Bonds

Secondary trading saw an uptick and some pressures emerged on munis, but benchmark yield curves were little changed to weaker by a basis point in spots, again outperforming taxables. U.S. Treasuries slid further with the largest rise in yields on the long bond, and equities made gains after a mixed open. ICE Data Services and

Despite issuers’ hopes, a compromise defense bill passed by the House Tuesday night failed to include a provision allowing for expanded use of pandemic relief funds. The provision, which the Senate passed in October as standalone legislation, likely won’t be taken up this year, though some supporters continue to hold out hope. The legislation would

Municipal secondary trading was light and triple-A benchmark yields left unchanged as the large primary diverted attention while U.S. Treasuries were weaker again and equities rallied. Trading was down 18% from Monday, which was already a light day at $5.6 billion par traded, as new issues were the focus and provided some direction. The day’s

For the first time in North Carolina history, an economically unstable municipality has been dissolved. The Local Government Commission Tuesday afternoon unanimously voted to dissolve the Town of East Laurinburg as an incorporated entity. It marked the first time the LGC has used the powers it was recently granted by state lawmakers. In November the

Chicago heads into the market this week with an upsized $2.2 billion refinancing under its general obligation and Sales Tax Securitization Corp. credits after finalizing the results of a tender and exchange offer. “It’s roundly about $1 billion more for the results of the tender,” Chicago Chief Financial Officer Jennie Huang Bennett’s office said in

Another reversal for U.S. Treasuries and equities while municipals held steady on Monday ahead of one of the largest new-issue weeks of the year at $17 billion. U.S. Treasuries erased most of Friday’s gains and equities rallied on easing concerns over Omicron. Triple-A benchmark yields were little changed to softer in spots. This led to

The federal government is seeking feedback on the new Infrastructure Investment and Jobs Act and one of the act’s most high-profile sections, the electric vehicle charging infrastructure program. The pair of Requests for Information, published this week, mark the first step toward developing guidance for the $1.1 trillion package. The act features dozens of new

Eric Adams has about a month before his Jan. 1 swearing in as New York mayor to prepare for his first budget presentation. While he inherits a city with roughly $15 billion in multiple rounds of emergency federal funding, better-than-expected revenue and diminished outyear budget gaps, a raft of fiscal variables will confront him at

Mark Zehner has retired from his position as deputy chief of the Office of Municipal Securities and Public Pensions Unit at the Securities and Exchange Commission after almost 25 years with the regulator, passing the torch to Rebecca Olsen, former director of the office of municipal securities. Zehner’s last day with the Commission was Nov.

The Securities and Exchange Commission has named Ernesto A. Lanza as the new acting director for the Office of Municipal Securities. The announcement of the appointment came after Rebecca Olsen’s move from director to deputy chief became public following the retirement of longtime regulator and former deputy chief Mark Zehner. Bloomberg News “I look forward

After a full seven trading sessions of volatility in U.S. Treasuries and equities, municipals ended Friday quiet, little changed, and again ignored the moves in other markets. Treasuries saw yields fall and equities sold off on lower-than-expected employment figures while triple-A municipal benchmark yields were steady to firmer by a basis point in spots. This

The Bay Area Toll Authority’s plans to price $1.3 billion in toll bridge revenue bonds next week are expected to see robust demand, even as the seven-bridge system sees a softer pandemic recovery than other tollway credits in the U.S. Lead managers BofA Securities, Citi and JP Morgan, along with co-manager Goldman Sachs & Co.

Municipals continued to cut their own path and were little changed with a few large deals taking the focus again Thursday even as U.S. Treasury yields rose and equities rallied. Stocks rose on optimism the latest COVID variant “won’t completely upend economic activity,” said Edward Moya, senior market analyst at OANDA. “The next couple of

The U.S. toll road sector is expected to continue its upward trajectory in 2022, as median tolled traffic and revenue growth are slated to exceed 2% and 4%, respectively. That’s according to Moody’s Investors Service’s U.S. toll road report released on Dec. 2nd. Toll road traffic saw its steepest ever decline in 2020 as a

Municipals were mostly steady throughout the day and the primary was the focus while U.S. Treasuries whipsawed and stocks sold off after the first Omicron case was reported in California. The Investment Company Institute reported $974 million of inflows into municipal bond mutual funds and another round of small outflows from exchange-traded funds. Treasuries ended

California is well-positioned to qualify for the plethora of federal broadband infrastructure money available through the $1.2 trillion infrastructure bill, according to Sen. Alex Padilla and others who spoke during an online event Tuesday. California Forward and California Emerging Technology Fund hosted the online webinar with Padilla, D-Calif., and several other speakers. The topic: what

Municipals were stronger Tuesday as U.S. Treasuries rallied and stocks sold off on Omicron variant concerns and Federal Reserve Chairman Jerome Powell’s comments on speeding up tapering the Fed’s bond buying sooner than originally expected. It is appropriate to “consider ramping up tapering” and it will be discussed at the next FOMC meeting, when more

The Internal Revenue Service has issued preliminary determination that bonds issued from the City of Corpus Christi, Texas in 2013 may be retroactively taxable. The city disclosed on EMMA an adverse tax opinion or event affecting tax exempt status in relation to the issuance of its $97.9 million Texas Utility System Junior Lien Revenue Improvement

Municipals were little changed Monday while U.S. Treasuries pared back some of Friday’s gains and equities rebounded as markets generally calmed after initial Omicron fears were digested. Economists don’t appear to be too concerned about the latest COVID-19 variant. “Even if Omicron causes another pandemic wave, it is more likely to slow rather than interrupt

With winter coming on, Texas is still trying to overcome the damage from three days of freezing weather in February that crippled the state’s main power grid and undermined the credibility of its leaders. According to a poll released this month, Texas voters disapprove of how state leaders have handled the reliability of the electricity