Bonds

Puerto Rico Gov. Pedro Pierluisi on Thursday proposed removing pension cuts from the island’s debt restructuring negotiations, asking legislators instead to deal with the issue in regular budget negotiations. Observers say the move is political and unlikely to help parties come to consensus over the pension issues, and further complicates getting the Plan of Adjustment
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The top municipal underwriters accounted for $219.57 billion in 6,084 transactions in the first half of 2021 compared to $191.87 billion in 5,181 deals in the first half of 2020. BofA Securities led with $32.99 billion of deals, while Goldman Sachs jumped into the top five and Morgan Stanley moved up one spot from where
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Municipals were better on light but strong trading in the secondary, as dealers pushed benchmarks lower with large blocks of high-grades exchanging hands but sales to customers also showed strong interest. U.S. Treasuries helped direct municipals to lower yields as the UST 10-year fell to 1.36% — the lowest since Feb. 24 — and the
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The Bureau of Ocean Energy Management will begin an environmental review on the Coastal Virginia Offshore Wind project, a first step in the permitting process for Dominion Energy’s 2.6-gigawatt commercial wind project. U.S. Department of Interior Secretary Deb Haaland announced the review on a tour of the port on Thursday for the project, which is
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Despite taking a hit during the COVID-19 pandemic, Virginia’s prudent approach to financial operations along with its financial flexibility has kept the state’s ratings in the top tier. Fitch Ratings late Thursday affirmed its AAA rating on Virginia’s $1.1 billion of general obligation bonds as well as on the state’s long-term issuer default rating. Additionally,
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The Puerto Rico Oversight Board on Friday filed suit against a law that would scuttle the negotiated plan of adjustment for the central government debt. The board filed an adversary proceeding in the Title III bankruptcy in the U.S. District Court for Puerto Rico against the governor and legislative leaders in defense of the negotiated
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