Bonds

Gaming revenues, a major economic driver for Nevada and Clark County, are exceeding expectations. The Gaming Control Board said Wednesday that statewide gaming revenue in November was $1.32 billion, just shy of the single-month record of $1.36 billion reported in July. If the state surpasses $500 million in December, it will exceed its greatest single-year

The United States Treasury agreed to provide support for Puerto Rico’s Act 154 tax for an additional year. Act 154 is a 4% excise tax on the revenues of foreign corporate subsidiaries based in Puerto Rico. In 2011 U.S. Treasury agreed to a tax credit for the Act 154 payments on a temporary basis. The

December municipal bond issuance was up nearly 10% year-over-year at $38.2 billion, but total volume in 2021 fell just shy of last year’s record. The muni market saw $475.3 billion of debt in 2021, down 1.9% from $484.6 billion in 2020. Despite this, the total issuance for 2021 still bested the previous record of $448.6

Municipals ended 2021 little changed and lightly traded. U.S. Treasuries pared back losses and equities saw modest gains. Municipal bond mutual fund inflows hit $1.2 billion in the last reporting week of the year. Triple-A benchmarks saw a basis point bump on bonds in 2029 but were largely unchanged otherwise. Ratios rose slightly on the

The U.S. Virgin Islands is nearing a vote on a proposed $1 billion matching fund bond refunding to address a multibillion-dollar pension shortfall. Unless there is an unexpected infusion of cash or reduction of benefits before fiscal 2024, Moody’s Investors Service projects the USVI Government Employees Retirement System will run out of money by that

Municipals saw some pressure on long rates as U.S. Treasuries sold off and equities made gains. Triple-A benchmarks saw a basis point cut on bonds outside of 2035 but were largely unchanged otherwise. Ratios fell on the moves in UST. The five-year was at 46%, 67% in 10 and 76% in 30, according to Refinitiv

Puerto Rico bankruptcy Judge Laura Taylor Swain approved a settlement between the Oversight Board and the governor on contested pension laws, removing a large roadblock to the island’s bankruptcy deal. Under the deal, Swain declared the laws illegal with the stipulation the board and Gov. Pedro Pierluisi would craft a deal for better employee pensions

The year winds down with another day of an unchanged muni market and slightly weaker U.S. Treasury market while equities were mixed. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services

Several Puerto Rico bankruptcy parties objected to the Oversight Board’s proposed bankruptcy deal documents, saying they were discriminatory, did not respond to the judge’s directions, and attempted to breach applicable bankruptcy law. Among the objecting parties filing objections to revised documents the board filed with the bankruptcy court were Puerto Rico’s Fiscal Agency and Financial

Municipals were thinly traded and benchmark yields little changed while U.S. Treasuries were a tick better on the 10- and 30-year and equities continued their march upward. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3

U.S. Commerce Secretary Gina Raimondo looked out at the Economic Club of New York luncheon gathering. “It’s been a hard year. We can’t sugarcoat that,” the former Rhode Island governor said. “But there are a lot of reasons to be optimistic … We ought to take a second to look at the bright side.” One

Two New York City pension funds have successfully completed the divestment of securities related to fossil fuel companies, Mayor Bill de Blasio and Comptroller Scott Stringer announced Wednesday. The Trustees of the New York City Employees’ Retirement System (NYCERS) and the Board of Education Retirement System (BERS) said the action brings their total divestment across

Moody’s Investors Service said it revised the outlook on Jackson, Mississippi, to stable from under review. At the same time, it confirmed the Ba2 rating on the city’s water and sewer system revenue bonds. About $191 million of debt is outstanding. “The stable outlook reflects our expectation that rate increases will enable it to improve

Berwyn, Illinois’ ratings remain intact after a review ahead of its $99 million general obligation debt refunding, restructuring and new money issue that will provide budgetary relief and pay down unfunded public safety pension liabilities. S&P Global Ratings had put the city’s BBB GO and A-minus securitization ratings on CreditWatch with developing implications Sept. 30

In some ways, the pandemic has expanded the municipal market’s use of technology. How are participants using these new tools in an industry that often lags behind? Experts Unmesh Bhide, CFA, chief product officer and co-founder of PricingDirect, Lumesis CEO Gregg Bienstock and Munite/PFM director of municipal investor relations John M. Murphy join moderator Lynn

What’s ahead in public finance? Join San Diego County Water Authority finance director and treasurer Lisa Marie Harris, City of San José deputy director of debt and Treasury management Nikolai J. Sklaroff and City and County of San Francisco public finance director Anna Van Degna in this Arizent Leaders panel discussion to explore this and

Higher education credit downgrades remain more likely than upgrades next year as colleges and universities cope with the latest form of the COVID-19 virus, analysts at Fitch Ratings said. “The neutral sector outlook for U.S. colleges and universities reflects Fitch Ratings’ expectation for some enrollment recovery, solid state budget prospects and good levels of budgetary

Municipals were little changed with barely a trade to point to, keeping with the trend of sitting on the sidelines while U.S. Treasuries saw losses, more so out long, and equities made gains. Triple-A benchmarks were left unchanged and ratios were slightly lower on the moves in UST. The five-year was at 47%, 69% in

A round of settlements involving the Financial Industry Regulatory Authority’s 529 plan share class initiative shows that a number of firms are agreeing to enhance supervisory systems and procedures and compensate harmed customers. Letters of acceptance, waiver and consent (AWC) for five cases involving the 529 initiative, were listed Tuesday in FINRA’s disciplinary actions online

Municipals continued on the unchanged path with sparse trading and no primary to speak of for guidance, keeping the asset class in idle mode to end 2021. The Investment Company Institute reported $91 million of inflows into municipal bond mutual funds in the week ending Dec. 15, down from $517 million in the previous week.

The Puerto Rico Oversight Board filed a lawsuit against the governor and government agencies to stop implementation and enforcement of pension laws it says will add $8.3 billion of retirement benefits for government employees. The board filed the suit in the U.S. District Court for the District of Puerto Rico late Monday against Gov. Pedro

Municipals were little changed in quiet trading with few prints to direct benchmark yields in any direction while the pendulum swung to risk-on with equities seeing large gains and U.S. Treasuries slumping back to losses. Triple-A benchmarks were left unchanged, and ratios fell. The five-year was at 48%, 69% in 10 and 78% in 30,

Missouri school districts must reject mask mandates, quarantine orders and other measures to fight the COVID-19 pandemic or lose access to the state’s credit enhancement program. State Treasurer Scott Fitzgerald said districts must sign a letter confirming their compliance with an attorney general’s order following a court ruling that threw out many local health orders.

Municipals were very lightly traded and little changed Monday, starting off the final two holiday-shortened weeks of 2021 with paltry supply and lightly staffed desks. The U.S. Treasury curve steepened with the long end weaker and equities sold off on continued COVID-19 concerns. The entire muni AAA curve has been stable for two weeks and

The Miami-Dade County Seaport Department won The Bond Buyer’s 20th annual Deal of the Year award for PortMiami’s $1.24 billion seaport revenue refunding bonds. PortMiami is the largest cruise port in the world and a large containerized cargo port. As a result of the COVID-19 pandemic, PortMiami cruise operations were suspended for nearly 16 months.

Municipals held steady Thursday, keeping to a theme that the market remains unlikely to take movements in U.S. Treasuries and equities into account for the asset class, as issuance fades and year-end approaches. Triple-A benchmarks were little changed while Treasuries improved and equities saw losses, led by tech stocks. Ratios were slightly higher with the

Well before the pandemic drove online adoption, the consumer shift toward a digital, personalized banking experience was on an upward trend. For financial institutions looking to capture the millennial and Gen Z demographic, it’s increasingly important to rethink card member acquisition approaches and prioritize automated, hyper-personalized programs. In this Arizent Leaders forum interview with American

Municipals were lightly traded and ignored moves to higher yields in U.S. Treasuries Wednesday while equities rallied after the Federal Open Market Committee doubled the speed of its taper and projected three rate hikes in 2022. “It would seem that today’s decision was a first move by the Fed to restore its credibility as an

Eight states including Illinois and New York with unemployment trust loans owed to the federal government called on Treasury Secretary Janet Yellen to reinstate an expired waiver on interest to buy more time to resolve the debts. The interest waiver expired Sept. 6 and states with remaining balances are now paying 2.27% interest on what’s

It was Groundhog Day for municipals as triple-A benchmark yields held steady on Tuesday while Treasuries were weaker and equities sold off. Triple-A yield curves were unchanged on the day and mostly have not budged but a basis point in spots since the end of November. Most generic benchmark curves have remained static all month