Category: Bonds

Former director of the Office of State and Local Finance at US Treasury Kent Hiteshew, left, and David Dubrow, a partner at ArentFox Schiff, penned a pair of pieces arguing for direct SEC oversight of issuer disclosure. After decades of what investors see as inadequate disclosure from cities, towns and states, it’s time to consider…

Fitch Ratings upgraded the District of Columbia’s ballpark revenue bonds Series 2006A and 2006B to AA from AA-minus, a development that Washington officials believe highlights the strong current and future position of the unique city. “This Fitch upgrade reflects our financial stability and the strong economic prospects of the district,” said Chief Financial Officer Glen…

The town council in Payson, Arizona, rescinded its Aug. 21 approval of $70 million of tax-exempt bonds in the wake of ongoing litigation and opposition to the debt sale from incoming council members.AdobeStock An Arizona town terminated a plan to sell $70 million of bonds despite prevailing in a lawsuit that claimed the debt’s approval…

Fitch Ratings Director Tammy Gamerman said the long-term increase in frequency and intensity of hurricanes could hinder Florida’s economic growth. Hurricane Milton caused more damage that will require reimbursement from the Florida Hurricane Catastrophe Fund than Hurricane Helene did, and Moody’s Ratings believes the state may need to sell bonds to replenish the fund in…

<img src=”https://public.flourish.studio/visualisation/20096840/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were little changed Friday ahead of a week of virtually no supply as all eyes turn to the election and macroeconomic policy. U.S. Treasury yields rose and equities ended up after a weaker-than-expected jobs report. The employment report underwhelmed, with just 12,000 jobs added in October, but observers…

Enjoy complimentary access to top ideas and insights — selected by our editors. The election is fast approaching and many economic and tax policies are at stake under the guidance of a new president and changes in Congress.  Vice President Harris and former President Trump’s only debate, on Sept. 10, largely ignored discussions on economic…

Munis were little changed in the last session of the month and few deals of size priced, while muni mutual funds saw inflows overall but high-yield saw the first outflows since mid-April. U.S. Treasuries were mixed and equities saw losses. “The final session of October concludes what has been an upwardly trending curve all month…

Municipals were steady to slightly firmer in spots as the market absorbed the last day of sizable supply ahead of the presidential election, which included two billion-dollar-plus pricings. U.S. Treasury yields rose 10-years and in and equities ended down as the markets digested the latest economic growth data and expectations for the Fed’s next moves.…

Chicago Mayor Brandon Johnson speaks at the Democratic National Convention earlier this year. Johnson on Wednesday unveiled his fiscal year 2025 budget proposal.Bloomberg News Chicago Mayor Brandon Johnson on Wednesday proposed a $17.3 billion fiscal 2025 budget that calls for a $300 million property tax increase, a move that reverses a campaign promise but avoids…

Enjoy complimentary access to top ideas and insights — selected by our editors. The 10 largest issuers of electric power issuance in the first half of 2024 accounted for $8.224 billion. The 10 top was led by the Southern California Public Power Authority with $1.423 billion in five deals, followed by the Los Angeles Department…

Secondary trading showed a weaker tone Tuesday but the focus shifted to the primary as a large slate of new issues along the credit spectrum were priced, while U.S. Treasuries improved and equities closed the session mixed. The primary was led by two large California issues, including the state’s competitive sale of tax-exempt and taxable…

Detroit and the Michigan Finance Authority last week completed a refinancing deal for bonds issued as part of the city’s bankruptcy exit.Bloomberg News The Michigan Finance Authority this month priced for the city of Detroit a $79.51 million deal to refund debt issued to pay creditors in connection with its bankruptcy settlement. Wells Fargo priced…

Municipals were little changed Monday as the market took a breather following volatility last week and ahead of what is expected to be the last sizable new-issue slate until well after the election. U.S. Treasuries were weaker and equities saw gains. The two-year ratio Monday was at 64%, the three-year at 63%, the five-year at…

A California Bay Area school district that recently made waves for failing to pass a budget on time sold $352 million of general obligation bonds last week. The district entered the market with a downgrade to its underlying rating, but the deal was bolstered with a bond insurance wrap that covered most maturities. West Contra…

The Municipal Securities Rulemaking Board will be issuing a request for information on its rate card fee setting process, one of the many topics that were discussed during the MSRB’s first quarterly board meeting of FY 2025 held Oct. 23-24. The rate card request for information will be out in the next couple of weeks,…

Tom Vales, a muni bond electronic trading expert, has joined Build America Mutual’s board as an independent director. The bond insurer has seven board members, including three independent directors. Vales will succeed John White, who is retiring, according to a press release. “Tom’s career has been about making fixed-income markets more transparent and efficient,” said Seán…

Record bond volume, a focus on climate, more floating-rate debt and broader integration of municipals into fixed-income markets is on the horizon for the public finance industry. Those are among the factors that will lead to market growth in 2025 and beyond, panelists at this week’s Bond Buyer California Public Finance conference said. The increase…

Federal Reserve Bank of Cleveland President Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished.  “We have made good progress, but inflation is still running above the FOMC’s 2% objective,” Hammack said Thursday, referring to the rate-setting Federal Open Market Committee.…

Municipals improved Friday after a volatile week for the asset class, ignoring losses in U.S. Treasuries, while equities closed the week mixed. Investors will see higher yields and ratios along with a nearly $11 billion new-issue slate for the final week of the month and the last ahead of the election. Triple-A yields fell three…

Municipals saw gains Thursday, ending four consecutive trading sessions of rising yields. U.S. Treasuries improved and equities ended mixed. Municipal yields fell up to seven basis points, depending on the scale, while UST yields fell one to five basis points. Muni-UST ratios fell slightly. The two-year ratio Thursday was at 66%, the three-year at 65%,…