Bonds

Municipals sold off Wednesday with the largest losses up front, pushing the one-year triple-A yield well above 2%, the first time since March 2020. U.S. Treasuries were weaker and equities ended down. U.S. Treasuries started the day with large losses after higher inflation numbers out of Europe led to volatility early on but they pared

Fitch Ratings said it has hired six analysts to join its U.S. Public Finance group. The analysts will be based throughout the country and cover various municipal subsectors. Joining Fitch’s San Francisco office are senior directors Pascal St. Gerard, who will serve as Fitch’s Western regional manager, and Karen Fitzgerald, who becomes Fitch’s sector head

Municipals were weaker Tuesday as short-end munis continued to sell off, U.S. Treasuries were weaker 10 years and in and equities were mixed. Triple-A muni yields rose nine to 12 basis points in one-year, further inverting the curve on the short end. Heavy secondary trading on the short end moved one-year triple-A yields as much

Infrastructure projects delivered as public-private partnerships have so far been protected from punishing construction cost increases because the contractors are legally on the hook for cost overruns and have been healthy enough to absorb the blows. But inflation, coupled with material and labor shortages, are prompting some contractors to exit the space, and accelerating a

Short-end munis extended their days long selloff, continuing to play catch up to short-end U.S. Treasuries, as triple-A munis correct from recent outperformance relative to taxables. USTs were firmer, while equities were up near the close. Triple-A benchmarks rose 11 to 15 basis points on the one-year and three to eight basis points in two

With the plan of adjustment hearing for the Puerto Rico Highways and Transportation Authority less than a week away, arguments remain over five legal objections to the plan. Insured bondholders, Puerto Rico’s Fiscal Agency and Financial Advisory Authority, HTA wage earners, an insurance company, and a dairy are challenging the plan.  The plan of adjustment

Smaller-sized cities and towns worried they won’t be able to snag a piece of the infrastructure dollars unleashed in the new federal law have until the end of the month to apply for a first-of-its-kind program aimed at boosting their chances. The “specialized training boot camps” led by the National League of Cities will help

The federal infrastructure package will boost Illinois’ six-year transportation spending by $4 billion, Gov. J.B. Pritzker said Friday. The state will spend an overall $24.6 billion under the six-year program for roads and bridges with $3.7 billion in spending during the current fiscal year. About $18.8 billion goes to roads with the remainder spent on

California lawmakers’ focus on one-time spending in the budget approved July 1 keeps the state on track for a potential rating upgrade one year out from receiving a positive outlook from S&P, but challenges remain. The state’s fiscal 2023 adopted budget “projects long-term structural balance through fiscal 2026, despite a projected multibillion dollar rise and

Short-end munis sold off Friday as pressure from two-year U.S. Treasury yields as well as rising floating-rate muni yields have begun to hit the triple-A yield curves. Treasuries were better five years and out while equities rallied to close out the week. Triple-A curves saw yields rise by as much as eight to 10 basis

The U.S. House of Representatives Friday sent President Joe Biden a long-debated climate, tax and healthcare bill. The legislation passed with a vote of 220 to 207 along party lines. Biden’s signature will mark the final chapter for an 18-month-long saga marked by intense negotiations among Democrats, who used a parliamentary procedure called reconciliation to

Municipals were weaker on the short end and mutual fund outflows returned Thursday while U.S. Treasuries saw losses across the curve and equities ended mixed. Triple-A curves saw yields rise as much as five basis points on the one-year while leaving yields a basis point weaker to little changed along the rest of the curve

If all goes according to plan, municipal markets will see the largest ESG bond pricing ever next week as Massachusetts prepares to issue $2.7 billion of taxable business-tax backed special obligation revenue bonds. The sale of the socially designated bonds was delayed in July as state lawmakers debated a last-minute spending bill that would allocate

Two Federal Reserve officials responded to softening inflation data by saying it doesn’t change the U.S. central bank’s path toward even higher interest rates this year and next. Minneapolis Fed President Neel Kashkari, who prior to the pandemic was the central bank’s most dovish policy maker, said Wednesday that he wants the Fed’s benchmark interest

Chicago’s heads into 2023 budget season with a $127.9 million gap to close, offering the market a key fiscal update as the buy-side heads to town for the city’s annual investors’ conference. The shortfall unveiled by Mayor Lori Lightfoot and her finance team Wednesday marks a sharp decline from the last three years. Lightfoot came

An oversight panel on Tuesday approved $500 million of bonds for the Oklahoma Turnpike Authority subject to conditions that include the dismissal or resolution in its favor of two lawsuits challenging a toll road extension plan and state supreme court validation of the debt. The Oklahoma Council of Bond Oversight gave the OTA until Feb.

It was all about the primary Tuesday, with a lightly traded secondary market taking the back seat doing little to move triple-A yield curves in either direction, as large deals from Minnesota, the Los Angeles Department of Airports, San Antonio, Texas, and Philadelphia were the focus. U.S. Treasuries were weaker on the short end and

Cook County, Illinois, heads into the market this week with two deals totaling nearly $500 million that will benefit from an outlook from boost from Moody’s Investors Service over its healthy fund balances. The $215 million sales tax transaction pricing Tuesday offers two tranches to refund outstanding debt and take out a credit line that

It was a steady start to the week, with municipal triple-A yield curves little changed, U.S. Treasuries took a break from last week’s volatility to close out firmer across the curve while equities were mixed. Muni-UST ratios on Monday were at 61% in five years, 81% in 10 years and 97% in 30 years, according

The Senate is set to take action Saturday on a newly inked budget reconciliation bill that continues to lack municipal market priorities but includes climate and energy provisions that issuers support. Under a deal struck to gain the vote of Sen. Kyrsten Sinema, D-Ariz., the bill now features a slightly revised 15% corporate minimum tax