The number of Federal Reserve rate cuts expected this year has dwindled and the first one isn’t likely before June, analyst said, as inflation numbers continue to come in hotter-than-expected. While the market was initially expecting six or seven 25 basis point cuts this year, Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement
Bonds
Assured Guaranty has promoted two of its employees and brought on a former Citi employee to grow its new-issue and secondary market business. Marc Livolsi will now act as the firm’s U.S. Public Finance New Issue Marketing and Business Development, and Evan Boulukos will lead Assured’s Secondary Markets desk, both of whom will report to
Dealers are stepping up lobbying efforts and bringing the Municipal Bonds for America Coalition, a group headed by Bond Dealers of America, back into view as the tax debate begins again. The coalition, comprising investors, underwriters, municipal advisors, insurers and bond counsel has pounced on the idea of tax reform after President Biden made tax
Hawaii Department of Transportation airport division revenue bond ratings and bonds issued by the state backed by car rental fees were upgraded by Fitch Ratings, which cited full recovery on enplanements. Fitch upgraded the airport’s $1.7 billion in revenue bonds to AA-minus from A-plus and $111.6 million in certificates of participation to A-plus from A
The Municipal Securities Rulemaking Board held the first of its two stakeholder meetings on Thursday, gathering trade groups representing the professionals from which the board derives its fees to discuss its now abandoned rate card model, the volatility of its fees and how many of its fees and expenses are allocated. According to both members
Houston will end its eight-year-long impasse with its firefighters union under a $650 million settlement financed through the issuance of judgment bonds, Mayor John Whitmire announced Thursday. The agreement provides lump sum payments to current and retired firefighters to cover back wages owed while they worked without a contract since the last one expired in
Rich valuations 10-years and in, municipal outperformance to U.S. Treasuries and an overall drumbeat that supply is not meeting demand — yet cash sits sidelined — was the theme for the week. All else being equal, expectations for more of the same will greet the market next week, along with several New York credits and
Property insurers’ growing reluctance to insure homes exposed to severe weather should raise a red flag for the municipal bond market, which so far has shrugged off risks but will soon have to grapple with major climate-driven shifts in credit quality and bond prices. That’s according to panelists who spoke Thursday during a webinar titled
Municipals were weaker Thursday, but outperformed U.S. Treasury market losses, as the final large deals of the week priced, including several housing issues. Equities ended down. Municipal bond mutual fund inflows continued for the third consecutive week as LSEG Lipper reported investors put $295.5 million into the funds for the week ending Wednesday with high-yield
Fitch Ratings affirmed the A rating on Miami-Dade County, Florida’s $1.8 billion of senior lien seaport revenue bonds issued for the county’s seaport department, PortMiami. The rating outlook is stable. The senior lien bonds are secured by a first-lien pledge of seaport net revenues. Fitch has also rated the $442.5 million of the county’s Series
Municipals were little changed Wednesday as two billion-dollar-plus deals from the Dormitory Authority of the State of New York and CommonSpirit Health took focus. U.S. Treasuries were weaker and equities were mixed. The two-year muni-to-Treasury ratio Wednesday was at 59%, the three-year at 59%, the five-year at 57%, the 10-year at 57% and the 30-year
Stifel has hired Joseph Narens, who spent a decade at Citi, to oversee the firm’s institutional high-yield trading across the firm’s municipal securities business line. Narens joined Stifel Wednesday as managing director and head of High Yield Municipal Trading. Prior to joining Stifel, Narens spent 10 years at Citi, most recently as the head of
Munis were steady as the primary market took focus with the $2.8 billion retail pricing from the Dormitory Authority of the State of New York. U.S. Treasuries were weaker and equities rallied after the Consumer Price Index showed inflation ticked up in February. Bond yields didn’t move much upon the CPI release, but Treasuries grew
A yearend rally led to ownership growth by most sectors in the fourth quarter fueled by a surge in retail, separately managed account buying and an uptick in institutional holdings, while year-over-year data shows the continued trend of dwindling bank holdings and dramatic drops in overall ownership by life and property and casualty insurance companies
The National Football League’s Chicago Bears are pursuing plans to build a publicly owned domed stadium in Chicago, boosted by $2 billion of private funds. The team has changed course after chasing a planned stadium development in Arlington Heights, a northwest suburb of Chicago, where talks were bogged down amid disagreements with three area school
Issuers that have refunded outstanding Build America Bonds or have plans to do so using an extraordinary redemption provision may have legal backing, regardless of whether bondholders are “unhappy” with the deals, according to the largest bond counsel in the industry. Chas Cardall, a tax partner at Orrick, the bond counsel that worked on the
President Biden reignited the tax debate in his State of the Union address Wednesday, touting the progress he’s made so far in his three years in office and the amount of work still needed to be done on taxes, setting up a larger partisan battle for the coming year. “The way to make the tax
The Financial Industry Regulatory Authority has fined NewEdge Securities, the brokerage arm of NewEdge Capital Group $90,000, in addition to restitution of $44,927.83 for charging unfair prices on 62 corporate bond transactions and six municipal bond transactions. Along with the fine and restitution, the firm has been censured for violating FINRA Rules 2121 and 2010,
A routine change of leadership on the House Committee on Transportation and Infrastructure is looking more like a power struggle in a legislative body that carries weight in public finance policy and rulings. On Wednesday Rep. Rick Crawford ,R-Ark., formally announced he was running for the Chairmanship of the T&I Committee while Rep. Sam Graves,
As the Infrastructure Investment and Jobs Act nears its midpoint, the massive uptick in discretionary grants for transportation infrastructure threatens to undermine the law’s effectiveness because of chronic delays and bureaucratic confusion. That’s what county and state representatives told lawmakers Thursday during a House Transportation & Infrastructure hearing on the rollout of the IIJA’s discretionary
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