Bonds

The Senate Thursday overwhelmingly passed a five-year Federal Aviation Administration authorization that features a 20% boost for major airport capital improvement projects. The bipartisan measure, which had been stalled by negotiations over an ultimately successful move to add additional flights to Ronald Reagan Washington National Airport, heads now to the House, which is expected to

Municipals were a touch weaker in spots ahead of another robust new-issue calendar. U.S. Treasury yields rose and equities were up. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 62%, the five-year at 60%, the 10-year at 60% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s 3 p.m. EST

Municipals were little changed Thursday as muni mutual funds saw inflows top $1 billion. U.S. Treasuries were firmer, and equities ended up. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60% and the 30-year at 82%, according to Refinitiv Municipal Market Data’s 3 p.m.

Municipal Market Analytics said municipal bond impairments from January through April were the highest since they began tracking in 2009, with the charter school sector totaling most impairments. MMA recorded 63 impairments this calendar year, with 59 of them coming in January to April, according to Wednesday’s issue of Default Trends. The four-month total was

The California Supreme Court heard arguments Wednesday in a case brought by the state’s Democratic leaders that would block a sweeping anti-tax measure from November’s ballot. The initiative, called the Taxpayer Protection and Government Accountability Act (TPA), would amend the California constitutional rules governing how the state and local governments can impose taxes, fees and

Municipal triple-A yield curves were little changed Wednesday as the primary market demanded investor attention and were well received. U.S. Treasuries were weaker, and equities ended mixed. Several large new-issues priced led by $1.018 billion of the University of Chicago revenue bonds from the Illinois Finance Authority (Aa2/AA-/AA+/), with yields bumped seven to 15 basis

Municipal issuers have seen more upgrades this year than downgrades, continuing a trend that began in 2021, while the overall rated universe of muni issuers has also grown. If current economic conditions persist, the trend will likely continue for the foreseeable future, market participants said. The total rated share of the market increased in the

Municipals were firmer in secondary trading as the primary market took focus, led by the accelerated pricing of $1.8 billion general obligation bonds from Illinois. U.S. Treasury yields fell out long and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60%

Although New York Federal Reserve Bank President John Williams didn’t shed much light on the timing of federal interest rate cuts during a fireside chat at Milken Institute’s Global conference in Beverly Hills on Monday, he did offer some insight into his thinking. Amid stubbornly high inflation, the Federal Reserve reiterated in its post-meeting statement

Municipals improved Monday in constructive secondary trading as investors await the larger new-issue slate. U.S. Treasuries were mixed while equities made gains. Triple-A curves saw yields fall two to three basis points while USTs were a touch weaker on the short end and a bit firmer out long. The two-year muni-to-Treasury ratio Monday was at

When Oregon voters consider $1.23 billion in bond measures on the May 21 ballot, issuers will be hoping for a more favorable outcome than local issuers received in November. Only two bond measures totaling $19 million were approved in November out of the $474.95 million requested during the special election. “Historically, the November election has

As Florida’s Brightline passenger train floated its first investment-grade and insured bonds in a high-profile transaction last week, a key part of the deal for insurer Assured Guaranty was the control it would have if the issuer runs into debt payment trouble. Assured wraps $1.13 billion, or 51%, of the $2.219 billion of senior bonds

The Puerto Rico Oversight Board warned the government it will sue to stop a recently passed law that would reduce Puerto Rico Electric Power Authority revenues for the next 26 years by preventing a change in the net metering policy. In a letter to Puerto Rico Gov. Pedro Pierluisi, Senate President José Dalmau Santiago, and

Hawaii Gov. Josh Green failed to convince lawmakers to consider legislation that would have allowed struggling Hawaii Electric Co. to issue bonds backed by a rate increase. Senate Bill 2922, introduced by Senate Commerce and Consumer Protection Chair Jarrett Keohokalole, would have allowed HECO to issue up to $2.5 billion in low-interest bonds, if it

All markets rallied on the weaker jobs data, leading municipals to see yields fall up to eight basis points on what typically is a quiet Friday session, following a better-performing U.S. Treasury market. Equities closed in the black. The softer-than-expected April employment report led to some analysts believing this could put rate cuts back on

Oklahoma’s list of investment banks determined to be “boycotting” the fossil fuel industry expanded with the addition of Barclays, making it ineligible for state and local government contracts, State Treasurer Todd Russ announced Friday.  Barclays joins Bank of America, JP Morgan, and Wells Fargo, which were placed on the list last year under the state’s

Municipals were slightly firmer Thursday as U.S. Treasury yields fell and equities were better to close the session. Municipal bond mutual funds saw another week of inflows as investors added $515.5 million for the week ending Wednesday after $200.3 million of inflows the week prior, according to LSEG Lipper. High-yield funds also saw inflows to

Federal funding programs that rely on public private partnerships and championed by the Department of Transportation are pushing municipalities into hard comparisons of P3’s to traditional bond offerings.   “The amount of time that I spent on bond issuance was about twenty minutes spent signing the paperwork and maybe ten minutes with the CFO telling me

The first piece of a general obligation bond authorization for a new Des Moines, Iowa, airport terminal is coming to market. The county is issuing $113 million of general obligation capital loan notes, Series 2024A, on behalf of the Des Moines Airport Authority. The debt will finance the design, construction and equipment of a new

Municipals were little changed Wednesday as U.S. Treasury yields fell and equities rallied after the Federal Reserve held rates steady. “There was a collective sigh of relief in the financial markets after the Fed refrained from increasing its hawkishness at the May FOMC meeting,” said Jack McIntyre, portfolio manager at Brandywine Global. “In fact, nothing really