Bonds

The Federal Reserve Bank of Dallas on Wednesday named central-bank insider Lorie Logan as its next president, succeeding Robert Kaplan, who resigned last year following disclosures about his personal trading activity in 2020. Logan, 49, currently oversees implementation of the Fed’s monetary policy as manager of the Fed’s $9 trillion securities portfolio and executive vice

Municipal triple-A yield curves were steady Tuesday while the focus was on the primary, which kicked into gear with several large new issues out of New York, Oregon and Wisconsin pricing. U.S. Treasuries ended a bit better while munis were little changed on the day and the moves pushed muni to UST ratios higher. Ratios

Treasury Secretary Janet Yellen Tuesday defended the use of big pandemic aid packages from accusations that they contribute to inflation, telling lawmakers on the Senate Banking Committee that the stimulus helped avoid what could have been another Great Depression. Yellen also said the stalled Build Back Better bill would not spark higher inflation – which

The Federal Reserve warned of deteriorating liquidity conditions across key financial markets amid rising risks from the war in Ukraine, monetary tightening and high inflation in a semi-annual report published Monday. “According to some measures, market liquidity has declined since late 2021 in the markets for recently-issued U.S. cash Treasury securities and for equity index

Emerging mostly unscathed from COVID-19’s stresses, New York-based Northwell Health returns to market with $735 million of A-minus rated bonds Tuesday, its first deal since 2019. Northwell is the largest health network in New York City, which experienced some of the sharpest and earliest impacts of the pandemic in the United States. Northwell has a

A coalition of former transportation officials, advocates and union leaders wrote a letter to California Assembly Speaker Anthony Rendon and Senate President Pro Tempore Toni Atkins urging them to release voter-approved bond funds to move the state’s high-speed rail project forward. The letter is the latest in the skirmish over California’s embattled high-speed rail project,

A drumbeat of criticism is building over a proposed global tax regime that may hurt demand for tax-exempt debt and other U.S. tax credits. What’s not clear is whether Treasury is hearing it. At issue is implementation of the Organisation for Economic Cooperation and Development’s new minimum global corporate tax rate of 15%, a deal

Municipals were weaker amid more selling pressure to close out the week, U.S. Treasury yields rose with the 10-year sitting firmly above 3% and equities ended in the red. Triple-A muni benchmarks were cut up to four basis points while UST yields rose five to 10 basis points five years and out. Muni to UST

S&P Global Ratings raised Illinois’ ratings by one notch Friday. The action completes a round of upgrades that rewarded the state for progress in tackling chronic strains that were made worse by a two-year budget impasse that dragged the state’s ratings to the edge of junk. S&P lifted the general obligation rating to BBB-plus from

The Texas Natural Gas Securitization Finance Corporation on Friday picked Jefferies to lead a team of underwriters for its upcoming $3.4 billion bond issue for utilities that were hit with high costs during 2021’s Winter Storm Uri. A few members of that team — Morgan Stanley, one of the deal’s co-senior managers, along with co-managers

In our first-quarter municipal (muni) bond outlook, the twin risks of higher inflation and rising interest rates were a key focus.  We maintain now, as we did then, that these risks could also present opportunities in certain corners of the fixed-income market, especially among shorter-duration municipal bonds.  At the end of 2021 into the early

Wisconsin Capital Finance Director David Erdman will retire in July after a 32-year career with the state, the last seven in the role of debt manager during which the state won upgrades and his stature as an advocate for the issuer community grew. Erdman plans to leave the state July 2 and on July 5

Yuba Water Agency officials say it’s only sheer luck that’s kept its 313,000-acre watershed in California’s Central Valley from burning. Several watersheds around Yuba’s, which suffer the same dry, overstocked conditions amid the state’s extended drought, have experienced megafires, said Joanna Lessard, the agency’s project manager for the watershed resilience and forest health program.  “We’ve

Municipals were mixed as participants mostly sat on sidelines while U.S. Treasuries rallied on the short end after the Fed hiked rates a half-percentage point. Equities rallied to close the day. The 50 basis point rate hike is the steepest increase since 2000 and follows the 25 basis point rate hike in March. The bond

The CEOs of three large U.S. banks are raising concerns about a possible recession, saying the Federal Reserve has a tricky job ahead in combating inflation without sparking a downturn. JPMorgan Chase’s Jamie Dimon, Bank of America’s Brian Moynihan and Morgan Stanley’s James Gorman warned in separate interviews Wednesday that drastic interest rate hikes from

The U.S. economy will probably fall into a recession as the Federal Reserve combats multidecade-high inflation, Randal Quarles, the Fed’s former vice chair for supervision, said. “Given the intensity of inflation, the degree to which unemployment has been driven down — to bring that back into an equilibrium, it’s unlikely the Fed is going to

The Puerto Rico Oversight Board submitted a proposed Plan of Adjustment for the Puerto Rico Highways and Transportation Authority and proposed a confirmation hearing for it to be held in mid-September. The board submitted the proposed plan, proposed Disclosure Statement, and three other motions concerning the legal processes on the road to confirmation on Monday

The Fed’s choreographed rate-raising exercise may well tail off by year’s end, several prominent asset managers said Monday. The managers were speaking at the Milken Institute Global Conference Beverly Hills. . “I think the Fed will turn dovish by the end of the year and that will lead to a lot of opportunity on the

Puerto Rico’s bankruptcy process showed that credit fundamentals outweigh legal protections in determining defaults and that pensions continue to be treated better than bonds in recoveries, analysts say. Those lessons and others were outlined in a Wednesday Moody’s Investors Service report, “Puerto Rico bondholder recovery patterns echo major municipal bankruptcies,” authored by Senior Vice President

Oregon filed amended offering documents Thursday for a recent lottery bond deal after the state Court of Appeals reversed a $1 billion verdict against the state in a dispute over forest management. The Department of Administrative Services had priced $217.7 million in lottery revenue bonds in two tranches of taxable and tax-exempt debt two weeks