Triple-A yield curves barely budged while USTs saw losses of three to four basis points across the curve. The day’s moves pushed ratios lower still. The