Bonds

Enjoy complimentary access to top ideas and insights — selected by our editors. Career moves are heating up as we move through 2024, many linked to Citi’s exit from the municipal bond market in December 2023, and UBS’s exit from the negotiated underwriting business in October. Many firms are now quickly scooping up former Citi

In a ceremony watched by thousands of issuers, the White House Thursday unveiled an overhaul of how it sends billions of federal funds to cities, states and nonprofits in an effort to cut red tape, expand the pool of grant recipients and simplify reporting and compliance. “The changes being finalized and announced today are historic

The Department of Transportation and Baltimore County have reached an agreement to divert a previously awarded DOT grant to help nearby ports accommodate more cargo following the collapse of the Francis Scott Key Bridge. That comes along with the announcement Thursday that DOT’s Federal Transit Administration will allocate $20.5 billion to state and local government

Miami-Dade County, Florida, Mayor Daniella Levine Cava has dropped plans for a proposed a $2.5 billion municipal bond referendum in November that would have funded infrastructure projects. Instead, the mayor said Thursday she will work to propose an even larger bonding plan that will include money for transit projects. Proceeds from the “305 Future Ready”

Following another better-than-expected jobs report, U.S. Treasuries sold off and were volatile throughout the session leading municipals to see a weaker, but more muted tone than their taxable counterparts. Equities rallied. The March employment report sent “the bond market in panic mode over Fed cuts being delayed,” according to Bryce Doty, senior portfolio manager/vice president at

California lawmakers fine-tuned their March budget proposal, cutting spending by $17.3 billion ahead of formal discussions to get a head start on difficult decisions amid a record deficit. Gov. Gavin Newsom, Senate President Pro Tempore Mike McGuire and Assembly Speaker Robert Rivas announced they reached an agreement Thursday, providing specifics about how they plan to

Municipals were little changed Thursday as the primary market saw several large deals price to good demand as investors see current muni yields more enticing after the rise in triple-A curves Tuesday and Wednesday. U.S. Treasuries were slightly firmer and equities were down near the close. There has been some trepidation from buyers over the

Fitch Ratings’ new U.S. local government rating criteria is expected to lead to changes to about 550 ratings in the next six months. Fitch adopted the new criteria — which will affect cities, counties, school districts, and special districts — after working on the revision since the fall. The criteria will also be used to

Rice Financial Products Co. was sued by a former employee who claims she was fired for raising concerns about the firm’s work on a federal program that provides low-cost loans to historically black colleges and universities. Gyliane Morgan alleges the company retaliated against her in 2020 after she pointed to the firm’s oversight failings —

Munis saw a weaker tone Wednesday as muni yields were cut up to five basis points, depending on the scale, marking a second day of selling pressure, as few deals priced in the primary. U.S. Treasuries were slightly firmer across most of the curve and equities were mixed. “Much like other periods in recent years

Municipals played catch up to U.S. Treasury weakness and sold off Tuesday as supply pressure and secondary selling caught up to the asset class. Equities ended down. Triple-A yields rose seven to 12 basis points, depending on the scale, while USTs yields rose up to four basis points. Before Tuesday’s selloff, muni yields have been

The bankruptcy of Iowa City’s Mercy Hospital is closer to an end with the resolution last week of a dispute between the committee of unsecured creditors, which had filed a complaint on March 25, and trustee Computershare Trust and bondholder representative Preston Hollow Community Capital.  The plan support agreement reached raised the estimated dollar amount

Private activity bonds issued for Los Angeles International Airport’s multi-billion-dollar people mover project were affirmed at junk by Fitch Ratings last week as the public-private project’s completion date was pushed out another six months. Fitch affirmed the speculative-grade BB-plus rating on California Municipal Finance Authority’s $1.2 billion senior lien revenue bonds issued on behalf of

Munis were little changed Monday as U.S. Treasuries sold off and equities ended mixed. Following the conclusion of the first quarter, munis are seeing losses for the year with the asset class returning negative 0.39% for the year and March returns were at 0.00%, noted Jason Wong, vice president of municipals at AmeriVet Securities. The

With tax season in full swing, the muni market is underperforming and facing selling pressure as investors move out of short-term paper to pay tax blls. However, these dynamics have not made the asset class an undesirable option for investors and most expect demand to remain strong. Munis are returning negative 0.06% month-to-date, while USTs

The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is

New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a

A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property.  The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural

A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. On Wednesday,

Hawaii Gov. Josh Green claims the state is making headway toward reducing recovery costs by getting people displaced by fires out of hotels and into permanent housing. Green has faced criticism from lawmakers for not having a cogent housing plan or coherent budget for the costs associated with the August 8 Lahaina wildfires. Lawmakers are