Bonds

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
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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
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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
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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
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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
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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
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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
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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
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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
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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,
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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
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Illinois Supreme Court justices posed questions but offered little indication of how they might be leaning during oral arguments about a lawsuit that seeks to halt repayment of $14.3 billion of Illinois general obligation bonds. The court faces two questions in John Tillman v. Gov. J.B. Pritzker et al. One asks it to clarify the
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The Municipal Securities Rulemaking Board is proposing a new rule that would require solicitor municipal advisors to disclose more information in writing, streamlining existing guidance in the process. The MSRB requested comment for draft MSRB Rule G-46 Wednesday evening. The rule would codify interpretive guidance from 2017 on its MSRB Rule G-17 on fair dealing
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