Bonds

Illinois would pump up now near-empty rainy day fund, pay more of its bills down, bolster scheduled pension contributions, and provide one-time tax relief under budget plans Gov. J.B. Pritzker laid out Wednesday. The state expects an additional $2.2 billion of revenue, about 5% of general funds, in fiscal 2022 and another $2 billion in

Washington state’s continuing fiscal stability earned it affirmation of its AAA rating and stable outlook from Moody’s Investors Service ahead of plans to sell $743.5 million in general obligation bonds competitively to fund a variety of projects. S&P Global Ratings and Fitch Ratings also affirmed AA-plus ratings with stable outlooks. The state’s tax revenues increased

Federal Reserve Bank of St. Louis President James Bullard said he would like to raise interest rates at the central bank’s meetings in March and May but played down the benefits of a larger-than-expected move. “Fifty basis points, I don’t think helps us — at least sitting here today, I don’t think that really helps

The U.S. Virgin Islands appears poised to refund $811 million of speculative grade matching fund bonds after its Senate approved a bill authorizing the transaction. On Monday afternoon the U.S. Virgin Islands Senate voted 14-0 to approve the refunding that officials said would prevent the USVI pension system from running out of money, which the

Municipals ended the month in the red but yields rose only a basis point or two on most triple-A scales on Monday while U.S. Treasuries were also softer and equities rallied hard. Triple-A benchmark yields rose slightly as did UST, keeping muni to UST ratios in a higher range. The municipal to UST ratio five-year

Chicago-based investment bank Loop Capital Markets LLC acquired the Miami-based investment advisory firm Taplin, Canida & Habacht LLC from BMO Asset Management Corp. in a deal that extends its asset management reach. The deal closed Jan. 28 and was announced Monday. BMO reported last June that it had signed a letter of intent that set

The Puerto Rico Oversight Board has discussed completing the Puerto Rico Electric Power Authority restructuring without a local law supporting it, since members of a Senate panel appear opposed to such legislation. The board reached preliminary terms with the bondholders on a Restructuring Support Agreement in spring 2019. As currently proposed, the Puerto Rico Senate

President Joe Biden Friday visited the site of a major Pittsburgh bridge that collapsed just hours before he was scheduled to visit the city to highlight his infrastructure spending plan. Looking at the 450-foot collapsed span, Biden pledged the White House would “fix them all,” referring to thousands of bridges needing investment nationally. “We’re sending

Michigan’s multi-billion dollar revenue windfall puts tax relief front and center for Democrats and Republicans alike as the legislative session and budget season heats up. While both sides of the aisle are pushing for tax cuts, the form they would take remains the subject of debate. Gov. Gretchen Whitmer, a Democrat who is up for

Municipal yields rose double digits Friday bringing levels to highs not seen since early April 2020. The short end of triple-A scales has risen more than 30 basis points over the past five sessions on elevated selling pressure and overall market volatility. Triple-A yields rose by six to 10 basis points and ratios increased again

Credit unions and teachers’ associations separately filed notices of appeal of the court-approved Puerto Rico Plan of Adjustment Friday afternoon. The teachers’ associations will ask the appeals court to stay implementation of the plan, said Bufete Emmanuelli Partner Jessica Méndez Colberg. In the last week the Oversight Board said it was hoping the plan could

The two biggest U.S. banks raised their forecasts of how quickly the Federal Reserve will raise interest rates this year, with Bank of America Corp. predicting a move at every meeting to tackle the highest inflation in four decades. “We now look for seven 25 basis point hikes this year and a peak funds rate

The Puerto Rico Oversight Board passed a fiscal plan Thursday with 18% more spending through fiscal 2026 compared to the fiscal plan it approved in April. The fiscal plan projects $107.5 billion in Puerto Rico government spending and federal spending for Puerto Rico, from the current fiscal year to fiscal 2026. The April fiscal plan

Moody’s Investors Service said Wednesday it raised the New Jersey Turnpike Authority’s senior lien revenue bonds to A1 from A2. The outlook on the bonds is stable. At the same time, Moody’s assigned an A1 to the authority’s forward delivery refunding bonds, consisting of $100 million of Series 2022A turnpike revenue bonds and $849 million

Municipals continued their ascent to higher yields Wednesday, even before the Federal Open Market Committee said it would “soon” raise interest rates. U.S. Treasury yields spiked following the FOMC statement and Chairman Jerome Powell’s comments. “Powell’s seeming unwillingness to dismiss some of the more-hawkish scenarios for the path of policy this year, leaving all options

Passengers have been canceling cruise ship reservations due to fear about the omicron variant of COVID-19, hurting the revenue recovery for ports with sizable cruise operations. But Fitch Ratings says this disruption is likely only temporary and isn’t expected to affect ratings on those ports or for cruise lines. “This is certainly putting a damper

Municipals faced more cuts to triple-A benchmark yields with the five-year hitting 1%, a level not seen on Refinitiv MMD’s curve since May 2020 and the 10-year at 1.34%, a high not seen since April 2020 when the market was in recovery from the initial COVID-induced selloff. U.S. Treasuries were slightly weaker while equities ended

The broad nature of the Municipal Securities Rulemaking Board’s request for information on environmental, social, and governance practices in the municipal securities market is worrying some industry advocacy groups. Representatives from the National Association of Municipal Advisors, the Securities Industry and Financial Markets Association, and the National Association of Bond Lawyers discussed the issue Monday

Selling pressure on the short end continued on Monday and triple-A benchmark yields were cut by as much as five basis points there while U.S. Treasuries pared back earlier gains and equities rebounded from a large selloff earlier in the day. Ratios rose with the day’s moves with the municipal to UST five-year at 64%,

The Securities and Exchange Commission’s acting director for its Office of Municipal Securities singled out disclosures related to its Rule 15c2-12 as an area the office is watching closely, following an academic study that found serious deficiencies in continuing disclosure. Ernesto Lanza raised that subject in his remarks before the Government Finance Officers Association’s Committee