Bonds

Municipals were little changed in secondary trading Tuesday as the busy primary market took focus, led by two billion-dollar-plus deals from the Texas Transportation Commission and South Carolina Public Service Authority. U.S. Treasuries were firmer and equities were up toward the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 65%, the
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On the heels of President Joe Biden’s departure from the presidential race, munis were mixed Monday. U.S. Treasuries gave back some early gains, ending the day slightly weaker, while equities ended up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 65% and the 30-year
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Chicago Transit Authority Chief Financial Officer and Treasurer Jeremy Fine is leaving the agency, CTA President Dorval Carter, Jr., announced at a Wednesday meeting of the CTA’s Committee on Finance, Audit and Budget. Fine will join the Illinois Institute of Technology, CTA spokesperson Manny Gonzales said. Officials at the committee meeting said the CTA made
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Municipals were little changed Friday ahead of another week of healthy issuance. U.S. Treasuries were weaker and equities ended down. Tax-exempts, aided by rallying USTs, are “enjoying a relatively strong start” to the second half, said Barclays strategists Mikhail Foux and Clare Pickering. Investment-grade and high-yield returns “have been remarkably similar, though — on the
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The Board of Directors of the Municipal Securities Rulemaking Board will try to iron out some thorny issues when they meet on July 24-25, for their final quarterly gathering this fiscal year. Establishing priorities for the next fiscal year and approving the FY 2025 budget to advance its strategic plan are among the agenda items.
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Lack of capacity at state transportation departments share some of the blame for infamously high infrastructure costs in the U.S. compared to other countries. On the other hand, procurement practices that increase competition among contractors help bring down costs, said Will Nober, an economics doctoral student at Columbia University, Zachary Liscow, a professor at Yale
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The Dormitory Authority of the State of New York sold $1.2 billion of revenue bonds last week to good demand, with spreads coming in tighter compared to a DASNY negotiated deal that priced last year. “Overall the bond sale was a success,” said DASNY spokesperson Jeffrey Gordon. “[Last week’s sale] benefited from a calm market
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Short-term munis were slightly firmer Thursday as muni mutual funds saw continued inflows and the primary market slowed. U.S. Treasuries yields rose and equities sold off. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal
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Municipals were little changed Wednesday as the primary market saw another busy day, led by an upsized $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. U.S. Treasuries were slightly firmer and equities were mixed toward the close. The two-year muni-to-Treasury ratio Wednesday
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U.S. states are expected to cut their budgets, marking a return to more modest levels of spending after years of stimulus-fueled growth and tax cuts.  Total general-fund spending is expected to fall to $1.2 trillion in fiscal 2025, according to an analysis by the The Pew Charitable Trusts. That’s a roughly 6% decline from estimates of
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Phoenix returns to the municipal market this week with its first new money general obligation bond issue in 12 years and a plan to be a more frequent borrower using that credit source in the future. Kathleen Gitkin, the city’s chief financial officer, said she has high expectations for the $238.8 million tax-exempt and taxable
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Ohio state legislators are considering a bill that would bar the state’s pension systems, state colleges and universities and the Bureau of Workers’ Compensation from prioritizing environment, social and governance factors when making investment decisions.  Ohio’s Senate Bill 6 passed the state Senate on May 10 by a vote of 26 to 7, with senators
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The North Carolina Local Government Commission failed to approve Cabarrus County’s requests for bonds totaling $228 million Tuesday — although the panel’s staff recommended approval — with some on the board saying the bonds should face a voter referendum before the commission considers them. Some commission members objected to the county’s use of bond anticipation
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Municipals were little changed Friday ahead of another large new-issue calendar. U.S. Treasury yields fell further and equities ended higher. A “relatively difficult start to the year” was expected, “as Treasury yields were too low, market participants were too optimistic about the number of rate cuts this year, and muni ratios were near their multi-year
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