Bonds

Virginia has advanced its $3.7 billion program to create a connection between the Northeast and Southeast rail corridors and to expand and improve passenger, commuter and freight rail service in the state. Gov. Ralph Northam Tuesday announced the signing of agreements with intercity passenger carrier Amtrak, freight railroad CSX, and commuter train operator Virginia Railway

Three House Democrats say they won’t support any of President Joe Biden’s tax hikes to fund his infrastructure proposal unless the plan includes a repeal of the $10,000 cap on state and local tax deductions, making them just one vote shy of the number needed to block the president’s tax plan in the narrowly divided

Members of the House of Represenatives reintroduced a bill to bring back tax-exempt advance refunding, a move made days before the Biden administration is set to roll out its infrastructure plan. Reps. Steve Stivers, R-Ohio, and Dutch Ruppersberger, D-Md., on Monday reintroduced their Investing in Our Communities Act, which would reverse changes made during the

Municipal secondary trading was quiet but a firmer tone emerged on Monday as both the holiday-shortened week and the approaching end of the first quarter made for a steady market. “It’s a very light calendar this week because of the holiday,” a New York trader said on Monday looking ahead at the upcoming Good Friday

Gov. Tom Wolf wants to put Pennsylvania ahead of a national curve by phasing out the gas tax as a funding source. Wolf, a second-term Democrat, said the tax has become unreliable for funding Pennsylvania’s vast transportation network. He signed an executive order establishing the Transportation Revenue Options Commission, which he said will develop funding

A man charged with operating as an unregistered investment adviser was arrested earlier this week along with six others on wire fraud charges related to an alleged scheme to defraud a city in Puerto Rico. A federal grand jury in the District of Puerto Rico indicted Eugenio García-Jiménez and six others with 33 counts of

A California business lobbying group says the prohibition of state tax cuts in the federal stimulus bill has stalled tax credits, fee waivers and other critical economic stimulus and anti-poverty programs. The California Business Roundtable, an umbrella organization for the state’s business groups, has written to the U.S. Treasury Department asking for clarity on language

Municipal trading was quiet Friday and triple-A yield curves were little changed with strong technicals intact as the market has mostly outperformed a roving U.S. Treasury market. “As Treasury yields have been moving up and down, muni yields have been quite sticky. Historically, tax-exempts outperform when USTs are selling off, but they underperform when Treasuries

Two recent lifts to Illinois rating outlooks cast a more favorable light on its bonds but whether the momentum leads to upgrades hinge on the state showing fiscal discipline as it finalizes a new budget and spends federal cash, market participants said. Moody’s Investors Service on Thursday followed S&P Global Ratings’ action last week raising

A San Francisco Superior Court judge has denied the city attorney’s request for an emergency court order to compel the San Francisco Unified School District to resume in-person learning. A preliminary injunction was filed by San Francisco City Attorney Dennis Herrara Feb. 3 who argued that the school district had not created a feasible plan.

Municipals maintained a mostly steady tone to firmer by some accounts Thursday following the midday rise in U.S. Treasuries, but primary deals got done with some repricing to lower yields. Refinitiv Lipper reported more inflows into municipal bond mutual funds to the tune of $592.4 million for week ended March 24 and high-yield funds reported

Illinois moved another step back from the ratings brink Thursday afternoon, as Moody’s Investors Service revised the outlook to stable from negative on its Baa3 rating, which was affirmed. The action gives Illinois a bit of space above speculative-grade status, though the rating itself remains at the lowest investment grade. S&P Global Ratings on March

North Carolina Gov. Roy Cooper on Wednesday recommended placing a $4.7 billion general obligation bond referendum before voters in November. As Cooper released his recommended budget of $55.9 billion for fiscal years 2021 through 2023, he noted the bonds would address the state’s infrastructure needs. He pointed out the advantages of the current low interest-rate

Municipals were firmer across the curve as the New York City Transitional Finance Authority repriced its $1 billion deal to double-digit lower yields and the primary and stronger U.S. Treasuries again helped to direct secondary markets stronger. The Investment Company Institute Wednesday reported another week of inflows with $2.234 billion coming into long-term municipal bond

Trinity Health’s proposed sale of Mercy Hospital and Medical Center for $1 would pave the way for the fiscally troubled safety net hospital just south of Chicago’s downtown to exit Chapter 11 and remain open if the deal is finalized. The Illinois Health Facilities & Services Review Board which holds sway over hospital closures, ownership

Princeton University revenue bonds saw strong competitive bidding, with yields lower than triple-A benchmarks as high-grade trading picked up and munis gained along with a stronger U.S. Treasury market. Triple-A benchmark yields were stronger across yield curves while ratios rose slightly. Municipal to UST ratios were at 69% in 10-years and 75% in 30, according

Municipals ended slightly firmer on an otherwise lackluster trading session on Monday fueled by new strength in the U.S. Treasury market. Triple-A benchmark yields were stronger on the short end with two basis point bumps to scales on bonds inside 2027, while ratios held to recent levels. Municipal to UST ratios were at 67% in

The economy seems to be gathering steam, though it is still far from fully recovering from the damage wrought by the pandemic, Federal Reserve Chairman Jerome Powell said. “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in prepared testimony to be delivered Tuesday to the House Financial

Municipal yields rose on the back of U.S. Treasuries as the asset class could no longer ignore the large swings in its taxable counterpart. Triple-A benchmark curves cut yields anywhere from four to 10 basis points. Municipal to UST ratios rose with Thursday’s 10-year at 67% and the 30-year at 72%, according to Refinitiv MMD,

Georgia native Alan Skelton will succeed David Bean as director of research and technical activities at the Governmental Accounting Standards Board April 1. Bean, who has served as the director since 1990, is retiring after 31 years in the position. Bean also has served as deputy chairman of the International Public Sector Accounting Standards Board