Bonds

Anaheim, California, Mayor Henry Sidhu has resigned amid allegations of corruption involving the city’s sale of Angel Stadium to the Los Angeles Angels Major League Baseball team. Sidhu resigned Monday, effective Tuesday, saying it would allow the city to “move forward without distractions” as the FBI investigates allegations that he provided insider information to the

A nonprofit Texas-based retirement community operator filed for Chapter 11 bankruptcy on Monday to deal with its troubled debt and sell its assets. Christian Care Centers, which operates three senior living communities in the Dallas area, has $50.17 million of revenue bonds outstanding and owes $3.11 million in accrued and unpaid interest, according to documents filed

Municipals strengthened ahead of a light new-issue calendar, while a U.S. Treasury sell-off saw cuts up to nine basis points, and equities ended up. Triple-A benchmark yields were bumped two to seven basis points, depending on the scale, while UST yields rose seven to nine basis points five years and out. As a result, muni-to-UST

Federal Reserve Bank of Atlanta President Raphael Bostic said policy makers could potentially pause interest-rate increases in September after hiking by a half point at each of their next two meetings. “I have got a baseline view where for me I think a pause in September might make sense,” Bostic told reporters Monday following a

The Puerto Rico Oversight Board won an Appeals Court decision on its central government Plan of Adjustment but lost a ruling on its coverage by local document disclosure laws.  The board lost its battle on sovereign immunity, as a federal appeals court ruled in favor of media that requested board documents be released. The board

Factory and port shutdowns in China, the Port of Oakland’s largest trading partner, were a leading factor in a double-digit drop in cargo volume in April, port officials said. Disruptions at Shanghai, the world’s busiest port, are delaying U.S.-bound import shipments and wreaking havoc on ocean carrier scheduling.  “U.S. exports have been hampered by vessel schedules thrown

The Puerto Rico Aqueduct and Sewer Authority will increase rates, change water meters and take other steps to raise $1 billion over five years to address growing expenses. The board’s fiscal plan includes a 4.95% increase in the base charge in fiscal 2023 and a 2% increase in consumption charges from fiscal 2023 to fiscal

The Municipal Forum of New York honored three industry leaders and awarded a scholarship to an Urban Leadership Fellows at its annual dinner on Thursday. Homer Schaaf, Of Counsel at Norton Rose Fulbright, was awarded the Forum’s Lifetime Achievement Award, Elizabeth Fine, counsel to the governor of New York State, receivedr the Public Service Award,

Laws proposed or passed by several states prohibiting local governments from paying ransoms in cyberattacks are viewed as an encouraging trend by Moody’s Investors Service. The laws enhance preparedness and incident response, which Moody’s wrote in a commentary, are both credit positives for local governments. “The measures to prohibit ransomware payments will encourage local governments

Municipals were better Friday after catching a bid in the secondary, finally following U.S. Treasuries in a flight-to-quality, while still underperforming, keeping valuations above 100% on the 10- and 30-year. Equities pared back earlier losses to end mixed after the S&P 500 dipped into bear market territory earlier in the session. “The correlation between stocks

Gerald Corrigan, who spent a quarter century at the Federal Reserve, including an eight-year stint as president of the Federal Reserve Bank of New York, died Tuesday in Boston. He was 80. After leaving the New York Fed in 1993, Corrigan entered the private sector. He worked more than two decades for Goldman Sachs, retiring

Municipals saw an uptick in secondary activity that led to a constructive tone, pushing yields lower for the first time since late April, while still underperforming another day of U.S. Treasury market gains on Thursday. Equities ended mixed after experiencing the worst losses in two years on Wednesday. Investors pulled more from municipal bond mutual

Illinois priced $1.64 billion of general obligation debt Wednesday at spreads on par with current trading levels that have more than doubled this year due to market turmoil despite a round of upgrades. A U.S. Treasury market rally helped calm the market, but news of a 17th week of outflows from municipal bond mutual funds

Issuer fears that ESG regulation will lead to disclosure trouble are overblown, the Securities and Exchange Commission’s muni office chief said Wednesday. Dave Sanchez’s comments were part of the National Federation of Municipal Analysts’ 2022 Annual Conference, where panelists spent considerable time discussing the recent ESG initiatives underway at the SEC and Municipal Securities Rulemaking

St. Louis County, Missouri, takes competitive bids Wednesday on $114 million of special obligation bonds that will provide its long-stalled share of public financing for the expansion and renovation of the downtown convention center. The bonds mature from 2034 to 2047. Columbia Capital Management LLC is advising the county. The bonds are rated AA rating

Oregon Gov. Kate Brown warned Monday that state officials are seeing conditions that indicate another challenging fire season ahead. “Already this year, I have had to declare drought emergencies in 15 counties,” said Brown, who terms out this year. “That is the most I have ever had to declare by this time of year, of

Municipals were little changed and U.S. Treasuries were mixed in what amounted to a relatively quiet day for fixed-income markets, while equities were mixed to end the day. Municipals took more of a wait-and-see approach ahead of a calendar filled with general obligation bonds from credits across the spectrum. Municipal to UST ratios were still

FHN Financial Capital Markets will establish its first Midwest banking presence in Chicago, led by Melanie Shaker, and put banking boots on the ground in Scottsdale, Arizona, with the hiring of Rene Moreno. Shaker will join the firm’s existing Chicago office that houses sales professionals on May 24, and Moreno started Monday in what marks

New York City got some good news just as it prepares to come to market with more than $1 billion of general obligation bonds next week. Fitch Ratings revised the outlook on the city’s AA-minus rated GOs to positive from stable citing improved revenue performance as the city sees a recovery from the COVID-19 pandemic.

Federal Reserve Bank of Cleveland President Loretta Mester backed raising interest rates by half percentage points at the central bank’s next two policy meetings in order to tamp down surging inflation.  “Unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 basis points at each of