Bonds

Municipals were weaker Tuesday amid another spike in U.S. Treasury yields while equities rallied. The primary market was active, with Washington selling $743.5 million of general obligation bonds at similar spreads to its last deal in November. The South Carolina Public Service Authority priced $930 million of revenue refunding bonds while the state of Ohio
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For much of the past year, I’ve felt pretty alone – at least as it relates to inflation. While I’ve been ringing the alarm bell for well over a year, expert after expert insisted that fears of inflation were overblown. In fact, back in February 2021, I wrote the following in The Bond Buyer: “With
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Idaho received its second rating upgrade in four months when Moody’s Investors Service elevated the state’s issuer rating to Aaa from Aa1 on Thursday. The upgrade reflects the state’s continued positive economic and demographic outlook and efforts to increase reserves to protect against the state’s volatile economic and revenue structure, Moody’s analysts wrote. Also upgraded
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Two Michigan-based systems — Beaumont Health and Spectrum Health — formally joined forces this week after clearing heightened anti-trust scrutiny ordered by the Biden administration across a swath of sectors last summer. The not-for-profit systems announced their intention to merge by signing a letter of intent in June 2021. One month later, the Biden administration launched
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Municipals were slightly weaker, particularly on the long end, but the asset class outperformed a selloff in U.S. Treasuries after a stronger-than-expected jobs report. January’s payrolls surged 467,000, and December’s were revised up to 510,000 from 199,000, causing Treasury yields to spike. “The inflation battle for the Fed and their monetary policy will be a
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Municipals were stronger on Thursday with yields falling another two to five basis points on triple-A yield curves and new-issues fared well while Refinitiv Lipper reported $2.9 billion of outflows, marking the largest negative flows in nearly two years. The last time outflows were above $2 billion was on April 8, 2020 when they hit
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The two active municipal bond insurers wrapped $38.7 billion in 2021, an 8.7% increase from the $35.6 billion of deals done in 2020. It marks the highest level since 2009. The industry par amount was achieved in 2,151 deals, fewer than the 2,270 in 2020. Market demand for bond insurance increased steeply during the past
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The University of Chicago won back stable rating outlooks as investment returns swelled last year and student-driven revenues bounce back with a return to campus. The selective private school’s enrollment levels and fundraising also weathered the COVID-19 pandemic, factors that have especially benefitted the ratings of higher-grade, private schools with healthy endowments and strong student
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January municipal bond issuance declined 14.7% year-over-year led by a steep drop in taxable and refunding volumes amid extreme volatility and a rising-rate environment. Total January volume was $24.04 billion in 601 deals versus $28.18 billion in 801 issues a year earlier. New-money issuance was up 8.3% to $18.164 billion in 444 transactions from $16.776
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The Puerto Rico Oversight Board has discussed completing the Puerto Rico Electric Power Authority restructuring without a local law supporting it, since members of a Senate panel appear opposed to such legislation. The board reached preliminary terms with the bondholders on a Restructuring Support Agreement in spring 2019. As currently proposed, the Puerto Rico Senate
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