Bonds

August municipal bond issuance declined 23% year-over-year, led by a drop in taxable and refunding volumes, as issuers continued to sit on the sidelines amid rising interest rates. Total August volume was $33.651 billion in 618 deals versus $43.885 billion in 1,162 issues a year earlier, according to Refinitiv data. Taxable issuance totaled $6.188 billion

Municipals were steady to weaker in spots Tuesday, while U.S. Treasuries were mixed and equities ended down. The two- and three-year muni-UST ratios are around 65% to 67%. The five-year was at 71%, the 10-year at 83% and the 30-year at 102%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five

Federal Reserve officials, picking up where they left off over the weekend in Jackson Hole, stressed their commitment to defeating inflation while remaining vague on how big their policy move will be next month. Three regional Fed presidents reiterated in separate remarks on Tuesday that curbing the hottest prices in almost 40 years was their

Major pension legislation was cited as Vermont’s rating outlook was raised to stable from negative by S&P Global Ratings. In a report that also affirmed the state’s AA-plus general obligation bond rating, the rating agency said Vermont currently ranked sixth highest in the nation for unfunded retiree health care benefits and eighth highest for unfunded

Congress hasn’t gotten around to enacting a PAYGO waiver for the American Rescue Plan, which is causing concern from a coalition of issuer groups. The coalition is worried that if PAYGO isn’t waived before the end of the year, direct subsidy payments owed to them by the U.S. Treasury could be denied. The types of

Federal authorities Thursday gave final environmental approval to Maryland’s plan to add four toll lanes to the Capital Beltway. Gov. Larry Hogan’s signature project, which he hopes to deliver as a public private partnership, can now move toward finalizing a 50-year contract with Accelerate Maryland Partners, a consortium that’s led by Australian firms Transurban and

Former Stifel banker James Cervantes was appointed chair of the California Housing Finance Agency’s board of directors by Gov. Gavin Newsom. Cervantes, who joined the board earlier this year, retired from Stifel in October 2020. He was a Stifel California managing director and, for a time, ran Stone & Youngberg, acquired by Stifel in 2011.

U.S. Virgin Islands Water and Power Authority CEO Andrew Smith said he expects a court will order WAPA to repay employee pension contributions over time despite the pension organization’s suit demanding immediate repayment. The repayment plan would be to pay off the $2.2 million in past due employee contributions to the system that WAPA owes.

UBS voluntarily resigned as a co-manager from a Texas city bond issue that priced this week in the wake of the company’s placement on the state comptroller’s list of fossil fuel industry boycotters. Kerrville, Texas, Finance Director Julie Behrens confirmed on Friday that UBS had “voluntarily withdrawn” from the city’s $44.4 million general obligation bond

Municipals were steady Friday, while U.S. Treasuries were mixed and equities sold off in the aftermath of Federal Reserve Chair Jerome Powell’s promise the Fed will keep raising interest rates to combat inflation. In light of the market’s concern over Powell’s speech at Jackson Hole, BofA strategists Yingchen Li and Ian Rogow “continue to view the Fed’s hawkishness as a better

The New York Metropolitan Transportation Authority is running out of money as federal aid declines andmany riders have not returned to the mass transit system in the wake of the COVID-19 pandemic. By the end of fiscal 2024, the MTA estimates federal pandemic relief funds will be exhausted and projects budget gaps of up to$2.7

Municipals were mixed Thursday as the market took a breather ahead of Fed Chair Jerome Powell’s Jackson Hole speech, while U.S. Treasuries improved five years and out and equities ended in the black. Outflows from municipal bond mutual funds intensified as investors pulled $1.180 billion out of funds in the latest week, versus the $229.263

It’s been a busy year for the Louisiana Bond Commission as it deals with a host of controversial issues, from guns to abortion, and this month has been no different. At its latest meeting, on Aug. 18, the panel once again put New Orleans’ request for funding for a power plant on hold due to

Long-end munis were much weaker Wednesday while a large new-issue from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were saw losses along the curve and equities made gains ahead of the Jackson Hole event that starts Thursday. Triple-A municipal yields rose two to 10 basis points with the

The adage goes, “don’t fight the Fed.” In bull market runs, investors often repeat the “don’t fight the Fed” phrase to justify market run-ups that defy economic fundamentals. Price-to-earnings ratios out of line with, well, reality? The Fed “has the market’s back,” people say.  But, since mid-June, investors seem to be fighting against central banks.

Municipals were a touch weaker Tuesday, but the focus was on a large new-issue day with airport revenue bonds from Minneapolis-St. Paul and transportation revenue bonds from Delaware leading the calendar. Treasuries saw smaller losses out longer with the 10-year closing above 3% again while equities ended in the red as economic data disappointed. Triple-A

Chicago-owned O’Hare International Airport heads into the market next week with $1.77 billion of across-the-board A-plus-rated paper after two upgrades. The city will sell the bonds in four series offering a mix of paper subject to the alternative minimum tax and non-AMT with $1.3 billion being raised for projects and the remainder refunding outstanding debt

The tone for munis was mixed Monday as they mostly ignored broader weakness in U.S. Treasuries while equities sold off as the markets continue to weigh what’s to come from Federal Reserve officials later this week in Jackson Hole. Triple-A yields rose one to three basis points, depending on the curve, while U.S. Treasuries saw

A top-rated Texas program that guarantees public school bonds is close to capacity amid a big wave of voter-approved debt to repair aging facilities and accommodate a growing student population. The Texas Permanent School Fund (PSF) program, which is capped at $117.32 billion under federal law and which bestows triple-A ratings on school bonds, lowering

Cities and states facing elevated construction costs face an unappetizing menu of choices ranging from more borrowing to delaying projects, each of which carry their own set of credit risks. Elevated construction costs also mean fewer bids for public projects, as contractors are likely to opt first for the private sector, particularly when the market

Long-term education debt reached its highest levels on record in 2020, the most recent data sample available, reaching $505 billion. That’s highlighted in Reason Foundation’s recent K-12 Education Spending Spotlight, which leans on U.S. Census Bureau data to show long-term debt has reached its highest level since the organization began releasing the report in 2002.

A deluge of ratepayer-backed utility debt in the wake of 2021’s Winter Storm Uri continues with a Kansas regulator approving the state’s first securitization deal. The Kansas Corporation Commission (KCC) on Thursday unanimously passed an irrevocable financing order allowing Kansas Gas Service to issue securitized bonds to recover $328 million in costs incurred during the

Municipals closed out the week with more weakness with yields rising up to 10 basis points on the short end of the yield curve, following U.S. Treasuries to higher yields while equities ended down. The one-year triple-A benchmark saw smaller cuts with yields rising up to four basis points, depending on the scale, while two-,

S&P Global Ratings Friday revised its outlook to positive from stable on New Jersey general obligation bonds. The rating agency highlighted the state government’s recent payments to its underfunded state pension system. “The outlook revision follows the second consecutive year the state has budgeted the full annual actuarially determined contribution to its retirement systems,” S&P

The U.S. Census said its Puerto Rico population count in the 2020 census was 5.7% too high, based on a “post-enumeration survey,” but analysts saw good and bad in the revised count. The follow-up survey showed Puerto Rico’s deviation was greater than that of any state. In spring 2021 the Census said Puerto Rico’s population

Municipals were weaker again Thursday led by continued pressure on the short end while municipal bond mutual funds saw outflows for the second consecutive week. Triple-A yield curves saw cuts of up to nine basis points on bonds five years and in, depending on the curve, while U.S. Treasuries made small gains to close out

The Internal Revenue Service has restored Ham Lake, Minnesota-based charter school operator Parnassus Building Company’s tax-exempt status after it was revoked in May 2022. The reinstatement indicates that $27.1 Charter School Lease Revenue Bonds Series 2016A, whose tax-exempt status was in jeopardy following the revocation, will remain unchanged. “The Borrower and PPS hereby provide notification

Municipals sold off Wednesday with the largest losses up front, pushing the one-year triple-A yield well above 2%, the first time since March 2020. U.S. Treasuries were weaker and equities ended down. U.S. Treasuries started the day with large losses after higher inflation numbers out of Europe led to volatility early on but they pared

Inaccurate tax reporting by broker-dealers could force brokerage clients to seek damages, as highlighted in an ongoing lawsuit against UBS Financial Services in New Jersey District Court, and could force brokers to seek protection by forcing their clients to sign liability waivers in connection with their tax reporting. That’s according to Mayer Brown tax transaction

Municipals were weaker Tuesday as short-end munis continued to sell off, U.S. Treasuries were weaker 10 years and in and equities were mixed. Triple-A muni yields rose nine to 12 basis points in one-year, further inverting the curve on the short end. Heavy secondary trading on the short end moved one-year triple-A yields as much