Bonds

The average time municipal issuers take to submit their audited financials to the Municipal Securities Rulemaking Board has been steadily rising since 2018 and for 2023 has reached its highest ever recorded by the board at 209 days. “The 2024 study reveals that the average length of time audited financial statements were submitted to the
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Municipals sold off Wednesday following another weaker U.S. Treasury session while equities were down near the close. Muni yields rose two to 13 basis points, depending on the curve, coming on the tailwind of a market correction, said Brad Libby, a fixed-income portfolio manager and credit analyst at Hartford Funds. Mixed economic data has been
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Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Mike Scarchilli (00:05):Hi everyone and welcome to the Bond Buyer Podcast, your go-to source for all things municipal finance. I’m Mike Scarchilli, Editor-in-Chief of the Bond Buyer. And
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Municipals took a breather Friday ahead of the long weekend and a much smaller calendar after seeing yields rise and underperform U.S. Treasuries, pushing ratios to levels last seen in November 2023. In addition to “more attractive raw yields, municipal underperformance has allowed relative values to improve as well,” noted Kim Olsan, senior vice president
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Harrisburg University of Science and Technology violated its bond covenant at the beginning of the month when it missed a monthly $1.2 million interest payment to the bond trustee. Jessica Warren, Harrisburg University’s executive director of marketing and communications, said the university only needs to make interest payments twice a year on its outstanding bond
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The Municipal Securities Rulemaking Board has retired nine separate pieces of interpretive guidance related to Rule G-12(c) on inter-dealer confirmations following the board’s request for comment on the rule. The move follows recent comments submitted by the Securities Industry and Financial Markets Association that urged the board to knock out the provision altogether, and the
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Munis were weaker Wednesday as the primary market saw a slew of new deals price, adding pressure to secondary market trading. U.S. Treasury yields rose throughout most of the curve and equities ended down. Triple-A yields rose as much as 11 basis points while USTs were weaker by five basis points. As munis have seen
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Illinois needs to address questions surrounding its Tier 2 pension benefits, and while directly fixing Tier 2’s alleged failure to meet the IRS’s minimum safe harbor standard would be credit neutral, enhancing Tier 2 benefits more broadly or erasing the distinction between Tier 1 and Tier 2 could result in a downgrade, Fitch Ratings said
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The Municipal Forum of New York presented three awards to industry leaders and veterans at its annual awards and leadership fellows fundraising dinner.  Recipients included Marjorie Henning, retired deputy comptroller for public finance for the New York City Comptroller’s office; Albert Simons, retired partner at Orrick, Herrington & Sutcliffe; and New York City Budget Director
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