Bonds

Municipals faced pressure on the short end, with the one- and two-year yields rising two basis points, while U.S. Treasuries saw gains on bonds inside five-years and equities were in the black. For municipals, Monday’s session was more about readying for the primary and prepping for month-end positioning. Municipal-to-UST ratios showed the 5-year at 53%,

It appears the Puerto Rico Plan of Adjustment will collapse as the Senate lacked the votes to approve a bill to back the plan and missed the Oversight Board’s deadline for such action. “It is a stunning development,” CreditSights Senior Municipals Analyst John Ceffalio said. “It had seemed the legislature had gotten all of its

In oral argument before a federal appeals court, the Securities Industry and Financial Markets Association contended that a Securities and Exchange Commission temporary exemption for municipal advisors during the height of the pandemic, was “arbitrary and capricious and unsupported by substantial evidence.” Making SIFMA’s case before the U.S. Court of Appeals for the D.C. Circuit

The Internal Revenue Service has moved to mandatory electronic filing of its Form 8038-CP, its form for returning credit payments to issuers of qualified bonds. That and a number of other developments were announced during the IRS update as part of the Government Finance Officers Association’s 3rd annual MiniMuni conference. “The IRS is moving to

Chicago Mayor Lori Lightfoot’s $4.4 billion 2022 bonding package heads to the City Council for a vote next week after surviving a backlash over the lack of ward-by-ward specifics about how the city would spend $660 million of recovery plan borrowing. The bonding package, along with a $1.7 billion property tax levy that’s up $76.5

Municipals ended Friday steady after a week of increased selling pressure that moved yields and ratios higher. Triple-A benchmark yields were left unchanged across the curve. U.S. Treasuries pared back overnight trading losses to end the week better. Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel said as Treasury yields have moved higher over

Los Angeles received an improved outlook from Fitch Ratings ahead of plans to issue bonds to build housing for people living on the streets. Fitch revised its outlook on the city’s debt to stable from negative ahead of the $276.7 million competitive deal slated for Wednesday that pays for housing and refunds existing debt. The

Growing selling pressure caught up to the municipal secondary market, pushing yields higher by as much as five basis points on bonds five years and out while the five-year U.S. Treasury crossed 1.20% and the taxable market was being tested again by investor concerns about inflation. Refinitiv Lipper reported inflows into municipal bond funds totaled

The Federal Reserve will ban top officials from buying individual stocks and bonds as well as limit active trading after an embarrassing scandal that led two officials to resign and clouded Chair Jerome Powell’s path to renomination. “These tough new rules raise the bar high in order to assure the public we serve that all

Environmental, social and governance factors are becoming increasingly important to municipal securities investors, and that trend may be transforming the information considered material for disclosure purposes, Municipal Securities Rulemaking Board CEO Mark Kim said Wednesday. “Investors and other market participants are increasingly integrating ESG factors into their investment decisions and credit analysis,” Kim said. Kim’s

Municipal benchmark yield curves were little changed on average trading Wednesday as the primary was the focus while the Investment Company Institute reported another week of inflows into municipal bond mutual funds. There was some uncertainty and a tentative mood hanging over the market, but traders said the large deals got done. Bids-wanted lists have

Municipals were softer with small cuts to benchmarks on Tuesday as the focus was mostly on the sizable new-issue calendar and deals were repriced to lower yields. Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury

Passing a bipartisan infrastructure bill by month end without also reaching a deal on a reconciliation measure may endanger key municipal market priorities. “Now absolutely is the time,” said Emily Brock, director of the GFOA’s Federal Liaison Center. If lawmakers do not meet the Halloween deadline to pass both the bipartisan infrastructure framework, or BIF,

Several Midwest-based healthcare borrowers are teeing up a range of taxable, green and acquisition financing deals as reports highlight the COVID-19 pandemic’s lingering effects, creating new obstacles to margin recovery. This week, OhioHealth Corp. will price $600 million of taxable bonds with a corporate CUSIP and the University of Wisconsin Hospitals and Clinics will sell

Municipals were a touch weaker 10 years and in on thin trading while U.S. Treasuries pared back earlier losses the curve flattening continued. Triple-A benchmarks saw one basis point cuts in spots inside 10-years while the five-year U.S. Treasury hit a high of 1.154% and the 30-year pared back earlier losses to land at 2.018%.

Assured Guaranty accounted for a total of $17.31 billion in 820 deals for a 52.1% market share in the first three quarters of 2021, up from the $13.77 billion in 703 deals for a 48.9% market share over the same period as the year before. “Assured Guaranty continued to lead the municipal bond insurance industry

The Securities and Exchange Commission is seeking applicants to head the office of Municipal Securities, a key post responsible for coordinating the SEC’s muni regulatory activities. An Oct. 8 posting on the USAJOBS website that serves as the portal for federal government employment lists the position that is currently held by Rebecca Olsen, who has

The specialized nature of the Internal Revenue Service’s Tax Exempt Bond program may help it go largely unchanged during the agency’s wider restructuring efforts. “We don’t know what the restructuring is going to be but since taxes and bonds are a specialty area, my belief is that they’re going to keep TEB intact,” said Bob

In the midst of a declining workforce, the Internal Revenue Service is taking an “all hands on deck” approach to hiring that includes a recent announcement for a role focused on tax-advantaged bonds. The Oct. 14 posting for a senior tax law specialist seeks a candidate experienced with complex matters involving tax-advantaged municipal finance transactions.

The historic settlement between states and drug companies over the U.S. opioid epidemic is unlikely to have a material impact on the municipal bond market, said Barclays in a new report. The pending $26 billion deal is the largest attorney general multi-state enforcement action in history after the 1998 tobacco master settlement agreement. But it’s