Bonds

Municipals extended their sell-off Thursday, as the front end of the curve was hit the hardest. U.S. Treasuries were weaker, and equities ended in the red. Triple-A benchmarks were cut 13 to 17 basis points at the one-year, depending on the scale, pushing it to around 3%. Muni-UST ratios rose on the short end. The

The municipal bond market has always operated at the intersection of politics and finance, but lately politics seem to have taken center stage. The latest salvo comes from Florida Gov. Ron DeSantis’ announcement this week that The Sunshine State would move to ban local and state issuers from consideration of environmental, social and governance factors

Municipals sold off Wednesday in secondary trading, with the short end seeing the largest cuts, as several large deals priced in the primary. U.S. Treasuries were weaker and equities ended mixed after a strong retail sales report. Triple-A benchmark yields were cut six to 16 basis points, depending on the scale, pushing the one-year muni

S&P Global Ratings’ seven-notch downgrade of a Chicago suburb’s full faith and credit pledge over default events on unrated revenue bonds casts a spotlight on management and governance factors and the risks they pose to the value of general obligation bonds. The issue has captured the attention of market participants with Fitch Ratings, which does

Municipals were weaker Tuesday, while USTs saw yields rise and equities ended mixed after a hotter-than-expected consumer price index report showed inflation may take longer to combat, and require higher rates, than the Federal Reserve planned. Triple-A benchmarks were cut one to six basis points, depending on the scale, while UST yields rose nine to

Midwest municipal bond sales slid by 17.4% in 2022 to $65.3 billion from $79 billion a year earlier as issuers soured on borrowing amid rising interest rates and a rockier market. The region fared slightly better than the overall national decline of 19.5% to $389.1 billion as issuers confronted rising interest rates and mutual fund

Municipals were weaker in spots Monday as they face difficult technicals, while U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 52%, the five-year at 54%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had

The tax revamp in the 2017 Tax Cuts and Jobs Act would become permanent under a bill with heavy Republican support introduced Monday. Florida Republican Rep. Vern Buchanan, vice-chair of the House Ways and Means Committee, on Monday re-introduced the TCJA Permanency Act, which he originally filed last September during the Democratic-controlled 117th Congress. The

Philadelphia Fed President Patrick Harker said the odds of the Federal Reserve being able to control inflation without triggering a recession are growing, but that the key interest rate must get above 5% and stay there to ensure price pressures ease. “We actually are increasing the odds — we can get a soft landing. That

Michigan is considering a large, first-time road tolling program that would establish a public tolling agency and new borrowing credit to shore up a long-struggling road funding system. The toll program, which would begin with nearly 600 of mostly interstate miles, would also be somewhat unusual in that it would build on existing roads. Most

The Florida Legislature concluded its special session on Friday and passed new laws that renamed the Reedy Creek Improvement District and put its control in the hands of Gov. Ron DeSantis. The Legislature approved a bill in April to dissolve all independent special districts created before 1968. The bill’s authors and DeSantis made it clear it was intended to punish the

Nearly half of Puerto Rico’s residents will be exempt from paying a proposed charge to support the restructured Puerto Rico Electric Power Authority bonds, the Puerto Rico Oversight Board said. The amended proposed PREPA plan of adjustment, filed Thursday, calls for a monthly fixed $13 fee and a volume-based charge for use up to 500

Municipals were weaker Friday ahead of next week’s heavier new-issue calendar. U.S. Treasury yields rose and equities were mixed. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while U.S. Treasury yields rose three to eight basis points, pushing the two-year UST above 4.50%. The three-year muni-UST ratio was at

Illinois’ consolidation of suburban and downstate police firefighter pension fund assets cleared a second legal hurdle but it could take a decision from the Illinois Supreme Court to clear the path for full participation in the plan. Kane County Circuit Court Judge Robert Villa last May upheld the law and an appellate court this week

Citigroup was dropped Thursday from an upcoming $3.4 billion Texas bond sale after being recently barred from underwriting government debt in the state. The Texas Natural Gas Securitization Finance Corporation board reconstituted the deal’s underwriting syndicate, removing Citigroup as a co-manager. Last month, the Texas Attorney General’s Office announced it will no longer approve any

The Municipal Securities Rulemaking Board has filed its proposed Rule G-46 on the duties and standards of conduct of solicitor municipal advisors with the Securities and Exchange Commission, which provides definitions for certain terms, adds disclosures for solicitor MAs to provide to their clients and creates rules prohibiting those solicitors from providing misleading statements. Solicitor

Municipals were weaker in secondary trading, with the largest cuts seen on the short end, while a $1.2 billion deal from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were better, and equities ended in the red. The three-year muni-UST ratio was at 54%, the five-year at 55%, the

Infrastructure took center stage during President Joe Biden’s State of the Union address Tuesday night. “We used to be number one in the world in infrastructure, then we fell to thirteenth,” Biden said in his second State of the Union address, his first with a Republican majority in the House. “Now we’re coming back because

Municipals were weaker once more, while U.S. Treasury yields rose out long, and equities ended up. Triple-A benchmark yields were cut up to seven basis points, depending on the scale, pushing the one-year above 2.50%. The last time the one-year was above 2.50% was Jan. 10. The three-year muni-UST ratio was at 53%, the five-year

The Financial Industry Regulatory Authority has fined Rock Hill, South Carolina-based BNA Wealth $45,000 for operating as an unregistered broker-dealer and for failing to establish and maintain a supervisory system and written procedures to oversee municipal securities transactions. BNA violated MSRB rules G-27 on supervision, G-2 and G-3 on professional qualifications requirements, and A-12 on