Bonds

Prominent bond traders said appetite for restructured Puerto Rico bonds is high and the future will likely bring greater market acceptance. Puerto Rico’s local government, through its Fiscal Agency and Financial Advisory Authority, brought the five traders to talk about the bonds at its PRNow conference in New York City Friday. “There’s an enormous demand

Economic and interest rate uncertainties greet the Pittsburgh Water and Sewer Authority’s planned sale of $257.9 million in water and sewer bonds as the authority mixes new money and refinancing in a deal with four distinct pieces. The deal is planned the week of June 4, according to an online “roadshow” presentation for investors. BofA

The Kroll Bond Rating Agency upgraded Connecticut’s long-term general obligation rating to AA-plus from AA on Thursday. The upgraded rating continues Kroll’s stable outlook and reflected Connecticut’s “strong credit profile and significant and continuing progress in improving its financial position over the last six fiscal years,” the agency said. KBRA pointed in particular to the extension

Michigan trimmed its revenue estimates Friday to account for tax changes that carry a multi-billion-dollar price tag. The new projections could require roughly $600 million in reduced spending over what Gov. Gretchen Whitmer proposed earlier this year in the fiscal 2024 budget that would take effect Oct. 1. It relies on available revenue from what

Muni yields climbed even higher to end the week, while U.S. Treasuries were weaker and equities ended down. Muni yields, after outperforming USTs the prior week, “have adjusted higher in a hurry this week in sympathy with the UST selloff,” said Barclays strategists Mikhail Foux, Clare Pickering and Mayur Patel. Triple-A benchmark yields rose four

California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state. The Star Wars: Galactic Starcruiser, a pet project of former Chief Executive Officer Bob

Short-term munis sold off Wednesday, as triple-A benchmarks rose in sympathy with U.S. Treasuries. Equities rallied. Muni yields rose seven to 12 basis points five years in, while USTs rose two to eight basis points. Performance-wise, Matthew Buscone, co-head of portfolio management at Breckinridge Capital Advisors, said the muni market has been soft this week.

State and local government leaders are coming out of the COVID-19 pandemic and looking at their investments in infrastructure in ways that not only satisfy their bottom line today, but set them up for the future. That’s according to panelists at the 2023 National Federation of Municipal Analysts Annual Conference Wednesday, where panelists took the

Municipals were weaker Tuesday as U.S. Treasury yields rose and equities ended down. The two-year muni-Treasury ratio Tuesday was at 67%, the three-year at 68%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year at 70%, the

A committee formed by the California treasurer’s office has developed investor-driven guidelines for disclosure on green bond issuance. The thrust of the guidelines, created by the California Green Bond Market Development Committee, was to help issuers provide more uniform disclosure. It dovetails with the International Capital Market Association’s guidelines, but provides information more specific to

Jackson County, Missouri, hits the market with a $260 million special obligation issue that will wrap up financing for a new jail complex long in the works that was chosen as the best option to deal with overcrowding and other public safety and mental health treatment goals. The bonds are expected to price as soon

Municipals were steady to weaker in spots to start the week, while U.S. Treasury yields rose and equities ended up. The two-year muni-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 67%, the 10-year at 66% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data

California Gov. Gavin Newsom said “no” to revenue anticipation notes and a tax increase, but “yes” to climate and mental health bond proposals in the May budget revisions he presented Friday. Newsom stressed emphatically that the state has no plans to issue revenue anticipation notes despite expectations that $49 billion in anticipated revenues won’t come

Illinois trimmed its revenue estimates for the current fiscal year and must absorb higher social services expenses next year, leaving less room to maneuver as lawmakers finalize a supplemental spending package and new budget. They’re entering the homestretch of their spring session that’s slated to end May 19 with passage of a fiscal 2024 budget

Municipals were weaker in spots to end the week, while U.S. Treasuries and equities saw losses on continued concerns over the debt limit impasse and questions over the Federal Reserve’s next policy moves. Municipals mostly stayed in their own lane throughout the week but UST weakness Friday seeped into the secondary Friday, moving yields higher

The Puerto Rico Oversight Board will not be forced to turn over documents that may have provided a clearer picture of finances pertinent to the Puerto Rico Electric Power Authority bankruptcy. The U.S. Supreme Court reversed an appeals court decision, rejecting journalist group Centro de Periodismo Investigativo’s (CPI) request for Puerto Rico Oversight Board papers.

Massachusetts Gov. Maura Healey’s tax relief package is one step closer to passage despite slumping revenue figures. On Tuesday, the state Senate Ways and Means Committee unanimously passed a $55.8 billion budget for fiscal ’24, forwarding along to the Democratic-controlled chamber a $575 million tax cut plan that preserves many of the proposals the governor

UBS will pay $850,000 to a Texas public school district in a settlement over the bank’s inability to underwrite bonds under a state law prohibiting government contracts with companies that “boycott” the fossil fuel industry, the state attorney general announced Friday. The settlement involves a $18.6 million Normangee Independent School District competitive bond sale the

Municipals remained little changed as fund outflows receded, the last of large deals of the week priced and Silicon Valley Bank muni holdings lists began circulating the Street for liquidation. U.S. Treasuries were firmer out long and equities ended mixed. Triple-A yields were little changed while UST yields fell on economic data. Lists of the

Veteran financial advisory professional Jill Jaworski will take the helm of Chicago finances as chief financial officer and Cook County budget director Annette Guzman will become city budget director in Mayor-elect Brandon Johnson’s administration. Johnson made the announcements Thursday, four days before he is sworn into office, along with appointments for several other top roles