Bonds

Investors digested three mammoth deals of $1 billion or more in the primary market on a heavy day of issuance as municipals remained unchanged, Treasuries were mostly steady, and more than $2.5 billion flowed into long-term municipal bonds. The primary market activity was brisk Tuesday as all eyes turned to the Federal Open Market Committee’s

Edward “Ted” Wright will begin Monday as chief investment officer of the Connecticut Retirement Plans and Trust Funds, which consist of six state pension funds and nine state trust funds. Wright will advise state Treasurer Shawn Wooden, the sole trustee of the funds, and take responsibility for the day-to-day management of the funds with assets

Municipals were steady and relative value increased on the long end of the market amid rising Treasuries Tuesday. The Puerto Rico Aqueduct and Sewer Authority came to market with over $800 million of bonds as two New York issuers offered large deals to hungry retail investors ahead of Wednesday’s release of the Federal Open Market

Kentucky Gov. Andy Beshear talks with Chip Barnett about economic progress the Commonwealth has made this year and how the state-local government partnership strengthened during the pandemic. He describes the heartbreaking human cost of the virus, the deadly toll it took on residents and why the Delta variant is a continuing cause of concern. (14

Automatic transfers into Illinois’ meager budget reserve and empty pension stabilization fund would kick in when the state holds its unpaid bill backlog below $3 billion at fiscal year close under legislation Comptroller Susana Mendoza is promoting. Illinois’ budget stabilization fund held just $9 million last week — enough to cover just 30 minutes of

Chicago must close a $733 million gap in its next budget as it looks to federal relief and savings from a $1 billion refunding to balance the books this year after scrapping scoop-and-toss plans. “While we still have hard work ahead of us in order to close this gap, this figure is a great indication

California’s housing crisis has propelled a community college to issue junk bonds to fund housing for its students. Lead manager Stifel priced $68.3 million in college housing revenue bonds for the California School Finance Authority on July 15 to support the project at Santa Rosa Junior College. Santa Rosa Junior College is the first community

Federal Reserve Bank of Kansas City President Esther George said the central bank needs to move ahead with reducing monetary stimulus, citing expectations for continued labor-market gains. “Now, with the recovery underway, a transition from extraordinary monetary policy accommodation to more neutral settings must follow,” George said in the text of a virtual speech to

The curve steepening continued Thursday with a steady tone inside 10-years and pressure on bonds outside there forced another session of one to two basis point cuts to benchmark yield curves as U.S. Treasury yields also rose and equities were mixed. Triple-A benchmarks have the 10-year at 0.90%-0.91% and the 30-year at 1.48%-1.50%. With the

The Municipal Securities Rulemaking Board will let municipal advisor principals take the Series 54 qualification exam online and file for an extension of the deadline to pass that test after advisors said they were unsettled by news of COVID-19 exposure at a testing site. The MSRB posted a notice Wednesday afternoon saying it is working

ICE Data Services has launched a new service designed to help investors navigate the complex world of social impact investing in the municipal bond market. The ICE social impact scores, powered by risQ, will let the service’s users compare which local communities will be socially impacted the most by their investments, a strong component in

Nine mayors from across the country backed House Speaker Nancy Pelosi’s call for Congress to approve both the Infrastructure Investment and Jobs Act and the $3.5 billion budget reconciliation package. The same number of moderate Democrats in the House came out Thursday against Pelosi’s approach, saying the House shouldn’t delay passage of the bipartisan infrastructure

Two Rhode Island agencies will go to the market with negotiated infrastructure and housing deals next week. The Rhode Island Infrastructure Bank on Tuesday plans a $128 million refunding of Series 2021A state revolving fund revenue bonds. Tuesday will also mark the retail order period for the Rhode Island Housing and Mortgage Finance Corp.’s $172

Municipal bonds were little changed to slightly firmer on the short end Friday after a week in which the longer end of the yield curve brought yields back to early July levels, with pressure from more supply and a weaker U.S. Treasury market. UST yields reversed their negative course with the 10-year falling seven basis

Forward delivery bonds have already surpassed their annual record for issuance as issuers use the tool, along with taxable refundings, to replace the loss of tax-exempt advance refundings. Forward delivery bonds are attractive to both issuers looking for savings and investors seeking any incremental yield in an uber low-rate environment, Barclays PLC said in a

The $5 billion American Dream super mall in New Jersey’s Meadowlands had to tap into a reserve fund to make a bond payment as it copes with a cash flow crisis exacerbated by the coronavirus. The 3.3 million-square-foot behemoth, which features an indoor ski slope, amusement park and water park, used the reserves to make

The Puerto Rico Oversight Board filed a brief summarizing the arguments it will make in November’s Plan of Adjustment hearing, arguing it has treated the creditors fairly, the plan is in their best interests, and its plan preempts dozens of local laws. The board was required by bankruptcy Judge Laura Taylor Swain to file an

The nation’s largest underwriters of municipal bonds will soon begin operating under a Texas law that bans them from state contracts if their policies are said to discriminate against the firearms industry. Senate Bill 19, one of several pro-gun pieces of legislation signed into law by Gov. Greg Abbott, takes effect Sept. 1. The law

With the sale of state and local government securities already suspended, Congress appears headed to yet another showdown over the debt limit. Senate Budget Committee Chairman Bernie Sanders, I-Vt. and Senate Majority Leader Chuck Schumer, D-N.Y., on Monday released a fiscal 2022 budget resolution that does not include an increase to the United States’ borrowing

Municipal benchmark yields rose by as much as five basis points Friday, following a stronger-than-expected jobs report, but the asset class outperformed the moves in Treasury bonds. An increase in supply next week may test current low levels. Continued strength in the economy was seen as nonfarm payrolls rose 943,000 and the jobless rate fell