Bonds

Municipals were slightly weaker Monday but outperformed U.S. Treasuries, which saw larger losses 10 years and out, while equities ended up. Triple-A yields rose one to five basis points, depending on the curve, while UST yields rose up to 14. The two-year muni-to-Treasury ratio Monday was at 65%, the three-year at 65%, the five-year at

Pausing congestion pricing may be even more destructive than the New York Metropolitan Transportation Authority predicted, according to a presentation at its board meeting last week.  The agency cannot afford to cover all basic maintenance, and must shelve any new upgrades or expansions until it finds $16.5 billion in revenue, the presentation said. The system

Municipals closed the month and the first half of 2024 on a quiet note ahead of the Fourth of July holiday-shortened week and a new-issue slate coming in at a measly $240 million — though there was much to watch on the sidelines. Munis outperformed U.S. Treasuries Friday by holding steady as govies saw some

Moody’s Ratings downgraded two private universities in California this week as higher education continues to grapple with declining enrollment and slower revenues nationally. Moody’s cut the University of La Verne’s rating to Baa1 from A Thursday, affecting $101 million in revenue bonds issued for the school in eastern Los Angeles County. It downgraded the University

The Supreme Court decision in SEC v. Jarkesy, ruling that the Securities and Exchange Commission can’t use administrative court proceedings in cases where it seeks civil penalties, may close down one lane the SEC uses to enforce the market, but it won’t altogether change how the Public Finance Abuse Unit operates. The municipal securities market

Issuance rose in June as improved market momentum, growth of Build America Bond refundings and mega deals pushed bond volume higher year-over-year for the sixth consecutive month. June’s volume came in at $44.769 billion in 798 issues, up 12.8% from $39.705 billion in 867 issues in 2023. June’s total is above the 10-year average of

The Colorado Educational and Cultural Facilities Authority (CECFA) created a non-profit subsidiary for its bond-financed purchase of a historic hotel that inspired Stephen King’s The Shining.  The authority’s board on Wednesday passed a resolution to form the Stanley Partnership for Art, Culture, and Education, LLC, to facilitate the financing, ownership, and operation of the Stanley

Observers and participants in the yearslong effort to turn around Puerto Rico’s economy offered mixed opinions about the significance of the impending departure of Puerto Rico Oversight Board Chairman David Skeel . Skeel will leave the board after a successor is approved. He has been on the board since it was founded in August 2016.

Municipals were little changed Thursday with the last of the largest deals pricing while municipal bond mutual funds reported a return to outflows. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury ratio Thursday was at 66%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and

Puerto Rico Oversight Board Chairman David Skeel announced he will leave the board after nearly eight years. Skeel, one of the original seven members appointed in August 2016, shortly after the passage of the Puerto Rico Oversight, Management and Economic Stability Act, said he will leave when a replacement is in place. In mid-2020 then-Board

Municipals were weaker for the first session since June 17 as the market saw another busy day of issuance. U.S. Treasury yields rose and equities ended up. Triple-A yields rose two to six basis points while USTs were higher by two to nine basis points. The two-year muni-to-Treasury ratio Wednesday was at 65%, the three-year

Municipals were little changed Tuesday with the focus squarely on the active primary slate as U.S. Treasury yields fell slightly out long and equities were mixed near the close. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 84%, according

The water utility serving Harrison and Mamaroneck in Westchester County, New York, agreed to build a $138 million filtration plant by July 2029 and take steps to protect the water quality to 120,000 residents, under a consent decree with the U.S. Environmental Protection Agency and federal prosecutors. The agreement, announced Monday, resolved allegations that the

Municipals were steady Monday ahead of a surge in supply, as U.S. Treasury yields fell slightly out long and equities were mixed near the close. The two-year muni-to-Treasury ratio Monday was at 64%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 84%, according to Refinitiv Municipal Market

The U.S. Supreme Court on Monday agreed to take up an environmental challenge to a proposed bond-financed crude oil-transporting railway in Utah. The Seven County Infrastructure Coalition, a Utah public entity that is spearheading the Uinta Basin Railway project, filed a petition in March asking the high court to review a portion of an August

Municipal investors can expect more than $12 billion of bonds and notes in the week of June 24 as issuers forge ahead with primary offerings amid a steadier market and a higher-for-longer mindset settles in. Recent market moves have led munis to outperform other fixed-income asset classes and position tax-exempt returns to close out June

The election, the national debt, and the key legislative accomplishment of the Trump administration has lawmakers and lobbyists taking stock of their positions and reassessing which hills to die on.  “If Congress must tackle the expiration of Tax Cuts and Jobs Act provisions through bipartisan compromise, the process will likely move slower and allow more

The California Supreme Court removed a sweeping anti-tax measure from the November ballot that the state’s Democrats claimed would have been catastrophic for local government budgets. The high court found the measure to be a far-reaching revision of the state constitution and “because those changes would substantially alter our basic plan of government, the proposal

Pressure is beginning to mount for the Federal Emergency Management Agency to expand its role in responding to major weather events and to declare the effects of smoke and extreme heat a major disaster on local communities. That comes in the form of a new petition filed by the Center for Biological Diversity, the Arizona

They’re calling next year the Super Bowl of federal tax policy, and everything, including the municipal market’s prized tax exemption, will be in the game. Congress is gearing up for a potentially major tax overhaul post-election as provisions in the 2017 Tax Cuts and Jobs Act, the largest tax overhaul since 1986, are set to