Bonds

Assured Guaranty accounted for a total of $17.31 billion in 820 deals for a 52.1% market share in the first three quarters of 2021, up from the $13.77 billion in 703 deals for a 48.9% market share over the same period as the year before. “Assured Guaranty continued to lead the municipal bond insurance industry

The Securities and Exchange Commission is seeking applicants to head the office of Municipal Securities, a key post responsible for coordinating the SEC’s muni regulatory activities. An Oct. 8 posting on the USAJOBS website that serves as the portal for federal government employment lists the position that is currently held by Rebecca Olsen, who has

The specialized nature of the Internal Revenue Service’s Tax Exempt Bond program may help it go largely unchanged during the agency’s wider restructuring efforts. “We don’t know what the restructuring is going to be but since taxes and bonds are a specialty area, my belief is that they’re going to keep TEB intact,” said Bob

In the midst of a declining workforce, the Internal Revenue Service is taking an “all hands on deck” approach to hiring that includes a recent announcement for a role focused on tax-advantaged bonds. The Oct. 14 posting for a senior tax law specialist seeks a candidate experienced with complex matters involving tax-advantaged municipal finance transactions.

Municipals ended the week steady even as U.S. Treasuries lost ground and equities rallied on better consumer data and corporate earnings. Triple-A benchmark yields were left unchanged as the 10-year UST rose six basis points while the 30-year climbed three. Ratios fell on the day’s moves, with the 10-year municipal-to-UST ratio at 74% and the

The historic settlement between states and drug companies over the U.S. opioid epidemic is unlikely to have a material impact on the municipal bond market, said Barclays in a new report. The pending $26 billion deal is the largest attorney general multi-state enforcement action in history after the 1998 tobacco master settlement agreement. But it’s

Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed

Muni issuers and borrowers should be considering climate risks and disclosing them in offering documents, a process that requires an important legal analysis. That was a major takeaway from a Wednesday discussion at the National Association of Bond Lawyers’ The Institute conference. Climate risk disclosures have been singled out by Securities and Exchange Commission Chairman

Municipals were steady in light secondary trading while new issues were repriced to lower yields and U.S. Treasuries made gains after a rollercoaster day. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.541% and the 30 fell six to 2.035% near the close. Ratios rose as a result,

An alternative to the diminishing gas and diesel tax would advance under a national mileage-based user fee pilot program featured in the bipartisan infrastructure bill. The program would mark the first of its kind on the national level. It comes amid rising recognition that state and federal fuel taxes, the chief revenue source for highway

Municipals were lightly traded and little changed as participants await new issues while U.S. Treasury yields fell and stocks were in the red in a risk-off trade. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.564% and the 30 fell nine to 2.083% near the close. The 10-year

A notice dated Oct. 8, 2021 reveals that the Internal Revenue Service has decided to close the audit of $29.5 million in tax-exempt refunding bonds for an Arizona law enforcement center. The audit closure–which was official as of Sept. 8–followed a preliminary determination made by the IRS in March, that 2017 tax-exempt refunding bonds for

Amid steady recovery from the effects of the COVID-19 pandemic, Dallas Fort Worth International Airport is advancing its $5.4 billion capital improvement program, with the largest project at $2.3 billion for terminal C renovations and added gate capacity. “The goal is to transform Terminal C, which has stood in service at the airport since the

Municipal advisors considering disclosure of conflicts of interest would do well to tread carefully, particularly given recent enforcement activity by the Securities and Exchange Commission. That was a key takeaway from an expert panel at the 2021 Compliance Outreach Program for Municipal Advisors sponsored jointly by the SEC, Municipal Securities Rulemaking Board and the Financial

Cook County, Illinois’ fiscal picture for next year and beyond is on the upswing with $1 billion in federal COVID-19 pandemic relief and rosier revenue projections. Board President Toni Preckwinkle Thursday unveiled an $8 billion 2022 budget package that forgoes new or higher taxes and fees, continues on course with supplemental pension contributions, and begins

Pension cuts and spending measures remain an obstacle to restructuring Puerto Rico’s debt, with the president of the Puerto Rico House of Representatives asking the Oversight Board to provide written commitment to support no pension cuts and a slew of spending measures before he would sign off on a bond restructuring. “Until some accommodation can

Municipal advisors’ most common examination deficiencies are maintaining books and records, travel and entertainment expenses, and service contracts, officials from the Securities and Exchange Commission said in a virtual conference on Thursday. Karla Serna, a senior staff accountant at the SEC’s Chicago regional office said that one of the largest problems municipal advisors face in

The municipal 10-year triple-A bond hit a high for the year Friday at 1.18%, beating the yield reached in the March selloff. Municipals were weaker Friday, playing catch-up to another day of U.S. Treasury losses as participants await an $8 billion calendar and a more uncertain market sentiment with the pullback from mutual funds hanging

The Puerto Rico Oversight Board said the legislation proposed by the House and amended by the Senate would force it to withdraw its proposed Plan of Adjustment because thecosts are “impossible.” “The outrageous costs of the [Senate] amendments to House Bill 1003 taken together would make the confirmation of the 7th Amended Plan of Adjustment

When COVID-19 hit in 2020, many concerned New York City residents fled the city, trading their cramped urban apartment lives for the wide-open and relatively safe spaces of suburbia and exurbia. As the pandemic took its toll, many people — especially the wealthier ones — began moving out, along with their tax dollars, at an