Bonds

Municipals were firmer Thursday as municipal bond mutual fund outflows returned, while U.S. Treasuries were steady and equities ended mixed. The three-year muni-UST ratio was at 55%, the five-year at 57%, the 10-year at 63% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at

Illinois chipped away at its long-term obligations in fiscal 2022 with healthy tax revenue growth and federal funds allowing the state to halt a decade long dive deep into negative territory, according to a recently published interim audit. The state’s net position of governmental activities, which covers government services and tax collections and provides a

Municipals were a little firmer in some spots while Treasuries rallied across the board, with yields falling double-digits following the Federal Reserve hiking rates 25 basis points. Equities ended up. “Investors are acknowledging that the Fed is nearing the end of its rate tightening cycle which is supporting a relief rally in stocks and lower

Bolingbrook, Illinois, was downgraded seven notches by S&P Global Ratings, which cited the Chicago suburb’s unwillingness to cover shortages on unrated sales tax revenue bonds as a management and governance risk. The village of 73,000said the downgrade “sets a harmful and disruptive precedent for any credit secured by specific revenues that do not pledge the

Last year continued the exciting trend of Environment, Social, and Governance (ESG) discussions in the municipal marketplace. These discussions were more organized compared to prior years due to both the request for information that was released by the Municipal Securities Rulemaking Board and updated best practices of the Government Finance Officers Association. 2022 was a

Puerto Rico’s general fund net revenues were 28% above projections in December and 14% higher than those of December 2021. Through the first six months of the fiscal year, net revenues came in 14% ahead of projections and 3% ahead of July to December 2021, according to the Puerto Rico Department of the Treasury.  Net

The Puerto Rico Oversight Board’s offer to the bondholders of the Puerto Rico Electric Power Authority is based on a pessimistic projection for electricity consumption, with its best interests test offering two scenarios for recovery that range from nothing to 59%. PREPA continues working toward an agreement with bondholders and the bankruptcy mediation process was

Chicago’s fiscal progress on structural balance and pensions drew rating upgrades and high-grade investors to recent bond deals but easing the longer term strains of pensions will require state intervention, Mayor Lori Lightfoot said.   Whether the city’s fiscal momentum can help Lightfoot win a second term is uncertain. She faces eight rivals vying for

Merger activity among not-for-profit and for-profit hospitals dipped for a fifth consecutive year in 2022, with mega-mergers in the forefront of a sector dealing with operating challenges from inflation, a nursing shortage, and patient volume trends. Announced mergers and acquisitions dropped to 55 last year from 73 in 2021, continuing a downward course since 2017

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts. “It’s overly necessary for Congress to raise the debt limit, and I hope they do so in a timely

Municipals were steady, down a basis point or two in spots, ahead of a paltry new-issue calendar, courtesy of next week’s Federal Open Market Committee meeting. U.S. Treasuries were slightly weaker and equities ended in the black. The three-year muni-UST ratio was at 54%, the five-year at 57%, the 10-year at 62% and the 30-year

Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in

The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade

Loma Linda University Children’s Hospital was awarded $135 million in grant funding by the California Health Facilities Financing Authority that it will use to expand pediatric programs in several counties. The grants are funded by issuing bonds through the Children’s Bond Act of 2018, a voter-approved bond measure that authorized the state to issue $1.5

Municipals were steady Thursday in the secondary market while an $830 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries yields rose after the fourth-quarter gross domestic product report was better than expected and equities ended up. The three-year muni-UST ratio was at 54%, the five-year at 57%,

After five years of growth that followed a relaunch of its municipal business, UBS Financial Services cut from its banking ranks this week in the aftermath of a down year for issuance and headwinds for 2023. The firm slashed 20% of its overall municipal team — which includes banking, sales, trading and underwriting — with

York County, South Carolina, priced $24.6 million of revenue bonds Wednesday to recoup costs incurred by the county to take over of a private water utility operation. The proceeds will cover a portion of the $36 million price tag York County paid to take over private firm Blue Granite Water’s water utility operations in the

Municipals were little changed Wednesday, while U.S. Treasuries were firmer and equities ended mixed. The three-year muni-UST ratio was at 55%, the five-year at 57%, the 10-year at 63% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at 54%, the five at 58%, the

The U.S. Virgin Islands’ beleaguered Water and Power Authority blocks development of the island, according to Gov. Albert Bryan Jr., who committed to fixing the authority’s problems in his current term, which ends January 2027. The authority’s “ongoing financial and operational woes … are an impediment to any developmental progress we hope to make as

Roger Millar, AASHTO’s new president and chief of Washington’s Department of Transportation, joins Caitlin Devitt to talk about the rollout of the Bipartisan Infrastructure Law, how a tight labor market and inflation are impacting capital plans, what a divided Congress means for transportation and an update on the Pacific Northwest’s high speed rail project. (24