Bonds

Municipal yields fell for the third session in a row following the flight-to-safety bid in U.S. Treasuries as recession concerns continue to grow. Equities were mixed. Triple-A benchmark yields were bumped three to six basis points Tuesday with the strongest moves out long. Falling yields over the past two weeks have been “a welcome sigh

Pennsylvania’s Commonwealth Court on June 30 squashed the state’s ambitious plan to use public private partnerships and tolling to repair or replace nine major bridges across the state. The state had already tapped Macquarie Infrastructure Developments LLC as private partner on the program. Judge Ellen Ceisler also called into question the constitutionality of the state’s

Elizabeth Reich, who wrapped up her final day as Dallas chief financial officer on Thursday, will be joining Dallas Area Rapid Transit starting July 18. DART announced on Friday that Reich, as its new CFO, will be a key member of the executive team, reporting to President & CEO Nadine Lee and leading the agency’s

Denver International Airport returns to the municipal market next week to complete financing for its current capital improvement plan, boosted by a rating upgrade as it continues to recover from passenger and revenue losses due to the COVID-19 pandemic. The $1.5 billion deal consists of $1.375 billion of senior lien bonds subject to the alternative

The Puerto Rico Oversight Board again imposed the fiscal 2023 budget on the Puerto Rico’s central government. While the board had reached a consensus budget with the local legislature and Gov. Pedro Pierluisi in June 2021 for fiscal 2022, there was little cooperation with the board this year, said Board Member Antonio Medina. The Puerto

Municipals were stronger following along with, but underperforming U.S. Treasuries, which extended their rally and saw yields fall even further to start the second half of the year on continued recessionary fears. Equities ended in the black. Triple-A yields fell by four to seven basis points while USTs saw yields fall by up to 16

A new fund dedicated to advancing social equity and led by an NBA veteran and a leading municipal firm is moving into New York State’s growing cannabis industry. Social Equity Impact Ventures, LLC, a premier minority-led investment team, will sponsor and manage the New York Social Equity Cannabis Investment Fund. This first-of-its-kind $200 million fund will be

Analysts expect climate change, combined with the political realities of either addressing the effects of it or not, will have increasing impacts on municipal credit in the coming years. Droughts, fires, flooding, changed temperature patterns, reduced snow cover, and higher sea levels may all come from climate change and all have the potential to impact

Susan Collins officially took office Friday as the president of the Federal Reserve Bank of Boston, making history in becoming the first Black woman to lead a regional Fed bank.  Collins comes from the University of Michigan, where she worked for 15 years, serving most recently as provost and previously as dean of the Gerald

An income tax on wealthy Californians that supporters say would raise $100 billion over 20 years to reduce wildfire risk and support a transition to electric cars, has qualified for the ballot. A coalition of environmental groups, public health advocates, firefighters and unions, collected 1 million signatures, well over the 623,212 needed, to qualify The

Gov. Phil Murphy signed New Jersey’s largest budget into law Thursday. As the nation faces an economic slowdown, Murphy addressed a joint session of New Jersey legislators and told them that the record $50.6 billion spending package, which follows strong consecutive tax seasons and includes a $7.8 billion surplus, avoided using “temporary windfalls for long-term

A year-long dispute over nine Puerto Rico-based investment funds that hold municipal securities has intensified over the past few weeks, raising issues of disclosure, investment fund shareholder voting, and Securities and Exchange Commission regulations. Puerto Rico-based Ocean Capital said it is trying to gain control of several tax-free Puerto Rico-based income funds through fairly electing

Municipals were steady to firmer in spots in secondary trading as a large revenue bond offering from the New York City Transitional Finance Authority took the focus and saw yields lowered in a repricing. U.S. Treasuries improved on rising recession concerns while equities ended nearly flat. Municipals underperformed the moves to lower yields in UST,

Sen. Pat Toomey’s effort to reform the 12 regional Federal Reserve banks will not join him in retirement at the end of the year.  Sen. Tim Scott, R-S.C., who is expected to succeed Toomey as the ranking member on the Senate Banking Committee, joined the Pennsylvania Republican in calling for more accountability from reserve banks

Bond default and impairment is famously low in the municipal bond market. But the case of Paradise, California, offers an example of the rising financial risks posed by climate and management decisions. After the city was nearly destroyed in 2018 by California’s deadliest wildfire to date, the state stepped in to help the city’s redevelopment

Federal Reserve officials will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, New York Fed President John Williams said on Tuesday. “In terms of our next meeting, I think 50 to 75 is clearly going to be

Municipals were lightly traded and little changed steady Monday, while U.S. Treasury yields rose and equities ended in the red. With the muni triple-A yield curve unchanged out long, and UST seeing small losses, ratios dipped below 100% on the 30-year. Muni-UST ratios were at 69% in five years, 87% in 10 years and 98%

The Connecticut Green Bank is mulling another round of its climate-certified Green Liberty Bonds after initial offerings raised more than $40 million from retail investors for renewable energy projects across the state. With a marketing program that echoed the Series E war bonds sold to Americans during World War II, Green Liberty Bonds targeted the

Municipals were little changed in a quiet summer Friday session ahead of a larger new-issue calendar and the final week of a volatile month, while U.S. Treasuries were weaker and equities rallied. Triple-A yield curves were mostly flat to a basis point or two stronger in spots while UST were weaker with larger losses on

Puerto Rico bankruptcy Judge Laura Taylor Swain this week approved key Puerto Rico Highways and Transportation Authority bankruptcy documents and dates, moving the plan closer to confirmation with a final hearing set for mid-August. Swain filed her order Wednesday in the U.S. District Court for Puerto Rico, approving the Oversight Board-proposed disclosure statement, ballots, and