Bonds

Municipals were steady to firmer in spots, while U.S. Treasury yields fell and equities were mixed toward the end of the session. Triple-A benchmarks were bumped up to three basis points, depending on the curve, while UST yields fell up to five basis points, pushing all tenors to year-to-date lows. “The muni market underperformed against

Municipals were lightly traded and little changed Friday ahead of a much smaller calendar and the Federal Open Market Committee meeting during which the first rate cut in four years is expected. U.S. Treasuries and equities closed out a volatile week in the black. Triple-A muni yields barely budged across the yield curve while USTs

After just 20 months on the job, Federal Highway Administration head Shailen Bhatt has departed for the private sector. Bhatt announced Thursday that he’s taken a position at Montreal-based engineering services firm AtkinsRéalis. He joins as senior vice president and chief operating officer for the U.S., Latin America and Minerals & Metals. Current FHWA Deputy

The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and

The NAFOA, founded as the Native American Finance Officers Association, announced that Cory M. Blankenship will take over the helm as the organization pushes the Tribal Tax & Investment Reform Act, which would free up tribal bond issuance.   “NAFOA has been working with Congresswoman Gwen Moore D-Wisc. and Congressman David Schweikert’s R-Ariz. offices to help

The Senate Finance Committee kicked off next year’s looming tax debate Thursday during a hearing that highlighted the Democrats’ priority of eliminating tax-avoidance strategies employed by high earners and the Republican pledge to extend tax breaks built into the 2017 Tax Cuts and Jobs Act. “In a matter of months, the Congress will begin a

A $70 million bond issue for a central Arizona town is the target of a lawsuit that claims the debt’s approval last month violated the state constitution.   Council members in Payson, a town of about 16,680 in Gila County, passed a resolution for the sale of the tax-exempt, fixed-rate “pledged revenue obligations” in a 6-1

Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for

The American Bankers Association is pushing back hard against proposed rule for the controversial Financial Data Transparency Act, accusing the Securities and Exchange Commission and other federal agencies of overstepping their authority in seeking to replace the current identifier system for financial securities, including municipal bonds. The proposed FDTA rule, unveiled Aug. 1, would replace

Municipal triple-A scales were little changed Wednesday, ignoring the U.S. Treasury market’s weaker tone following August inflation data that tempered expectations of a higher rate cut this month, while investors focused on the muni primary as more large new-issues cleared the market. The August consumer price index showed inflation remains above the Federal Reserve’s target

Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta.Bloomberg News Federal Reserve Bank of Atlanta President Raphael Bostic violated the central bank’s trading rules and policies in 2022, according to a government watchdog report. The Federal Reserve’s Office of the Inspector General, or OIG, released the findings from its review

Municipals were steady to slightly firmer in spots while the primary market took focus with at least 17 deals over the $100 million market hitting the screens led by billion-dollar-plus pricings from Washington, D.C., and Illinois. The New York City TFA priced $1.5 billion for retail investors and Chicago accelerated a pricing of water revenue

Texas Children’s Hospital, which was hit with rating downgrades this summer in the wake of operating losses, is moving ahead with an approximately $222 million revenue bond sale this week.  The tax-exempt, fixed-rate debt issued through the Harris County Cultural Education Facilities Finance Corp. is scheduled to price Thursday. Proceeds are earmarked for capital projects

Efforts by Muni Pride to align with other public finance affinity groups are reaping dividends for the group, which has grown to more than 100 individuals since its inception in 2019. The California-based national LGBTQ+ networking group will host its next event Oct. 1 in New York City. Connecticut State Treasurer Erick Russell will offer

Former Puerto Rico Chamber of Commerce President Cameron McKenzie will join the Puerto Rico Oversight Board. President Joe Biden said Friday he will appoint McKenzie and reappoint current members Andrew Biggs and John Nixon. The Puerto Rico Oversight, Management, and Economic Stability Act requires at least one of the seven board members reside on the

Municipal and U.S. Treasury markets improved Friday after a weak jobs report sent investors fleeing equities in a flight-to-quality trade. While the employment report did not settle the 25 or 50 basis point rate cut argument, economists said, it did cause the UST 2s/10s to de-invert.  “While stocks are selling off, we are witnessing a

The Jackson Hospital & Clinic in Montgomery, Alabama, has named a chief restructuring officer in the aftermath of a bond payment default. Allen Wilen, partner at Eisner Advisory Group, will be the chief restructuring officer bond trustee UMB Bank, N.A., announced Thursday after the hospital failed to make a bond payment Tuesday. UMB believes there

Speaking Thursday to the Economic Club of New York, former President Donald Trump proposed the creation of a U.S. sovereign wealth fund to pay for infrastructure projects. “We’ll create America’s own sovereign wealth fund to invest in great national endeavors for the benefit of all of the American people,” Trump said. “Why don’t we have

The employment report did not settle the 25 or 50 basis point rate cut argument, economists said, as it offered a mixed bag, with lower-than-expected jobs added and downward revisions to previous months’ numbers, while earnings grew and the unemployment rate dipped. Nonfarm payrolls rose 142,000 in August, less than the 165,000 expected, while the

The judge overseeing the bankruptcy for Puerto Rico’s government-owned electric utility continued a pause on litigation related to the case as the power provider and its creditors negotiate a possible debt-cutting deal.  U.S. District Court Judge Laura Taylor Swain extended for an additional 30 days the litigation stay through Oct. 8 and ordered the parties

Siebert Williams Shank has brought on Lori Ciraolo to further strengthen its taxable fixed-income team. Ciraolo, who spent more than 17 years at Goldman Sachs, has been hired as a senior vice president in corporate and municipal short-term securities to help expand SWS’ taxable muni franchise through commercial paper trading. “It’s a hybrid role between