Bonds

Municipals were a touch weaker 10 years and in on thin trading while U.S. Treasuries pared back earlier losses the curve flattening continued. Triple-A benchmarks saw one basis point cuts in spots inside 10-years while the five-year U.S. Treasury hit a high of 1.154% and the 30-year pared back earlier losses to land at 2.018%.
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Assured Guaranty accounted for a total of $17.31 billion in 820 deals for a 52.1% market share in the first three quarters of 2021, up from the $13.77 billion in 703 deals for a 48.9% market share over the same period as the year before. “Assured Guaranty continued to lead the municipal bond insurance industry
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The Securities and Exchange Commission is seeking applicants to head the office of Municipal Securities, a key post responsible for coordinating the SEC’s muni regulatory activities. An Oct. 8 posting on the USAJOBS website that serves as the portal for federal government employment lists the position that is currently held by Rebecca Olsen, who has
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In the midst of a declining workforce, the Internal Revenue Service is taking an “all hands on deck” approach to hiring that includes a recent announcement for a role focused on tax-advantaged bonds. The Oct. 14 posting for a senior tax law specialist seeks a candidate experienced with complex matters involving tax-advantaged municipal finance transactions.
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The historic settlement between states and drug companies over the U.S. opioid epidemic is unlikely to have a material impact on the municipal bond market, said Barclays in a new report. The pending $26 billion deal is the largest attorney general multi-state enforcement action in history after the 1998 tobacco master settlement agreement. But it’s
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Municipals ended the week steady even as U.S. Treasuries lost ground and equities rallied on better consumer data and corporate earnings. Triple-A benchmark yields were left unchanged as the 10-year UST rose six basis points while the 30-year climbed three. Ratios fell on the day’s moves, with the 10-year municipal-to-UST ratio at 74% and the
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Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed
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BondLink, the Boston-based financial technology company that provides cloud-based debt management software solutions to issuers, added two industry experts to its board of directors. Lynn Martin, president of Fixed Income & Data Services at Intercontinental Exchange, Inc., and Joe Geraci, partner at Old Orchard Capital and former Citi executive, join the board of directors. Colin
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Municipals were steady in light secondary trading while new issues were repriced to lower yields and U.S. Treasuries made gains after a rollercoaster day. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.541% and the 30 fell six to 2.035% near the close. Ratios rose as a result,
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Three-quarters of the way through the year, municipal bond volume has risen 3.1% compared to the same period in 2020. So far in 2021, issuers have totaled $340.99 billion in 9,082 transactions that compares to $330.71 billion in 8,577 deals in the first nine months of 2020. The state of California once again finds itself
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Municipal advisors considering disclosure of conflicts of interest would do well to tread carefully, particularly given recent enforcement activity by the Securities and Exchange Commission. That was a key takeaway from an expert panel at the 2021 Compliance Outreach Program for Municipal Advisors sponsored jointly by the SEC, Municipal Securities Rulemaking Board and the Financial
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Municipal advisors’ most common examination deficiencies are maintaining books and records, travel and entertainment expenses, and service contracts, officials from the Securities and Exchange Commission said in a virtual conference on Thursday. Karla Serna, a senior staff accountant at the SEC’s Chicago regional office said that one of the largest problems municipal advisors face in
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The municipal 10-year triple-A bond hit a high for the year Friday at 1.18%, beating the yield reached in the March selloff. Municipals were weaker Friday, playing catch-up to another day of U.S. Treasury losses as participants await an $8 billion calendar and a more uncertain market sentiment with the pullback from mutual funds hanging
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Pension cuts and spending measures remain an obstacle to restructuring Puerto Rico’s debt, with the president of the Puerto Rico House of Representatives asking the Oversight Board to provide written commitment to support no pension cuts and a slew of spending measures before he would sign off on a bond restructuring. “Until some accommodation can
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Municipals were mostly steady on a day when U.S. Treasuries sold off and equities rallied in a risk-on trade from debt-ceiling news in Washington while Refinitiv Lipper reported a mere $37 million of fund inflows and a near half-billion of high-yield outflows. Triple-A benchmarks were little changed on the day with Refinitiv MMD cutting the
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Municipals were a touch weaker as U.S. Treasuries and equities seesawed throughout the day on debt ceiling news out of Washington while new issues in the primary were in high demand and repriced to lower yields. Triple-A benchmarks saw cuts of one to two basis points. Refinitiv MMD cut two on the 10-year and one
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Municipal triple-A benchmark yield curves were mixed, with some weakness arriving later in the afternoon, but the asset class outperformed a risk-on trade in equities that moved U.S. Treasury yields higher. A softer tone later in the day emerged and ICE Data Services cut their scales one to two basis points outside of five years,
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Municipal bonds were little changed Monday, ignoring volatility in the stock market and a softer U.S. Treasury market. Triple-A municipal benchmark yields were steady to a touch firmer as the market awaits a sizable calendar led by a large taxable Alabama general obligation deal and a diverse set of credits from airports to charter schools
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Municipals were little changed with a softer tone Thursday while municipal bond mutual funds saw a drop in inflows to $408 million and high yield saw its first outflows since March 3. For 30 straight weeks, investors put cash into municipal bond funds although their confidence may be waning, according to data released Thursday. Refinitiv
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