Category: Bonds

It’s 11:30 a.m. … do you know where your ESG strategy is? This is only half in jest. Professionals from all sides of the market have put a lot of thought into formulating and interpreting environmental, social and governance (ESG) strategies, but not enough attention has been paid to the development of good definitions in…

Municipals sold off Tuesday, with triple-A benchmarks seeing cuts up to 11 basis points and the 30-year topping 3% on some scales. U.S. Treasuries were weaker, experiencing double-digit cuts on the short end, and equities rallied. Triple-A muni yields rose nine to 11 basis points, depending on the scale, while UST yields rose 10 to…

Jerome Powell wants to put the Federal Reserve at “the forefront of technological changes” in the financial sector. The central bank is beefing up its tech acumen to get there. Calling it imperative to “evolve with the rest of the financial system,” the Fed chair said during an event hosted by the Bank for International…

Los Angeles Mayor Eric Garcetti emphasized climate change, infrastructure and the homelessness crisis in his final State of the City speech as he foreshadowed the 2022-23 budget he releases this week. His choice of venue for his speech Thursday, the nearly complete Sixth Street Viaduct replacement project, underscored the infrastructure theme. Garcetti said he plans…

Merger and acquisition activity among not-for-profit and for-profit hospitals dropped off in the first quarter compared to the same period last year, according to Kaufman Hall. The 12 announced transactions in the first quarter marked the lowest since 2016 when Kaufman Hall began tracking the activity, according to the Quarterly Mergers and Acquisitions Report the…

While lawmakers in California and other states are still debating the merits of cutting gas taxes amid soaring prices spurred by Russia’s war on Ukraine several East Coast states have already implemented gas tax holidays prompting ratings analysts to weigh in. Moody’s Investors Service analysts said in a report Wednesday that the tax “holidays” are…

New York State’s $220 billion fiscal 2023 budget focuses on environmental, social and governance issues while remaining in balance. Gov. Kathy Hochul said the budget, approved by the Legislature on April 8, balances social goals with fiscal responsibility. The budget raises the state’s reserves to a record high 15% of state operating funds spending by…

Rising interest rates, inflation and geopolitics have put pressures on the municipal market since the start of 2022. These challenges come as the world also is still managing the COVID-19 pandemic’s lingering effects. The Federal Reserve is beginning to raise interest rates, in the midst of inflation concerns and supply chain issues, putting pressure on…

Russia’s invasion of Ukraine has sparked even greater uncertainty amid markets jolted by the pandemic and expected interest rate hikes. Wealth managers now face fresh questions on how to navigate rapidly shifting equity and bond markets and the fallout on retirement portfolios. Points we’ll discuss: • The hit to the overall global and U.S. economies…

As the West isolates Russia with sanctions in response to its invasion of Ukraine, policymakers are using the global financial system as a weapon to help stop the war. What will the impact be on banks? How is the federal government thinking about policy options to force Russia to end the war? What financial tools…

Municipals were steady to weaker in spots before the holiday weekend, outperforming a U.S. Treasury sell-off with a double-digit rise in yields as traders continued to weigh the impact of inflation. Equities ended in the red. Triple-A muni yields were cut a basis point, depending on the scale, while UST yields rose 11 to 14…

Demonstrating a commitment to environmental, social and governance factors can broaden the investor pool for not-for-profit healthcare bonds but organizations should tread cautiously as disclosure practices evolve, Kaufman Hall’s Lisa Goldstein wrote. “ESG has already become a significant consideration for investors in taxable debt,” Goldstein, a senior vice president and member of the advisory firm’s…

Municipals were mixed as U.S. Treasury yields fell for the second straight session, while the Investment Company Institute reported $4.8 billion of outflows, the highest since March 2020. Triple-A muni yields rose up to four basis points, depending on the scale, while UST yields fell two to six on bonds 10 years and in. Muni-UST…

Moody’s Investors Service Wednesday upgraded New York State’s issuer rating and its general obligation, personal income tax revenue and sales tax revenue bonds to Aa1 from Aa2. “The upgrade to Aa1 for New York’s issuer rating reflects a significant increase in resources combined with agile financial management that has resulted in balanced or nearly budgets…

Fitch Ratings upgraded debt issued on behalf of the University of Portland in Oregon to A-plus from A, citing the easing of pandemic-related pressures. The upgrade applies to $80 million of tax-exempt and taxable bonds issued in 2015 for the private Catholic university by state conduit issuer the Oregon Facilities Authority. The bonds are secured…

Municipals were weaker Tuesday amid an active secondary and primary, underperforming a rally in U.S. Treasuries after the consumer price index came in at the highest level since 1981. Equities ended in the red. Triple-A muni yields rose two to four basis points while UST yields fell 10 to 12 on bonds seven years and…

A bill to restore fiscal independence to Puerto Rico on an expedited pace was introduced in the House and stands a good chance of passing, analysts said. The Territorial Relief Under Sustainable Transitions for Puerto Rico of 2022 bill would eliminate the Congressionally mandated Financial Oversight Board when Puerto Rico provides two consecutive balanced budgets…

Triple-A benchmarks were cut up to nine basis points to start the holiday-shortened week ahead of a smaller new-issue calendar, while long U.S. Treasuries hit three-year highs and equities sold off on inflation concerns. Triple-A yields continue to rise, with the two-year muni just below 2%, the five well above and the 10-year approaching 2.5%.…

Milwaukee-based attorney Frank DeGuire returned to his legal roots this week at Quarles & Brady LLP to work in the public finance and business law practices. DeGuire will serve as bond counsel for a range of tax-exempt and taxable financings for the state and local governments, non-profit corporations including conduit and qualified private activity bond…

The District of Columbia is coming to market on Tuesday with its first public-private partnership issue, a largely tax-exempt municipal green bond deal boosted by a provision in the Infrastructure Investment and Jobs Act. The District Department of Transportation’s “Smart Street Lighting Project” will convert D.C.’s network of more than 75,000 streetlights into energy-efficient LED…