Bonds

Municipals were slightly firmer Friday, outperforming a U.S. Treasury selloff after a hotter-than-expected jobs report. Equities rallied. Triple-A yields were firmer by up to four basis points while Treasuries were weaker by up to 15 on the short end. Short ratios fell as a result. The two-year muni-Treasury ratio Friday was at 66%, the three-year

Massachusetts state senators approved a $56 billion budget for the fiscal year 2024 last week, forwarding along for final debate a package that preserves many of the central features of Gov. Maura Healey’s landmark tax relief package. Senators followed in step with their counterparts in Massachusetts’ House in approving a package along the lines of

Two Missouri-based hospital operators, BJC HealthCare and Saint Luke’s Health System, are the latest to join the trend of large-system mergers. The two signed a letter of intent to form an integrated not-for-profit Missouri-based health system Wednesday. The systems will work to reach a definitive agreement “in the coming months” with a closing anticipated by the

Typhoon Mawar’s negative impact on Guam’s tourism industry is likely to persist for at least two years, the Guam Visitors Bureau said Tuesday. Mawar brought sustained wind speeds greater than 140 miles per hour to the island last week, equivalent to the second most intense category of hurricanes. The bureau predicted the island would see

Pending state legislation that boosts Milwaukee’s revenue raising prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said in cutting the city’s general obligation bond rating by two notches. Fitch dropped the rating Tuesday to BBB-plus from A and warned of the potential for further deterioration by

The Illinois Supreme Court will have the final say on the constitutionality of the state’s 2019 consolidation of suburban and downstate police firefighter pension fund assets. A group of police funds challenged the legislation, which has so far cleared two legal hurdles. Kane County Circuit Court Judge Robert Villa upheld the law in May 2022 and

Municipals were firmer Tuesday as U.S. Treasuries rallied on improved chances that Congress will raise the debt ceiling and avoid a U.S. default. Equities ended mixed. Triple-A yields fell three to 10 basis points, depending on the scale, underperforming U.S. Treasuries, which improved by five to 14 basis points with the largest gains on the

A fierce winter storm that hit several states more than two years ago is still churning out bond-related events, with a Texas utility refunding taxable tendered debt with tax-free bonds thanks to a private letter ruling, and an Oklahoma deal falling short on a debt service payment. Billions of dollars of debt has been sold

California lawmakers are betting voters have had a change of heart regarding the need for a statewide school bond measure. The state Senate approved on Wednesday a $15.5 billion school construction bond measure that would go before voters in March that is similar to the $15 billion Proposition 13, a failed school bond measure that

Cities and towns should take a hard look at the banks that hold their public funds in light of the recent turmoil in the bank industry. That was the message from panelists speaking Monday at the Government Finance Officers Association’s annual conference in Portland. “You might want to change up how you’re doing your banking,”

Municipal bond investors are paying more attention to the credit risks posed by public pension and other retirement liabilities. Municipal finance officers should prepare to address those questions when they apply for bond ratings and sell new issues and may want to consider bond insurance or other forms of credit enhancement to help build investor

The Equity in Infrastructure Project has named Everett Lott, director of the District of Columbia’s Department of Transportation, as vice chair of the organization which is dedicated to boosting opportunities for Historically Underutilized Businesses.  “I know firsthand how increasing contracting opportunities for HUBs can change lives and communities for the better,” said Lott. “I am

Tennessee is betting nuclear energy will make a comeback. The state, which hosted labs that helped split the atom during World War II, has joined the race to develop and deploy the first commercial-grade variant of a scalable nuclear reactor that promises to provide an important piece of the nation’s green energy network. After appropriating

Municipals were weaker in spots in light trading Friday while U.S. Treasuries were weaker again on the short end on higher inflation reads. Equities rallied on a potential debt ceiling deal. “A slew of hot economic data points are keeping the bond market selloff going strong,” noted Edward Moya, senior market analyst at OANDA. The

Illinois lawmakers expect to cast a final vote early Saturday on a nearly $50.7 billion budget that preserves scheduled deposits into the rainy day fund, Gov. J.B. Pritzker’s proposed $200 million pension supplemental pension payment and pay off of the state’s tobacco bonds. Some of those plans appeared in possible jeopardy in recent weeks over

Chicago Mayor Brandon Johnson won’t say yet whether he intends to leave in place his predecessor’s executive order earmarking a budget surplus for future supplemental pension contributions.   He also hasn’t committed to which of the tax proposals he advocated the campaign that brought him to the mayor’s office this month he will pursue first.

Municipals were weaker in the belly of the curve Thursday while U.S. Treasury yields sold off on the short end on Fed speak and continued concerns over the debt ceiling impasse. Equities were mixed near the close. Despite the rally in tech stocks, USTs and munis are reacting to uneven economic data and a potential

Minnesota lawmakers ended their 2023 session after passing a two-year budget with new funding for schools and social services, a $2.6 billion capital package, and a tax package that raises some taxes and fees on top earners and corporations while providing rebates for others and paying off debt for the NFL Vikings’ stadium. The budget

Municipals were steady to weaker in spots Wednesday, while U.S. Treasury yields rose several basis points in conjunction with the release of the Federal Open Market Committee minutes that showed members split on whether interest rates will be raised further. Stocks sold off. After cuts up to 10 basis points Tuesday, triple-A yields were cut

Municipals resumed their selloff Tuesday, while U.S. Treasuries were slightly weaker and equities ended down as debt ceiling negotiations and Fed policy uncertainties hang over financial markets. Triple-A yields rose from two to five basis points on the one-year and up to 10 basis points across the rest of the curve. Municipal to UST ratios