Bonds

Federal Reserve Bank of St. Louis President James Bullard said he thinks the U.S. central bank can still achieve a soft landing, with inflation returning to the Fed’s 2% target without triggering a significant downturn. “Yes, the economy could go into recession, but that’s not the base case,” Bullard told the Economic Club of Minneapolis

Wells Fargo’s role as senior manager in a potential $500 million bond sale for the Oklahoma Turnpike Authority is under review after the bank landed on the state treasurer’s list of companies banned from government contracts.  The 13 financial institutions on the list released Wednesday were determined to be boycotting the oil and gas industry

Municipals improved Thursday while outflows from municipal bond mutual funds rose to more than $800 million. U.S. Treasuries were better on bonds five years and in and equities ended down as more news of troubled regional banks and the continued debt ceiling standoff in Washington hangs over markets. Triple-A benchmarks were firmer, with yields falling

Illinois lawmakers are being urged to slow down as they consider pension mandates for Chicago that Mayor Lori Lightfoot’s administration warns could add $3 billion to the city’s long-term payment tab for its firefighters’ fund. The legislation raises benefits for employees hired beginning in 2011 when a Tier 2 pension system was established. Pension experts

Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s

U.S. District Court Judge Laura Taylor Swain denied Puerto Rico Electric Power Authority bondholders’ request she certify their appeal of her decision they have no lien on the bankrupt authority’s revenues. While bondholders could continue their appeal, without Swain’s certification it is less likely to be heard by the appeals court, said Puerto Rico Attorney

The Virginia Public School Authority plans to issue $63.2 million of School Technology and Security Notes to support the state’s capital program for school rehabilitation. The five-year, tax-exempt Series XI notes are expected to be issued by competitive sale in denominations of $5,000 on or around May 9, according to the authority. The school authority anticipates

Chicago will tap $53 million of a 2021 budget surplus to fund the ongoing needs of asylum seekers that have flowed into the city from Texas. The city has received some state and federal funding but it falls far short of what’s needed to address the health, food, and housing needs of migrants that Texas

Las Vegas, Nevada, had its issuer default rating upgraded to AA from AA-minus by Fitch Ratings, which cited favorable visitor trends, healthier-than-anticipated revenues and federal aid. A stable ratings outlook has been assigned. The upgrade affects the series 2004 limited tax general obligation bonds issued by the Las Vegas Special Improvement District. The special improvement

JPMorgan Chase & Co.’s purchase of First Republic Bank Monday brought some relief to municipal market participants worried that FRB’s sizable municipal portfolio would flood a market already acting cool toward a much smaller portfolio from the now-defunct Silicon Valley Bank. JPMorgan’s move injected a measure of certainty over the near-term fate of FRB’s $19.4

As it approaches a deadline on a state-backed incentive package, electric automaker Rivian faces fresh legal headaches in its plans for a $5 billion production plant in rural Georgia. A deal negotiated between Rivian, the Georgia Economic Development Commission, and the Joint Development Authority for Jasper, Morgan, Newton, and Walton Counties, with the blessing of

The rate of capture of sales and use taxes supporting the Puerto Rico Sales Tax Financing Corp. (COFINA) bonds has improved, the Puerto Rico Treasury Department said. The collection rate compared to the legally liable amount was 77% in fiscal 2022, a study by the Treasury’s Office of Economic and Financial Affairs showed. That compared

Municipals were steady throughout most of the curve ahead of a new-issue calendar of $6 billion. U.S. Treasuries were firmer and equities were mixed. “Investors’ jitters in the lead up to next week’s Fed meeting resulted in some large macro market moves and a rise in volatility,” noted BofA Securities strategists in a weekly report.

Indianapolis Public Schools and at least 30 Michigan school district voters will decide Tuesday the fate of more than $2.5 billion worth of borrowing for infrastructure work, new schools, and safety-related projects. Indianapolis Public Schools seeks $410 million for projects throughout the district with 23 schools in line for improvements. The borrowing would help pay

A California appellate court Thursday resurrected a lawsuit accusing prominent Wall Street banks of conspiring to manipulate the variable-rate debt market. The 1st District Court of Appeal reversed a lower court ruling less than two days after hearing arguments in the case, which dates back nearly 10 years. It’s the latest turn in a series

Record state spending on California’s K-12 education will enable schools to retain stable credit quality despite a several-year drop in enrollment, Fitch Ratings said. The state’s schools experienced their sixth year of declining enrollment in fiscal 2023, dropping below 6 million students for the first time in 20 years, said Fitch’s report, released Thursday. The

Chicago Mayor-elect Brandon Johnson named a transition committee and subcommittee leadership Thursday that draws from members of the city’s business, activist, and governmental communities to help shape his administration’s strategies and priorities. Johnson charged the group with crafting a written report in the coming week to guide the administration that takes office May 15th. “We

Wisconsin’s latest tender invitation to $1.8 billion of tax-exempt and taxable general obligation bond holders drew enough interest that the state dropped a planned forward refunding from its $500 million refunding transaction that priced Thursday. The state launched the tender offer to various tax-exempt series from 2015 through 2021 and taxables from some 2019 to

Municipals were steady in secondary trading Wednesday as the competitive market saw the states of Washington and Delaware price large general obligation bond deals. U.S. Treasuries were weaker in most spots and equities ended mixed. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 68%, the five-year at 68%, the 10-year at 68%

Puerto Rico Electric Power Authority bondholders argued for certification of their appeal of a ruling against their lien on revenues, saying it would advance the bankruptcy case and allow an appeals court to address issues of public importance and novel legal questions. The Official Committee of Unsecured Creditors filed a separate reply in the United

Municipals were mixed Tuesday with most AAA scales showing large cuts on the front end and smaller bumps out long. U.S. Treasuries rallied hard, and equities sold off. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 69%, the five-year at 68%, the 10-year at 69% and the 30-year at 92%, according to