Bonds

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

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

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

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

A major sticking point in the Puerto Rico Electric Power Authority bankruptcy is the discrepancy over the size of bondholders’ claim, with the Oversight Board and bond parties $6.5 billion apart. The board, in a filing Tuesday, placed the value at 24% of principal and pre-petition interest due at time of the bankruptcy petition in

Municipals were largely unchanged as the market digested another larger primary slate while U.S. Treasuries rallied after the release of economic data showed inflation has eased. Equities ended mixed. The Dormitory Authority of the State of New York priced and repriced its $1 billion-plus school revenue bond deal for institutions with yields falling on the

Several members of Congress introduced a bill to permanently raise the rum cover rate supporting some U.S. Virgin Islands and Puerto Rico bonds. The rum cover, a tax on rum sold in the 50 states, provides a revenue stream supporting USVI matching fund bonds and Puerto Rico Infrastructure Finance Authority rum bonds. The rate had

New Jersey Department of Transportation will spend $4.5 billion on capital improvements in the new fiscal year. Officials released the department’s fiscal ’24 capital financing plan on Tuesday. It leans on a mix of state and federal funding to bankroll repairs and upgrades to transportation networks across New Jersey. “This capital program reflects the need

Massachusetts state senators intend to leave Gov. Maura Healey’s $748 billion tax cut package intact in their redrafted budget proposal despite falling state revenues. The fate of Healey’s tax-relief plan, which features a mix of tax rate cuts and policy changes including an expanded child and family tax credit, and was a centerpiece of her

Municipals were little changed to start the week, while U.S. Treasuries extended their selloff and equities ended mixed. Municipal yields were steady while UST yields rose eight to 10 basis points across the curve. Ratios fell slightly as a result. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 66%, the five-year at

Municipals were steady to close out the week, while U.S. Treasuries sold off on the heels of a stronger-than-expected jobs report. Equities rallied. Stronger-than-expected hiring and wage growth data on Friday caused “[UST] bond yields to climb while equities are advancing because the data is helping alleviate concerns of a potential recession,” said José Torres,

Highland Park, Michigan, would get a $20 million lifeline under an appropriation Senate Democrats put in their version of the state budget to help pay down a $24 million water and sewer debt the city has warned could drive it into bankruptcy. The city just north of Detroit owes the Great Lakes Water Authority $24