Bonds

Municipals were weaker Monday, rising in sympathy with U.S. Treasuries. Equities rallied. Triple-A benchmarks were cut up three to eight basis points, depending on the scale, while UST yields were up four to nine near the close. The two-year muni-to-Treasury ratio Monday was at 70%, the three-year was at 70%, the five-year at 71%, the

New York state tax collections from mobile sports betting totaled $727.4 million in fiscal 2022-2023, according to a report from the state comptroller’s office. “Gaming has significantly expanded in the state in the last several years,” Comptroller Thomas DiNapoli said Wednesday. “With the ease and 24/7 availability of mobile betting apps, problem gambling and addiction

Cities and states should “keep calm and issue bonds” despite sticker shock from rising interest rates and a volatile municipal bond market. That was the message from panelists speaking Thursday at the Government Finance Officers Association’s annual MiniMuni event, a three-day online event for issuers. The rise in rates “makes our jobs as debt managers

The U.S. Virgin Islands government is concerned that more than $10 billion of a possible $15 billion in federal hurricane reconstruction aid may be in jeopardy, with possible impacts on the islands’ economy. The islands’ government and Water and Power Authority have more than $2 billion in bonds outstanding. Fitch Ratings rates the WAPA bonds

The last time the triple-A 30-year muni was consistently over 4%, Barack Obama was president, lawmakers were squabbling over whether to raise the debt ceiling, cut spending and keep the federal government open, which eventually resulted in a downgrade of the United State’s triple-A rating by S&P Global Ratings. While there is a different administration,

Connecticut, Rhode Island and Massachusetts have agreed to work together to develop offshore wind energy in a joint venture officials say will offset rising costs that threaten the burgeoning industry’s potential. The multi-state coalition will be the first of its kind, Massachusetts Gov. Maura Healey said in a joint statement with Rhode Island Gov. Dan

Municipals were little changed Friday as the market took a breather ahead of a one of the largest new-issue calendars of the year with bellwether names coming in four deals that total over $1 billion each. U.S. Treasuries returned to a flight-to-safety bid and made gains while equities closed the week mixed. The new-issue muni

The U.S. Environmental Protection Agency has launched a civil rights investigation into Alabama’s Department of Environmental Management after reviewing complaints of discrimination in the distribution of federal funds. In a letter addressed to ADEM Director Lance Lefluer, the EPA said it would launch a probe into state policy concerning distributions from a federally backed sewage

Municipals were mixed Thursday, outperforming U.S. Treasuries, which saw larger losses following a higher-than-anticipated inflation report, while more outflows from muni mutual funds were reported. U.S. Treasuries sold off after the consumer price index report showed inflation rising, paring back gains after several sessions of a flight-to-safety bid amid the violence in Israel. Equities ended

Municipals rallied Wednesday amid a busy primary market day as U.S. Treasury yields fell out long and equities closed the session up after the Federal Open Market Committee released its minutes with few surprises. Triple-A yields were bumped seven to 12 basis points, depending on the scale, while U.S. Treasury yields fell up to 12

Chicago Mayor Brandon Johnson Wednesday unveiled a $16.6 billion all-funds spending package he dubbed the “people’s budget” that “begins the critical investments necessary” to usher in his progressive vision of solving the city’s significant fiscal and social challenges. The budget proposal features little in the way of new taxes or fees despite Johnson’s campaign pledge

Transportation and issuer groups have expressed support for a Republican Senate bill that would require electric vehicle owners to pay a fee to help support the struggling Highway Trust Fund. Senate Bill 2882, the Stop EV Freeloading Act, would impose a $1,000 fee at the manufacturer level and a one-time fee of $550 on each

Municipals were firmer Tuesday, underperforming a U.S. Treasury flight-to-safety rally. Equities ended in the black. Triple-A muni yields fell up to 10 basis points while USTs rallied upwards of 15 basis points. The two-year muni-to-Treasury ratio Tuesday was at 73%, the three-year was at 73%, the five-year at 74%, the 10-year at 75% and the

Federal Reserve Bank of Cleveland President Loretta Mester said Friday’s jobs report didn’t change her view that the labor market remains strong, and that further interest-rate hikes will depend on additional incoming data. “The inflation rate is still too high, the level of inflation remains high, but at least we’re seeing progress on it,” Mester

The muni market may be several years away from fully integrating artificial intelligence, but firms are taking small steps already. “AI is a big deal if you want to personalize your approach, differentiate your products,” James Pruskowski, chief investment officer of 16Rock Asset Management, said during MuniTech NYC, a conference hosted by Munichain and Spline

The largest health-care strike in U.S. history hit Kaiser Permanente Wednesday, putting investors who buy and sell hospital bonds on edge as an industry that’s already experienced more than its share of distress struggles to stabilize financially. Kaiser has almost $4 billion in outstanding municipal-bond debt, according to Bloomberg data, including $1 billion in so-called

Enjoy complimentary access to top ideas and insights — selected by our editors. Peter Hayes, one of the most well-known and influential people in the municipal bond industry, plans to relax and enjoy life with his family and friends after he retires early next year. “I’ll be 65 next year — and I didn’t think

North Carolina Gov. Roy Cooper is leading a state delegation to Japan next week to attend the Southeastern United States/Japan (SEUS/Japan) economic development conference in Tokyo. The trip, from Oct. 11 to 15, aims to entice businesses to move to the state. The delegation will also meet with officials and business leaders. “Japan is a

Municipals were weaker along with U.S. Treasuries Friday following better-than-expected jobs data while equities rallied on the data. The September non-farm payrolls report dashed any suggestions that the labor market is weakening, but analysts still debate whether the Federal Reserve will need to raise rates again. In addition to 336,000 jobs being created in the

A year after it was launched, the U.S. Conference of Mayor’s public-private partnership task force held its inaugural roundtable conference this week in Atlanta. “Our first public-private partnerships council meeting laid the groundwork for our objectives in the years to come,” said Atlanta Mayor Andre Dickens, who was tapped last year to head up the council.