Bonds

Municipals were weaker in spots Wednesday as mutual funds continued to see more outflows, while U.S. Treasuries and equities were mixed. Two- and three-year muni-UST ratios are around 64% to 65%. The five-year was at 70%, the 10-year at 83% and the 30-year at 103%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services
0 Comments
Fitch Ratings said it raised the Municipal Electric Authority of Georgia’s $311.4 million of Project One senior lien power revenue bonds to A from A-minus and $1.2 billion of Project One subordinated bonds to A-minus from BBB-plus. Fitch also upgraded MEAG’s $101.1 million of general resolution senior lien power revenue bonds to A from A-minus
0 Comments
Fitch Ratings upgraded New Jersey’s issuer default rating to A from A-minus and raised the ratings on the state’s $5.5 billion of general obligation bonds and $484 million of Garden State Preservation Trust revenue bonds that are linked to or capped by the state’s IDR. Fitch also raised the state’s qualified bond program and school
0 Comments
Fitch Ratings lifted Ohio’s issuer default and general obligation rating to AAA Thursday over its “fiscal resilience” bolstered by stronger reserves and cash balances. Moody’s Investors Service and S&P Global Ratings rate Ohio one notch below the top mark at Aa1 and AA-plus, respectively, and both assign a stable outlook. The upgrade “reflects material strengthening
0 Comments
Puerto Rico bankruptcy Judge Laura Taylor Swain extended the deadline for the Puerto Rico Electric Power Authority mediation to 11:59 p.m. Sept. 16 from 11:59 p.m. Friday and gave the mediators the option to further extend the deadline to 11:59 p.m. Sept. 30. This is the fifth deadline extension since Swain put the PREPA restructuring
0 Comments
The Commonwealth of Kentucky on Thursday plans final pricing of $233 million of special obligation revenue bonds that will finance renovations across a wide portfolio of state-managed properties. The bonds will be issued by the Kentucky State Property and Buildings Commission in two tranches, according to the issuer’s online investor “roadshow” presentation, with the $40.2
0 Comments
Municipals were weaker to kick off the holiday-shortened week, but outperformed a U.S. Treasury selloff that saw the 30-year UST yield hit just shy of 3.5%, while equities saw losses. Triple-A benchmark yields rose up to seven basis points, while UST yields rose 11 to 15 bps with the largest losses on the long bonds,
0 Comments
Mediators for the Puerto Rico Electric Power Authority restructuring asked the judge to extend the deal deadline from Sept. 9. The mediators asked PREPA bankruptcy Judge Laura Taylor Swain Thursday afternoon to extend the mediation, and deadline for a proposed deal, to 11:59 p.m. Atlantic Standard Time, Sept. 16, with the possibility of a further
0 Comments
Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward
0 Comments
The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge.  The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled
0 Comments
The Puerto Rico Oversight Board filed suit against Gov. Pedro Pierluisi regarding a labor law it says reduces the island’s economic growth and government revenues. The board is challenging Act 41-2022, which Pierluisi signed earlier this summer. It filed the suit Thursday night in U.S. District Court for Puerto Rico as part of the central
0 Comments
Municipals were steady Friday ahead of a holiday-shortened week where investors will be greeted by two large deals from the states of California and Pennsylvania in an otherwise lackluster new-issue calendar. U.S. Treasuries rallied on the front end of the curve. On Friday the two- and three-year muni-UST ratios are around 67%. The five-year was
0 Comments