Bonds

Municipals were steady to close out the week, while U.S. Treasuries sold off on the heels of a stronger-than-expected jobs report. Equities rallied. Stronger-than-expected hiring and wage growth data on Friday caused “[UST] bond yields to climb while equities are advancing because the data is helping alleviate concerns of a potential recession,” said José Torres,

Wells Fargo’s role as senior manager in a potential $500 million bond sale for the Oklahoma Turnpike Authority is under review after the bank landed on the state treasurer’s list of companies banned from government contracts.  The 13 financial institutions on the list released Wednesday were determined to be boycotting the oil and gas industry

Municipals improved Thursday while outflows from municipal bond mutual funds rose to more than $800 million. U.S. Treasuries were better on bonds five years and in and equities ended down as more news of troubled regional banks and the continued debt ceiling standoff in Washington hangs over markets. Triple-A benchmarks were firmer, with yields falling

Oklahoma’s state treasurer tagged three of the nation’s largest investment banks as fossil fuel industry boycotters, making them ineligible to do business, including municipal bond underwriting, with the state and local governments. Wells Fargo, JP Morgan Chase, and Bank of America are on an initial list released Wednesday of 13 financial institutions determined to be

Looking at the market’s choppiness and heavy supply, Columbus decided last week to push of its new money and refunding to this week, but little did officials know that the U.S. Treasury would throw a curve ball by suspending the sale of State and Local Government Series securities. City Auditor Megan Kilgore said the city’s

Complimentary access to top ideas and insights — curated by our editors. A long-awaited extension and renewal of the Northeast Corridor rail link, a proposed bullet train connecting Portland and Vancouver in the Pacific Northwest, and Infrastructure Investment and Jobs Act funding for a number of large bridge projects around the country are among the

The Virginia Public School Authority plans to issue $63.2 million of School Technology and Security Notes to support the state’s capital program for school rehabilitation. The five-year, tax-exempt Series XI notes are expected to be issued by competitive sale in denominations of $5,000 on or around May 9, according to the authority. The school authority anticipates

Part one of a two-part series. Buyers of municipal bonds are mutual funds, insurance companies, banks, hedge funds and individuals. The goal of these buyers is to make a profit, and many of the institutional investors have a fiduciary duty to their shareholders to do so. Consequently, they do not take into account the impacts

Las Vegas, Nevada, had its issuer default rating upgraded to AA from AA-minus by Fitch Ratings, which cited favorable visitor trends, healthier-than-anticipated revenues and federal aid. A stable ratings outlook has been assigned. The upgrade affects the series 2004 limited tax general obligation bonds issued by the Las Vegas Special Improvement District. The special improvement

Texas voters will decide the fate of 246 bond propositions totaling $26.67 billion on Saturday as the amount of debt on ballots continues a climb driven by public school district construction projects.  Schools account for 92.5% of the property tax-backed debt in the upcoming election, according to Texas Bond Review Board data. Their new proposals

A California appellate court Thursday resurrected a lawsuit accusing prominent Wall Street banks of conspiring to manipulate the variable-rate debt market. The 1st District Court of Appeal reversed a lower court ruling less than two days after hearing arguments in the case, which dates back nearly 10 years. It’s the latest turn in a series

Indianapolis Public Schools and at least 30 Michigan school district voters will decide Tuesday the fate of more than $2.5 billion worth of borrowing for infrastructure work, new schools, and safety-related projects. Indianapolis Public Schools seeks $410 million for projects throughout the district with 23 schools in line for improvements. The borrowing would help pay

Municipals were steady throughout most of the curve ahead of a new-issue calendar of $6 billion. U.S. Treasuries were firmer and equities were mixed. “Investors’ jitters in the lead up to next week’s Fed meeting resulted in some large macro market moves and a rise in volatility,” noted BofA Securities strategists in a weekly report.

The rate of capture of sales and use taxes supporting the Puerto Rico Sales Tax Financing Corp. (COFINA) bonds has improved, the Puerto Rico Treasury Department said. The collection rate compared to the legally liable amount was 77% in fiscal 2022, a study by the Treasury’s Office of Economic and Financial Affairs showed. That compared

As it approaches a deadline on a state-backed incentive package, electric automaker Rivian faces fresh legal headaches in its plans for a $5 billion production plant in rural Georgia. A deal negotiated between Rivian, the Georgia Economic Development Commission, and the Joint Development Authority for Jasper, Morgan, Newton, and Walton Counties, with the blessing of

The revised $106.7 billion fiscal 2024 budget proposed by Mayor Eric Adams is the largest spending plan ever for New York City and while it contains near-record reserves, it also projects growing budget gaps in future years. “Our fiscal year 2024 budget is balanced at $106.7 billion. That is $4 billion more than it was in

Chicago Mayor-elect Brandon Johnson named a transition committee and subcommittee leadership Thursday that draws from members of the city’s business, activist, and governmental communities to help shape his administration’s strategies and priorities. Johnson charged the group with crafting a written report in the coming week to guide the administration that takes office May 15th. “We

Massive flooding in California‘s central valley that has wreaked havoc and resurrected the long-dormant Tulare Lake has lawmakers contemplating multi-billion-dollar bond measures to stem further damage. Assembly Bill 305 — introduced by Assemblymember Carlos Villapudua, D-Stockton —would place a $4.5 billion flood protection bond measure on the Nov. 5, 2024, ballot, while Senate Bill 638

Municipals were steady in secondary trading Wednesday as the competitive market saw the states of Washington and Delaware price large general obligation bond deals. U.S. Treasuries were weaker in most spots and equities ended mixed. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 68%, the five-year at 68%, the 10-year at 68%

The Illinois State Toll Highway Authority heads into the market this week with $500 million of new money debt that leaves just another $1.5 billion of borrowing still to come for its$14.8 billion capital program. The fixed-rate bonds will sell Wednesday, according to tollway officials. Proceeds will fund upgrades and expansion projects in the Move