Bonds

State and local officials defended their use of stimulus funds against Republican claims that the money has done more to stimulate inflation than the economy during a House oversight hearing on Tuesday. “Roughly one year into the pandemic, the American Rescue Plan injected a burst of resources into the national economy at a critical time,”

Municipals improved on Tuesday as the U.S. Treasury flight-to-safety bid continued and equities sold off on the escalating turmoil in the Ukraine. Municipal yields fell three to six basis points across triple-A yield curves while five- and 10-year USTs saw yields fall 14 and 11 basis points, respectively. Municipal to UST ratios rose as a

Municipals were flat to firmer in spots, underperforming the U.S. Treasury flight-to-safety rally while stocks ended mixed after much larger losses throughout the day in dramatic swings on continued war in Ukraine. Triple-A benchmarks were little changed to bumped by a basis point or two while UST rallied 10 to 15 basis points with the

If Russian hackers target the U.S. as retribution for economic sanctions prompted by its invasion of Ukraine, it could mean more harmful and longer-term cyberattacks than the public sector has experienced previously. “We remain concerned about the potential for cyberattacks on U.S. public finance related targets such as utilities, infrastructure and state and local governments,”

Municipal bond issuers in the Northeast sold $115 billion of debt in 2,261 deals during 2021, an 11.7% volume decline from 2020, according to Refinitiv data. The Dormitory Authority of the State of New York was the top issuer in both the region and in the nation last year. In 2021, DASNY issued $7.86 billion

Fitch Ratings on Friday revised Pittsburgh, Pennsylvania’s outlook to stable from negative and affirmed its AA-minus rating ahead of an upcoming general obligation bond deal. Fitch said the revision reflects its expectation “the city will maintain stable financial performance, gradually rebuilding reserves after a large draw on fund balance in 2020 that resulted from pandemic

The Puerto Rico Oversight Board on Friday rejected the possibility of renegotiating the Puerto Rico Electric Power Authority debt deal with the local government and also filed an objection in the PREPA bankruptcy to bondholders’ motion to compel mediation. In a press conference following the board’s public meeting, Board President David Skeel said, “There are

The new Illinois fund set up to manage the assets of suburban Chicago and downstate police pension funds would get an extra year to complete the consolidation under legislation being pursued by the fund that says it can’t meet a June 30 deadline. The Illinois Police Officers’ Pension Investment Fund told lawmakers during a committee

Los Angeles Controller Ron Galperin gave a “still needs improvement” rating to the city’s efforts to put a $1.2 billion bond authorization for affordable housing to work. The city spent $870,000 per unit on one project and if it doesn’t rein in costs, the per unit price could soar to $900,000 or $1 million, Galperin

Municipal triple-A yields rose three to four basis points on Friday, losing up to half the gains they made Thursday, as U.S. Treasuries saw losses throughout the day but ended flat. Equities rallied hard after the European Union imposed sanctions on Russia and the U.S. indicated it would follow suit. Municipals had a hard time

Nevada has doubled down on housing efforts with a $500 million “Home Means Nevada” initiative and the dedication of the majority of its private activity bond authority to affordable housing. Nevada Gov. Steve Sisolak announced plans to tap federal funds for the housing initiative during an off-cycle State of the State speech delivered Wednesday at

Municipals rallied Thursday on a flight-to-safety bid after Russian troops invaded Ukraine, outperforming U.S. Treasuries while equities reversed major losses to end in the black. Triple-A yields were bumped from five to 10 basis points across the curves, while UST yields saw earlier double-digit gains fall to single digit basis points at the close. The

The Puerto Rico Oversight Board approved a budget amendment that includes more than $9 billion for bond payments after efforts by legislators failed to pass the debt payments required by the bankruptcy court-approved Plan of Adjustment. The board on Monday approved a $23.5 billion General Fund budget for the current fiscal year, with $12.5 billion

Municipals were mixed Wednesday even as U.S. Treasuries and equities sold off amid intensifying tensions over the Russia-Ukraine crisis. Municipal triple-A yields were unchanged on the Refinitiv MMD scale while experiencing up to two basis point cuts outside 10 years on ICE Data Services’ curve and two basis point bumps inside of 5 years on

A legal battle between the Missouri attorney general and dozens of school districts over mask mandates could strain ratings, S&P Global Ratings warns. Missouri Attorney General Eric Schmitt warned school districts in a letter Dec. 7 of potential enforcement actions if they continued to enforce local health mandates thrown out in November in a ruling

Municipals were mixed on Tuesday with U.S. Treasuries providing little guidance while equities sold off on increasing concerns over Ukraine and Russia. Municipal triple-A yields were unchanged on Refinitiv MMD and Bloomberg BVAL scales while experiencing up to three basis point bumps on the long end of ICE Data Services’ curve and two basis point

Municipal bond issuers in the Southwest sold $90.8 billion of debt in 2021, down 3.2% from 2020, according to Refinitiv data, as lost refunding volume outpaced a gain in new-money sales. Texas weighed down the region, as volume in the Lone Star State fell 12% to $52.4 billion, outpacing gains in some other fast-growing Southwest

A coming tide of infrastructure money is about to smack into a sharp rise in construction costs. In Miami Beach, the developers of a proposed monorail said last month that the price tag had nearly doubled, to $1 billion from $587 million. Some of the uptick came from a design change, but the biggest chunk

The government will stay open until mid-March under the latest short-term spending measure, but much of the Infrastructure Investment and Jobs Act funding issuers are eagerly awaiting remains on hold without a full-year budget. The Senate Thursday passed the new continuing resolution, which funds the government through March 11. The 65-27 vote averted a partial

Michigan State University got a rating outlook boost as it heads into the market with a $500 million century bond. S&P Global Ratings revised the outlook on its AA rating to stable from negative ahead of the deal, citing the university’s management through the operational turbulence caused by the Larry Nassar sexual abuse scandal. The

Puerto Rico’s government is exploring refinancing its Puerto Rico Sales Tax Finance Corporation’s bonds, also known as COFINA bonds, a move some say could allow the commonwealth to see cost savings as it also works toward restructuring its general obligation bonds. The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks

The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year. The changes codify new guidelines announced in October to restrict active trading, prohibit the purchase of individual securities and boost disclosure requirements among policymakers and senior staff

Triple-A benchmark yields fell further Friday, as U.S. Treasuries were better in a continued flight-to-safety bid, while equities ended in the red again. Traders and managers reported a firm tone and trading showed it on Friday ahead of next week’s lower new-issue calendar. “It’s pretty quiet,” a New York trader said on Friday afternoon, pointing

The Puerto Rico Oversight Board is appealing the approved Plan of Adjustment’s treatment of up to $400 million of eminent domain claims. The claims against Puerto Rico will currently be paid in full or, in some cases, at high rates to the claimants and the board would like them to be paid at the rate

Federal Reserve Bank of Cleveland President Loretta Mester said she supports raising interest rates next month and tightening policy at a faster pace if needed to curb inflation. “I believe it will be appropriate to move the funds rate up in March and follow with further increases in the coming months,” Mester said Thursday in

Municipals were stronger on Thursday with yields falling for the first time since Feb. 3 on triple-A yield curves, but underperforming an improved U.S. Treasury market in a flight-to-safety bid while Refinitiv Lipper reported $1.3 billion of outflows from mutual funds. Triple-A benchmark yields fell one to four basis points, with the larger bumps outside

Triple-A benchmark yields were little changed for the first session in a week, as U.S. Treasuries were flat and equities were also little moved in either direction as all markets seemed to take a mid-week break from the volatility. The municipal to UST ratio five-year was at 75%, 84% in 10 and 89% in 30,

Republicans’ procedural blockade of President Biden’s Federal Reserve nominees has left Senate Democrats with few options and could delay for months the revamp of the central bank’s board, according to analysts and political strategists. The 12 GOP members of the Senate Banking Committee decided not to show Tuesday for a scheduled vote by the panel,

The Puerto Rico House of Representatives approved money for the central government’s Plan of Adjustment Tuesday, setting the stage for dollars to begin flowing to bondholders who have not been paid since the island defaulted on its debt in 2016. The measure authorizes spending $10.9 billion from past years’ revenues for paying various Plan of

Senate Banking Committee Republicans skipped out on a vote Tuesday for President Biden’s nominees to the Federal Reserve Board, delaying confirmations tied to five of seven seats on the central bank’s governing body at a precarious time for the economy. The nomination of Sarah Bloom Raskin for vice chair for supervision is the primary bone