Bonds

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

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

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

Illinois’ flawed pension funding system weighs heavily on the ratings of some struggling local government ratings and legislative action to date has made little headway in solving the quagmire, S&P Global Ratings warns. State legislative action consolidating suburban and downstate public safety funds and moving Chicago to an actuarial-based contribution help but they fall short

Municipals struck a firmer tone on the short end Tuesday as the new-issue calendar got underway, with strong competitive loans, while U.S. Treasuries held steady and equities strengthened into the afternoon. Triple-A benchmark yield curves were bumped on the short end as bonds inside of 10 years have been more tightly bid. Municipal-to-UST ratios were

Federal Reserve Governor Christopher Waller said that if the next two monthly U.S. employment reports show continued gains, he could back an announcement soon on scaling back the central bank’s bond purchases. “I think you could be ready to do an announcement by September,” Waller said Monday in an interview on CNBC. “That depends on

Jeffrey Mark Baker, 72, of River Edge, N.J., a career municipal analyst who was known as a leader and innovator in the municipal market and was chair of two municipal organizations, died on July 26. Baker joined Chase Manhattan Bank in 1972 as a municipal analyst, and later retired from its predecessor firm JPMorgan Chase

Illinois Gov. J.B. Pritzker signed legislation moving governance of Chicago Public Schools to an elected school board, leaving the fate of $500 million of city financial obligations to the district unsettled. House Bill 2908 passed the legislature in June over the objections of Mayor Lori Lightfoot. Its sponsors sent it to Pritzker’s desk after promising

Florida’s ports will be getting $250 million in state and federal funds to help speed their economic recovery from the effects of the COVID-19 pandemic, Gov. Ron DeSantis said Thursday. The money is coming in through the federal American Rescue Plan President Biden signed in March and its Coronavirus State Fiscal Recovery Fund. It is

A Michigan Supreme Court order paves the way for Detroit voters to decide the fate of charter revisions opposed by Mayor Mike Duggan, who warns they threaten the city’s fiscal independence. The state’s high court, in a split decision published Thursday, reversed Wayne County Circuit Court and Court of Appeals decisions removing Proposal P from