Bonds

Forward delivery bonds have already surpassed their annual record for issuance as issuers use the tool, along with taxable refundings, to replace the loss of tax-exempt advance refundings. Forward delivery bonds are attractive to both issuers looking for savings and investors seeking any incremental yield in an uber low-rate environment, Barclays PLC said in a

Municipal bonds were little changed to slightly firmer on the short end Friday after a week in which the longer end of the yield curve brought yields back to early July levels, with pressure from more supply and a weaker U.S. Treasury market. UST yields reversed their negative course with the 10-year falling seven basis

The curve steepening continued Thursday with a steady tone inside 10-years and pressure on bonds outside there forced another session of one to two basis point cuts to benchmark yield curves as U.S. Treasury yields also rose and equities were mixed. Triple-A benchmarks have the 10-year at 0.90%-0.91% and the 30-year at 1.48%-1.50%. With the

Federal Reserve Bank of Kansas City President Esther George said the central bank needs to move ahead with reducing monetary stimulus, citing expectations for continued labor-market gains. “Now, with the recovery underway, a transition from extraordinary monetary policy accommodation to more neutral settings must follow,” George said in the text of a virtual speech to

The taxable municipal securities market was primarily driven by institutional trading in 2020, in contrast to the individual-investor-driven Build America Bonds-era boom. The increasing influence of institutional market participants is consistent with overarching trends in the tax-exempt market, but is seen more so in taxables, a Municipal Securities Rulemaking Board report finds. “Both the taxable

Municipals faced pressure outside of 10 years Wednesday, moving benchmarks on those bonds cheaper by two basis points, while U.S. Treasuries were little changed and new issues showed the spread tightening that continues on sought-after credits. In the primary, an airport deal out of Pittsburgh saw compelling levels for the sector that has seen spread

High speed rail, championed by President Joe Biden on the campaign trail, was shunted to the sideline in the $1.2 trillion infrastructure package approved by the Senate Tuesday. It does, however, include $66 billion for intercity rail programs, which the White House calls “the largest investment in passenger rail since the creation of Amtrak 50

Municipals felt the pressure of an increase of supply and a weaker U.S. Treasury market, and benchmarks saw two- to three-basis-point cuts to scales, but new issues repriced to lower yields. The 10-year muni hit 0.90% on ICE Data Services scale and just below that on Refinitiv MMD, Bloomberg BVAL and IHS Markit, reaching early

Municipal market participants question the wisdom of executing Puerto Rico’s bankruptcy without local legislative approval for new bonds and instead relying on court-approved debt, as the Oversight Board is exploring. New bonds are key to Puerto Rico’s exit from bankruptcy, as are cuts to Puerto Rico’s three main pension systems: the Employees Retirement System, Judicial

Municipals were a touch weaker to start the week as U.S. Treasury yields rose again, with the 10-year topping out at 1.32% and the 30-year creeping closer to 2% while equities were mixed on negative COVID Delta news. Triple-A benchmarks saw cuts of one to two basis points across the curve, but still outperformed two

The Puerto Rico Oversight Board filed a brief summarizing the arguments it will make in November’s Plan of Adjustment hearing, arguing it has treated the creditors fairly, the plan is in their best interests, and its plan preempts dozens of local laws. The board was required by bankruptcy Judge Laura Taylor Swain to file an

Cain Brothers, a division of KeyBanc Capital Markets Inc., has hired Kyle Hemminger as it looks expand its healthcare practice. Hemminger joined the healthcare public finance group in the Columbus, Ohio, office this month as a director to cover healthcare and senior living organizations nationally. He joins a healthcare team that now totals 23 professionals

Videos of floodwater in upper Manhattan went viral last month as storms flooded New York’s streets with four inches of rain. While subway commuters waded through waist-high water at 157th Street, water cascaded down the Dyckman Street subway station, home to the Metropolitan Transportation Authority’s A line. “These videos are a reminder of more dramatic

The shutdown of a major California hydroelectric power facility underscores the severity of drought conditions in the state. The California Department of Water Resources’ Hyatt Powerplant at Lake Oroville, without enough water in the reservoir to operate normally, is offline. “This is the first time Hyatt Powerplant has gone offline as a result of low

The $5 billion American Dream super mall in New Jersey’s Meadowlands had to tap into a reserve fund to make a bond payment as it copes with a cash flow crisis exacerbated by the coronavirus. The 3.3 million-square-foot behemoth, which features an indoor ski slope, amusement park and water park, used the reserves to make

Municipal benchmark yields rose by as much as five basis points Friday, following a stronger-than-expected jobs report, but the asset class outperformed the moves in Treasury bonds. An increase in supply next week may test current low levels. Continued strength in the economy was seen as nonfarm payrolls rose 943,000 and the jobless rate fell

Ohio inched closer to a triple-A rating as Fitch Ratings Thursday lifted the outlook on its AA-plus rating to positive. The rating agency cited “Ohio’s sustained trend of balanced finances and growth in reserves that strengthens the state’s financial resilience as it confronts cyclical economic and revenue trends.” Fitch’s action comes ahead of a $56.5

Municipals were mostly steady, ignoring other markets Thursday as the week’s last sizable new issues closed books while U.S. Treasuries rose and equities were up on better economic data. Secondary trading petered off into the afternoon, holding triple-A benchmarks steady, as most participants await Friday’s nonfarm payrolls. For the 22nd consecutive week, Refinitiv Lipper reported

The Federal Reserve Bank of San Francisco has declined to comply with a document request by Sen. Patrick Toomey as part of the Pennsylvania Republican’s investigation into Fed research on topics including climate change and racial justice. A Republican aide on the Senate Banking Committee who is familiar with the matter said that instead of

Bankruptcy Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico’s debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions. Swain made both rulings at Wednesday’s omnibus hearing for the Puerto Rico bankruptcy. While Puerto Rico