Bonds

Municipals were little changed Monday following the news of JPMorgan’s purchase of muni-laden First Republic Bank, while U.S. Treasury yields rose and equities were in the red to close the session. JPMorgan’s move injected a measure of certainty over the near-term fate of FRB’s $19.4 billion muni portfolio and the market itself. Triple-A yields were

Record state spending on California’s K-12 education will enable schools to retain stable credit quality despite a several-year drop in enrollment, Fitch Ratings said. The state’s schools experienced their sixth year of declining enrollment in fiscal 2023, dropping below 6 million students for the first time in 20 years, said Fitch’s report, released Thursday. The

A California appellate court Thursday resurrected a lawsuit accusing prominent Wall Street banks of conspiring to manipulate the variable-rate debt market. The 1st District Court of Appeal reversed a lower court ruling less than two days after hearing arguments in the case, which dates back nearly 10 years. It’s the latest turn in a series

Municipals were steady throughout most of the curve ahead of a new-issue calendar of $6 billion. U.S. Treasuries were firmer and equities were mixed. “Investors’ jitters in the lead up to next week’s Fed meeting resulted in some large macro market moves and a rise in volatility,” noted BofA Securities strategists in a weekly report.

The rate of capture of sales and use taxes supporting the Puerto Rico Sales Tax Financing Corp. (COFINA) bonds has improved, the Puerto Rico Treasury Department said. The collection rate compared to the legally liable amount was 77% in fiscal 2022, a study by the Treasury’s Office of Economic and Financial Affairs showed. That compared

As it approaches a deadline on a state-backed incentive package, electric automaker Rivian faces fresh legal headaches in its plans for a $5 billion production plant in rural Georgia. A deal negotiated between Rivian, the Georgia Economic Development Commission, and the Joint Development Authority for Jasper, Morgan, Newton, and Walton Counties, with the blessing of

Indianapolis Public Schools and at least 30 Michigan school district voters will decide Tuesday the fate of more than $2.5 billion worth of borrowing for infrastructure work, new schools, and safety-related projects. Indianapolis Public Schools seeks $410 million for projects throughout the district with 23 schools in line for improvements. The borrowing would help pay

Chicago Mayor-elect Brandon Johnson named a transition committee and subcommittee leadership Thursday that draws from members of the city’s business, activist, and governmental communities to help shape his administration’s strategies and priorities. Johnson charged the group with crafting a written report in the coming week to guide the administration that takes office May 15th. “We

Wisconsin’s latest tender invitation to $1.8 billion of tax-exempt and taxable general obligation bond holders drew enough interest that the state dropped a planned forward refunding from its $500 million refunding transaction that priced Thursday. The state launched the tender offer to various tax-exempt series from 2015 through 2021 and taxables from some 2019 to

Municipals were steady in secondary trading Wednesday as the competitive market saw the states of Washington and Delaware price large general obligation bond deals. U.S. Treasuries were weaker in most spots and equities ended mixed. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 68%, the five-year at 68%, the 10-year at 68%

Puerto Rico Electric Power Authority bondholders argued for certification of their appeal of a ruling against their lien on revenues, saying it would advance the bankruptcy case and allow an appeals court to address issues of public importance and novel legal questions. The Official Committee of Unsecured Creditors filed a separate reply in the United

Municipals were mixed Tuesday with most AAA scales showing large cuts on the front end and smaller bumps out long. U.S. Treasuries rallied hard, and equities sold off. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 69%, the five-year at 68%, the 10-year at 69% and the 30-year at 92%, according to

Chicago-area public transit needs an operational makeover to build its case with the public and state lawmakers for new funding to help plug the funding gap when federal COVID-19 relief funds are exhausted.   That was a central takeaway from a panel discussion — “Solving the Transit Funding Riddle in Northeast Illinois and Beyond” —

Municipals were mixed to start the week as participants await a $7 billion-plus new-issue calendar, while U.S. Treasuries were firmer and equities were mixed. The two-year muni-Treasury ratio Monday was at 62%, the three-year at 64%, the five-year at 65%, the 10-year at 67% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m.

Inflation, a banking crisis and the remnants of COVID-19 related issues make forecasts more difficult than usual. Heading into next week’s Federal Open Market Committee meeting, a division remains between those who expect this to provide the last of the quarter-point rate hikes and those who see another coming. Recession also splits economists, with some

The Florida Legislature has passed a bill that bans the issuance of municipal bonds using environmental, social or governance standards. The bill now heads to Gov. Ron DeSantis for his signature. House Bill 3 passed in the Senate by a 23 to 12 vote along party lines. It was approved last month by the House

New York State is heading to market with a sale of green bonds aimed at refunding some debt previously issued for special projects. Loop Capital Markets and Barclays Capital as lead managers plan to price the New York State Environmental Facilities Corp.’s $150.555 million of Series 2023A tax-exempt state revolving funds revenue green bonds on

A so-called “fix” for Chicago’s “Tier 2” firefighters to ensure benefits meet federal requirements carries a $350 million price tag. That’s what officials told a House committee that moved the bill forward over the city’s objections. And a police “fix” carries a more burdensome toll of at least $1 billion, sources said. “The city of

Municipals were steady throughout most of the curve, though the front end did see smaller cuts on Friday to close out week that saw a significant correction for the asset class, while U.S. Treasuries were weaker, and equities ended down. It was too-rich ratios, too much outperformance to taxables and too much supply this week

The Puerto Rico Oversight Board and other parties are still trying to determine how District Court Judge Judge Laura Taylor Swain’s March ruling in the Puerto Rico Electric Power Authority bankruptcy will affect the bondholders’ payout, Puerto Rico Oversight Board Chair David Skeel said Friday. “The implications for the claim that the bondholders have is