Bonds

Municipals were steady Thursday while the final large deals of the week priced in the primary. U.S. Treasuries were mostly firmer and equities were in the red ahead of the Friday payrolls data release. “The last labor market reading before the [non-farm payrolls] report provided another reminder that the labor market is still strong,” said

Munis were slightly firmer in spots Wednesday with more of the focus on the primary, including a large taxable California general obligation bond sale in the competitive market, while U.S. Treasuries were better and equities ended the session up. The Investment Company Institute Wednesday reported investors pulled $2.407 billion from municipal bond mutual funds in

An attorney for a Puerto Rico Electric Power Authority bondholders group raised concerns Wednesday about an Oversight Board mailing to bondholders asking them to support its plan of adjustment, which would result in them getting a better deal than non-supporting bondholders. PREPA Ad Hoc Group attorney Eric Brunstad Jr. said at Wednesday’s Puerto Rico omnibus

For the second time in as many weeks, the New York Metropolitan Transportation Authority has gotten some good news. S&P Global Ratings on Tuesday raised its long-term rating and underlying rating (SPUR) on the MTA’s transportation revenue bonds (TRBs) to A-minus from BBB-plus. S&P upgraded the long-term component of its dual ratings on various MTA

Munis were weaker Tuesday, but outperformed a U.S. Treasury selloff. Equities sold off as well. Triple-A yields rose anywhere from two to eight basis points while UST saw yields rise by as much as 13 basis points out long. The two-year muni-to-Treasury ratio Tuesday was at 72%, the three-year was at 72%, the five-year at

Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription: Keeley Webster (00:03):Hi, and welcome to another edition of The Bond Buyer podcast. I’m Keeley Webster, and my guest today is Bryant Jenkins, a managing principal at Sperry Capital. I invited Bryant here today to talk about some of the pressures

A group of Puerto Rico Electric Power Authority bondholders opposed to the Oversight Board’s proposed plan of adjustment identified its members Wednesday. The new faction, called the PREPA Ad Hoc Group, holds $2.1 billion in uninsured PREPA bonds and hundreds of millions of dollars more in insured bonds. $8.5 billion of PREPA bonds were outstanding

The Municipal Securities Rulemaking Board has requested comment on draft amendments to Rule G-12 on uniform practice, in efforts to codify, retire and reorganize 40 pieces of interpretive guidance related to interdealer confirmations. The move will aid the MSRB in its goal of retiring approximately 20% of its body of interpretive guidance, much of which

A pair of Texas Congressmen are urging the Federal Railroad Administration to reject joint grant applications by Amtrak and railroad company Texas Central to build high-speed rail between Dallas and Houston. Republicans Rep. Jake Ellzey and Rep. Michael McCaul sent a Sept. 28 letter to the FRA outlining their opposition to the controversial project. The

California Democratic leaders are asking the state Supreme Court to remove a business-backed measure from the November ballot that would require voter approval for any increase in state or local taxes. Senate President Pro Tempore Toni Atkins, D-San Diego and Assembly Speaker Robert Rivas, D-Hollister, filed an emergency petition with the state Supreme Court Tuesday

September municipal bond issuance rose slightly year-over-year, becoming the first month of 2023 to see supply increase from 2022 levels, as several billion-dollar deals were priced and a general market acceptance of the Fed’s ‘higher for longer’ stance took hold. Led by tax-exempt, new-money deals, September’s total volume ticked up 1.2% to $27.585 billion in

After selling off for a week and a half, munis ended Friday’s session firmer, but September losses moved the asset class into the red for the year, returning -1.79%. “September and to a lesser degree October have not been kind to municipal investors in recent history, with average returns of -5.7% and -1.8%, respectively, going

Spartanburg, South Carolina, will soon be home to another city’s minor league baseball team with the help of the city’s largest-ever economic development package. Spartanburg’s city council approved a $425 million public-private partnership development deal on Tuesday, anchored on a new 3,500-seat minor league baseball stadium officials said will help revitalize the city’s downtown area.

Municipals sold off Thursday, despite a stronger U.S. Treasury market, while mutual funds reported large outflows. Equities ended up. Muni triple-A yields rose nine to 12 basis points, depending on the scale, while UST yields fell two to eight basis points. Municipal to UST ratios were higher again as a result. The two-year muni-to-Treasury ratio

Massachusetts’ House of Representatives passed a hotly debated series of tax cuts this week. Following months of legislative back-and-forth on the package’s provisions, state representatives voted 55-1 Wednesday to pass a series of tax cuts expected to provide $561 billion in breaks across its first year. The bill has seen revision after revision since Gov.

Billions of dollars in tax incentives are under scrutiny in Georgia this legislative offseason. In the three months since the state legislature adjourned for 2023, the General Assembly’s Joint Tax Credit Review Panel has met three times in the city of Rome to evaluate the effectiveness of wide-ranging tax incentives that have helped fuel the

After selling off late last week and at the start of the week, the municipal market continued to weaken but with smaller cuts to AAA scales amid an active primary market. U.S. Treasury yields rose, and equities ended mixed. The two-year muni-to-Treasury ratio Wednesday was at 70%, the three-year was at 70%, the five-year at

Municipal bonds were weaker Tuesday as U.S. Treasury yields rose out long and equities sold off. The two-year muni-to-Treasury ratio Tuesday was at 69%, the three-year was at 70%, the five-year at 71%, the 10-year at 73% and the 30-year at 90%, according to Refinitiv Municipal Market Data’s 3 p.m., ET, read. ICE Data Services

Fitch Ratings revised to positive from stable the outlook on $32 million of refunding revenue bonds associated with the construction of Atlanta’s city courthouse as revenue streams continue a post-pandemic recovery. The outlook change applies to $32 million of tax-exempt certificates of participation issued by the Georgia Municipal Authority in 2016 to refund a 2002

Indicted Sen. Bob Menendez, D-N.J., has been a long-time advocate of key public finance issues and is so far resisting calls to resign his seat in Congress. Menendez, indicted last week on federal bribery charges, has already stepped aside as chairman of the powerful Foreign Relations Committee, but his influence on financial legislation could continue