Bonds

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

Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News

Oklahoma State Treasurer Todd Russ is ready to defend the state’s financial well-being against the “dangers” of using environmental, social, and governance factors in investment and credit decisions. The Republican who took office Jan. 9 announced a plan last week to vet banks and financial companies under a 2022 Oklahoma law that directs his office

As interest rates continue to rise, the draw of pension obligation bonds appears to be falling fast. A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme. “Typically, the biggest risk with POBs is market timing risk,” said Todd Kanaster,

The developers of the American Dream mall in East Rutherford, New Jersey, have missed another scheduled debt service payment on the bonds issued to bankroll its construction. Triple Five, owner and developer of American Dream, missed a payment due on $287 million of limited obligation grant revenue bonds issued through the Public Finance Authority in

The triple-A Texas program that guarantees public school bonds is quickly using up its already limited capacity, ending December with only a projected $26.65 million available. Amid a slew of school debt approved by voters last year, the Permanent School Fund program has experienced high demand that shrank its projected available capacity from $3.97 billion

On the heels of municipal bond issuance disappointing in 2022, nearly two-thirds of market participants in a Bond Buyer live market survey said they expect 2023 issuance to remain around last year’s levels. The muni market saw $384.086 billion of debt issued in 2022, down 21% year-over-year, as issuers were flush with cash and rising

Municipals were hit hard across the curve Friday, with the most damage felt on the short end. Triple-A benchmarks outperformed a U.S. Treasury rout on the heels of a hotter-than-expected jobs report. Triple-A benchmarks were cut six to 15 basis points at the one-year, with smaller cuts across the curve. U.S. Treasury yields rose eight