Bonds

Morgan Stanley’s desire for future municipal bond business from high-speed rail operator Brightline Holdings drove the bank to lie about terms of a key credit agreement, a pair of private equity firms claimed Monday in a lawsuit filed against the bank and Brightline in a New York court. Certares Management LLC and Knighthead Capital Management

Munis sold off Thursday, joining bond markets and equities in a rout after the Fed signaled that interest rates would be higher for longer. The Federal Open Market Committee held rates steady Wednesday, as expected, but signaled another hike this year. Munis were steady Wednesday but triple-A yields were cut eight to 16 basis points

An ongoing legal battle over Florida’s attempts to take over the Miami-Dade Expressway Authority isn’t showing signs of abatement. Four years after Gov. Ron DeSantis signed off on a bill that sought to dissolve the toll road authority, known as MDX, and replace it with the state-managed Greater Miami Expressway Agency, or GMX, both parties

Municipals were steady Wednesday as U.S. Treasuries were mixed fiollowing the Fed’s decision to hold interest rates. Equities ended the trading session down. As was expected, the FOMC held rates in a range between 5.25% and 5.50%, but the dot plot in the Summary of Economic Projections showed 12 of 19 members expect another 25-basis-point

Moody’s Investors Service revised the outlook on the New York Metropolitan Transportation Authority to positive from stable “based on the significant increase in state tax support that will offset the post-COVID ridership losses and structurally balance projected budget gaps.” The positive outlook “reflects the significant improvement in MTA’s financial forecast due to the state-authorized increase

Municipals were weaker Tuesday as triple-A yields rose in sympathy with U.S. Treasuries. Equities ended the session down ahead of the close of the Federal Open Markets Committee meeting Wednesday. Triple-A yields were cut two to seven basis points, depending on the scale, while UST yields rose four to six basis points, pushing the two-,

Municipal bonds were little changed and lightly traded along with U.S. Treasuries as participants prepare for a lighter muni new-issue week amid the Federal Open Market Committee meetings. Equities were mixed. “Investor confidence has been boosted by outsized yields not seen for more than a decade,” Nuveen Head of Municipals Daniel Close and Chief Investment Officer

Georgia Gov. Brian Kemp has suspended his state’s gasoline tax for one month as prices at the pump continue to increase. Kemp cited high fuel costs and persistent inflation when he declared a legal state of emergency last week and signed an executive order suspending Georgia’s 31.2 cents-per-gallon tax on gas and 35-cents-per-gallon tax on

California lawmakers ended their session Thursday with a flurry of legislation, including a bill that would allow striking workers to collect unemployment. The bill, strongly supported by labor unions, but opposed by the California Chamber of Commerce, would allow striking workers to collect unemployment benefits after being on strike for two weeks. Senate Bill 799,

For a market anchored by self-regulation and tax-exemption, creeping regulation and political crossfire are nothing new, but also show no sign of abating — look no further than the Securities and Exchange Commission’s “regulation by enforcement” and the hyper-politicization of environmental, social and governance investing factors. That’s the message from a group of municipal market

As the appropriations tug of war goes back and forth in Congress, municipalities are concerned about a wide range of federally-supported infrastructure projects which might end up on the chopping block. The National Association of Counties is already ringing a warning bell via a letter addressed to both chambers of Congress imploring the need  to “prioritize federal

Port and shipping industry experts discussed the past and future of New York and New Jersey’s ports at an event hosted by the Federal Reserve Bank of New York this month. The “Ports of Tomorrow” event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan

Municipals were a touch weaker to close out the week ahead of a smaller new-issue calendar and the Federal Open Market Committee meeting. U.S. Treasuries closed out weaker while equities were in the red. Triple-A yields rose one to three basis points, depending on the curve, while USTs rose three to four. The two-year muni-to-Treasury

Guam Gov. Lourdes Leon Guerrero let a Senate-passed $1.168 billion budget go into law without her signature, despite her concerns about use of a rainy-day fund, executive branch appropriation and “phantom” revenues. The Senate passed the budget on Aug. 30, with nine Democrats voting in favor and six Republicans voting against. Leon Guerrero, a Democrat,

As transit agencies across the country face a dreaded fiscal cliff when federal stimulus dollars dry up, those agencies that win permanent revenue from their states and local governments will boost their profile while others will see their credit erode. That’s the view of experts who spoke at a transit panel Wednesday at The Bond

Municipals were little changed Thursday as U.S. Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year at 64%, the

Atlanta is taking another step forward on a massive urban revitalization project nearly two decades in the making. City officials this week commissioned a transit planning study for a 13-mile stretch of the Atlanta BeltLine project, an effort launched in 2005 to create a network of public parks, pedestrian paths, and new transit options centered

Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the

Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large

Municipals were little changed Tuesday amid an active primary market that saw the retail pricing of $889 million deal from the Dormitory Authority of the State of New York. U.S. Treasuries were firmer in spots and equities ended in the red. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year was at 64%, the