Bonds

Growth in U.S. prices is expected to ease in the year ahead, contacts surveyed in the Federal Reserve’s latest Beige Book said. “Selling prices increased at a modest or moderate pace in most districts, though many said that the pace of increases had slowed from that of recent reporting periods,” the Fed said Wednesday in

Chicago’s Sales Tax Securitization Corp. will take retail orders Wednesday on a long-planned issue that prioritizes local buyers on the city’s first bonds to carry a social bond designation and gives special consideration for environmental, social, and governance investors. The STSC offers $305.3 million of tax-exempt paper in three series — including $98 million of

Municipals were little changed — down a basis point or two — Tuesday as a heavier new-issue calendar greets investors. U.S. Treasuries and equities were mixed. The three-year muni-UST ratio was at 57%, the five-year at 60%, the 10-year at 65% and the 30-year at 89%, according to Refinitiv MMD’s 3 p.m. ET read. ICE

Muni leaders are airing disagreements and concerns about the Financial Data Transparency Act and other recent developments, highlighting some long-simmering tensions over how issuers disclose information to the market. The multi-pronged discussion on FDTA and other hot topics occurred Thursday at the Richard Ravitch Public Finance Initiative Launch Symposium sponsored by the Volcker Alliance and

New York City’s $102.7 billion fiscal 2024 budget is balanced and maintains a record level of reserves while holding spending in check even as economic uncertainty casts a shadow over the city’s recovery from the COVID-19 pandemic. Still analysts bemoaned the lack of additional monies for the rainy-day fund, especially with potential budgetary challenges from

Plans for a youth sports destination in Arizona to refinance its way out of financial trouble have yet to come to fruition, and the clock appears to be ticking. Bell Bank Park, which opened on schedule in January 2022 and publicly claims to be a smash success, with 4.3 million guests in its first year,

The Municipal Securities Rulemaking Board’s revenues took a hit in 2022, reflecting a tough year for the municipal bond business as underwriting fees fell sharply.  That’s according to the MSRB’s 2022 Annual Report, which showed the board’s total assets in 2022 drop to $68 million, down from $78.5 million in 2021 and $83.1 million in

A question mark looms large this year over whether hospitals and health systems will see sufficient recovery from 2022’s operating wounds to spare them from rating and outlook deterioration, rating agencies warn. The not-for-profit hospital sector suffered bruising margin wounds last year as it confronted inflationary costs along with ongoing supply-chain issues, labor shortages and

Municipals were a bit stronger Friday as traders geared up to see a rather healthy slate of new issues head to market during a holiday-shortened trading week. Volume for the upcoming week is estimated at $8.34 billion, consisting of $6.30 billion of negotiated deals and $2.04 billion of competitive sales. The biggest deal of the

Maine Gov. Janet Mills’ proposed biennial budget for fiscal years 2024-2025 seeks to continue a public infrastructure overhaul started in her first term without raising taxes or touching reserve accounts. Instead, it frees up billions in new infrastructure spending by taking advantage of the state’s unexpectedly high estimated revenue of $10.5 billion in addition to

Municipals were firmer Thursday as inflows into muni mutual funds returned and triple-A benchmarks continued to fall, underperforming a U.S. Treasury rally after the consumer price index report showed inflation is cooling. Equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 62%, the 10-year at 68% and the 30-year at 91%,

Moody’s Investors Service upgraded southern New Jersey’s Cooper Health System to A3 from Baa1. The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating. The upgrade comes as the nonprofit hospital operator, marketed as Cooper University Health Care, begins to carry out a $2 billion ten-year

Federal Reserve Bank of Boston President Susan Collins said she’s leaning toward supporting a quarter-point interest rate hike at the central bank’s next meeting ending Feb. 1 as officials near a peak in borrowing costs. Downshifting to a smaller move from the more aggressive rate increases the Fed rolled out last year would give officials

The municipal market tone continues to be positive as munis were firmer again. U.S. Treasury yields fell and equities ended in the black. Triple-A benchmarks were bumped two to four basis points, depending on the scale, pushing the one-year below 2.50%. UST yields fell three to nine basis points. The three-year muni-UST ratio was at

With inflation eroding real earnings, members of Puerto Rico’s House of Representatives want to reduce personal income taxes to give taxpayers some relief from inflation. The bill would require an annual adjustment for inflation to income levels required to trigger higher tax rates and the maximum amounts for certain deductions and exemptions, including for mortgage

Municipals were slightly firmer in spots, while U.S. Treasuries were weaker and equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 61%, the 10-year at 66% and the 30-year at 89%, according to Refinitiv MMD’s final 3 p.m. ET read. ICE Data Services had the three at 58%, the five at

South Carolina Gov. Henry McMaster’s $36 billion budget proposal for fiscal year 2024 seeks to raise capital spending without adding debt and bolster reserves. McMaster told lawmakers in a letter last week he wants to take full advantage of the state’s unexpected $3.8 billion budget surplus ahead of a potential recession. “South Carolina’s booming economy

Transit agencies in Chicago and Philadelphia signed an agreement Monday to share their small business enterprises, in what they hope will be a first step toward a national database that would boost hiring of historically underutilized businesses. The MOU was organized by the Equity in Infrastructure Project, a group founded last year that asks public

Public finance banking industry veteran Sean Boyea has joined Siebert Williams Shank & Co. as a managing director in Sacramento. Boyea brings more than three decades of public finance experience to the minority- and women-owned heavyweight, and will launch its office in California’s state capital. “SWS has a rich history for being opportunistic during economic

A federal judge’s dismissal of former Arizona Gov. Doug Ducey’s lawsuit challenging the Biden administration’s request that the state stop spending federal relief money on schools that do not have mask mandates won’t impact the state’s other litigation related to clawbacks of relief money used for tax cuts. The move follows Ducey’s motion for dismissal,

The crisis that has engulfed Republican House leadership this week, whatever the outcome, could complicate the public finance agenda in the 118th Congress. For issuers, an emergent ultra-conservative influence in the House could raise the risk of a government shutdown and bring fresh scrutiny to key topics like the so-called PAYGO waiver for tax subsidies,

In her inaugural address, Massachusetts Gov. Maura Healey affirmed her administration’s commitment to overhauling the state’s public transportation infrastructure. “The state of our trains and roads and bridges today is unacceptable,” Healey said Thursday, adding there was an “urgency” for capital development of the state’s neglected transportation infrastructure as she took office. Her plan calls

Municipal yields fell Friday ahead of a heavier new-issue calendar while U.S. Treasuries and equities rallied after the latest jobs report offered signs that may suggest inflation will be cooling. Triple-A benchmark yields fell six to 15 basis points, depending on the scale, pushing the 10-year muni below 2.50% and the 30-year muni below 3.50%.

Chicago sent a $242 million supplemental payment to it pension system, making good on a funding policy adopted as part of the 2023 budget that helped lift its one junk rating back into investment-grade territory. Efforts to better align expenses with recurring revenues, shed one-time maneuvers like scoop-and-toss debt restructuring, and complete a move to

Municipals were mixed Thursday in the secondary market as a $765 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries were weaker 10 years and in, and equities ended lower. The three-year muni-UST ratio was at 59%, the five-year at 63%, the 10-year at 69% and the 30-year

New York-based underwriter Blaylock Van has settled with the Financial Industry Regulatory Authority for supervisory failures that violated Municipal Securities Rulemaking Board Rule G-27 in connection with the firm’s failure to detect pre-arranged trading that occurred between 2016 and 2017. Without admitting or denying the findings, the firm has agreed to a censure, a fine

Munis rallied Wednesday as outflows lessened and U.S. Treasury yields fell in lockstep even as minutes from the Federal Open Market Committee meeting showed participants agreeing rate cuts are not expected in 2023. Equities ended up. Triple-A benchmark yields were bumped four to 15 basis points, depending on the curve, while U.S. Treasury yields fell

Leaders from Chicago, Cook County, and six neighboring counties supported by key business and civic organizations formed a first-time regional partnership to promote economic development strategies as they look to further their economic recovery from the COVID-19 pandemic. The Chicago region has lacked unity among government leaders on planning and economic development outside of public

Passenger counts at the three Port Authority of New York and New Jersey airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison. Air travel was up 2% when compared to the same time period in 2019, as Newark Liberty International Airport, John F. Kennedy International Airport,

Puerto Rico’s September and October net revenues came in 12.3% above projections. The net revenues were 0.2% above those of September and October of 2021, despite the impact of Hurricane Fiona in September, the Puerto Rico Treasury Department reported. The hurricane led to a several-day power outage. Beyond its immediate economic effects, the department allowed