Bonds

Municipals were little changed on the day while other markets continued to react to the Fed rate hike as U.S. Treasuries were stronger and equities sold off. Refinitiv Lipper reported $5.6 billion of outflows, the highest figure of outflows in 2022, as Monday’s massive selloff contributed to more losses for municipals. That figure is up

Municipals took a backseat as the Federal Open Market Committee announced its decision to implement a three-quarter point rate hike while U.S. Treasuries rallied into late afternoon following the news. Equities rallied. The move, prompted partly by hotter-than-expected inflation data Friday, is the largest rate hike since 1994. “Investors appear encouraged that the FOMC is

Puerto Rico Gov. Pedro Pierluisi on Tuesday ordered a 45-day moratorium on a diesel and gasoline tax, which could trim $25 million that would normally go to the general fund. “With this measure we seek to relieve the people and the economic impact on our families due to the increase in fuel prices as a

Maui County reaped a windfall in its fiscal 2023 budget from changes to its tax structure that it plans to use to counter its housing affordability problem. The state approved a law last year that allowed counties to start charging an additional 3% tax on resorts and hotel rooms, on top of the state’s 10.25%

The Securities and Exchange Commission has charged the City of Rochester, New York, the Rochester City School District’s former finance director and the city’s former chief financial officer with misleading investors and providing outdated financial statements in connection with a $119 million bond offering in 2019. The Commission also charged municipal advisory firm Capital Markets

Following a spate of cyberattacks against local government institutions in New Jersey this year, Democratic Assemblymember Shama Haider introduced legislation on May 16 to strengthen the state’s local capabilities.  Less than a month later, her own hometown of Tenafly faced a cyberattack after teachers accidentally discovered a ransomware attack in progress last week while working

Municipals were hit hard Monday with a quarter-point selloff as munis could not ignore the continued U.S. Treasury selloff and the start of a bear market for equities as inflation-led recession fears grow. Municipals saw cuts up to 25 basis points, though some particular secondary prints pointed to larger losses. This is the largest one-day

The Oklahoma Turnpike Authority could be in the municipal market as early as December to begin funding a $5 billion, 15-year extension project that is the target of litigation after its board took action on Thursday to head to the state Supreme Court to validate the debt. Of the up to $1 billion of debt the

Market participants are revising their supply projections downward as rising interest rates have stymied refunding and taxable volumes and overall market volatility has held some issuers to the sidelines.  The pace of issuance so far in 2022 makes it less likely the market will hit previous records seen in 2020 and 2021. BofA Securities was

The Biden administration this week released proposed rules for its electric vehicle charging station network program, with states facing a tight summer deadline to submit plans to secure a piece of the funds. The proposed rules mark a key step in the development of the $7.5 billion National Electric Vehicle Infrastructure program, one of the

A deposit this week into Illinois’ once barren rainy day fund brought it to $751 million with plans to bring it in the next fiscal year up to $1 billion, a level not seen before but one that still falls short of other states. Prior deposits earlier this year brought the account up to about

Municipals saw yields rise across the curve, with the largest losses out long to end the week, while a higher-than-expected inflation report led to a massive U.S. Treasury selloff on the front of the curve and sent equities tumbling. With Friday’s Consumer Price Index report, the “prospects for a quick slowdown in the rate of

New York City has an early budget for the new fiscal year, one that totals a record high $101 billion for fiscal 2023 and includes a record level of $8.3 billion in reserves. At a City Hall press conference Friday afternoon, Mayor Eric Adams, Council Speaker Adrienne Adams and Council Finance Chair Justin Brannan announced

With Indiana revenue collections running $1 billion over estimates with just one month left in the fiscal year, Gov. Eric Holcomb proposed returning that amount from reserves to taxpayers through an automatic tax refund. Holcomb, a Republican, called for a special session to approve the proposal. “Hoosiers have real needs right now during this period

The Puerto Rico Oversight Board is arguing that the U.S. District Court for Puerto Rico does not have subject matter jurisdiction over a recent conflict-of-interest complaint filed against a law firm representing it. The board said the Court lacks subject matter jurisdiction over a dispute between two “non-Title III debtor third parties that does not

The taxable municipal trading desk at Ramirez & Co. is expected to see continued growth and expansion with the recent arrival of veteran trader Hardy Manges, the firm said this week. A municipal trader with over 30 years experience, Manges is a senior vice president focusing on taxable municipal bonds, and located in the New York

The triple-A yield curve steepened further Wednesday, with municipals better on the short end and much weaker out long while a large general obligation deal from Maryland took the focus in the primary. U.S. Treasuries were weaker and equities ended in the red. Triple-A yields were bumped as much as five on the short-end and

Municipals again saw a stronger short end of the yield curve and some pressure out long in light trading Tuesday as U.S. Treasuries were better and equities ended in the black. Triple-A benchmarks were bumped up to three basis points five years and in and cut up to two basis points on the long end,

The increase in funding to California schools from the state’s $97.5 billion surplus has helped earn Sacramento City Unified School District a revised Fitch Ratings outlook to stable from negative. The amount of money dedicated to schools in Gov. Gavin Newsom’s most recent budget proposal changed the dynamic for the Sacramento district, said Graham Schnaars,

State and local governments are experiencing recruitment and retention challenges not seen on this scale in fifty years. That’s according to panelists at the Government Finance Officers Association’s annual conference on Sunday, where panelists discussed the widespread challenges the public sector is facing with respect to recruitment and retention experienced since the onslaught of COVID-19

Since New York legalized the sports gambling industry five months ago, residents of the state have made almost $6 trillion in bets, according to the New York State Gaming Commission’s latest numbers. In January, legislation took effect allowing nine authorized bookmakers to begin accepting wagers statewide. Those companies have grossed $425 million since, which has

Improving market technicals are creating value and opportunity in the municipal bond market as summer reinvestment season kicked off this week. After a rocky start to the year and a volatile first three weeks of May, municipals still offer value even after a furious rally in the final week of May. Improving market technicals should

The new fund managing suburban Chicago and downstate police pension assets won’t make an end-of-the-month consolidation deadline but it’s seen an uptick in local funds ready to begin the transfer process after last week’s court ruling upholding the state law.   The increased willingness to abide by the 2019 law comes after Kane County Circuit

Some observers of Puerto Rico politics are concerned that the territory’s government appears to continue to avoid fiscal responsibility, ignoring past mistakes that led it into the largest bankruptcy in municipal market history. And some stakeholders fear what the island’s future looks like without a federal Oversight Board running the fiscal ship. On Tuesday, the

Los Angeles Mayor Eric Garcetti’s budget signing ceremony was overshadowed by a tight mayor’s race. Frontrunners U.S. Rep. Karen Bass and Rick Caruso, a billionaire mall developer, have been running neck-and-neck. Caruso has blanketed the airways with self-funded television ads effectively pushing out well-known Democrats like Los Angeles City Attorney and former state legislator, Mike

Municipals ended firmer on the short end Friday, capping off a quieter, but stronger week, while U.S. Treasuries were weaker and equities sold off. Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $6.488 billion in $4.142 billion of negotiated deals and $2.347 billion of competitive loans. The

New York State Comptroller Thomas DiNapoli and former Lt. Gov. Richard Ravitch presented Eugene Keilin with the Felix Rohatyn Award at the Citizens Budget Commission’s awards dinner. The award, given Thursday night at the CBC’s 90th annual gala held at Cipriani 42nd Street, honors a person whose career exemplifies public service and a commitment to New

Municipals were steady to firmer on the short end Thursday, while U.S. Treasuries were also little changed and equities rallied. After an impressive rally that began at the end of May leading to the first month of positive returns for the asset class, investors took the positive signals and poured cash into municipal bond mutual

The Municipal Securities Rulemaking Board has filed a proposal with the Securities and Exchange Commission to change its fee structure to account for prior year results, a move aimed at ensuring the board maintains sufficient operating revenue and avoids collecting excess cash reserves. The new fee structure will establish a new Annual Rate Card Process

Municipals were better Wednesday as the smaller primary kicked into gear, while U.S. Treasuries sold off on the front end of the curve and equities ended in the red. Pressure on UST and volatility in equities hit after stronger economic data and continued hawkish Fed speak. “Stocks turned negative as expectations grew that the Fed