Bonds

Municipals were weaker Friday ahead of next week’s heavier new-issue calendar. U.S. Treasury yields rose and equities were mixed. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while U.S. Treasury yields rose three to eight basis points, pushing the two-year UST above 4.50%. The three-year muni-UST ratio was at

Nearly half of Puerto Rico’s residents will be exempt from paying a proposed charge to support the restructured Puerto Rico Electric Power Authority bonds, the Puerto Rico Oversight Board said. The amended proposed PREPA plan of adjustment, filed Thursday, calls for a monthly fixed $13 fee and a volume-based charge for use up to 500

Citigroup was dropped Thursday from an upcoming $3.4 billion Texas bond sale after being recently barred from underwriting government debt in the state. The Texas Natural Gas Securitization Finance Corporation board reconstituted the deal’s underwriting syndicate, removing Citigroup as a co-manager. Last month, the Texas Attorney General’s Office announced it will no longer approve any

U.S. Virgin Islands Gov. Albert Bryan Jr. asked a U.S. Senate committee for an increased rum cover tax, more federal aid, and laxer Environmental Protection Agency enforcement. Bryan said the U.S. Congress should extend the rum cover tax rate at $13.25 rather than $10.50 per proof gallon retroactively for 2022 as well as for 2023.

Municipals were weaker in secondary trading, with the largest cuts seen on the short end, while a $1.2 billion deal from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were better, and equities ended in the red. The three-year muni-UST ratio was at 54%, the five-year at 55%, the

San Francisco Mayor London Breed issued a directive Monday providing further guidance on the city’s eight-year plan to permit 82,000 new housing units in the city. Gov. Gavin Newsom announced last week that California has approved the city’s Housing Element plan, making it one of the few Bay Area cities to meet a state deadline

Municipals were weaker once more, while U.S. Treasury yields rose out long, and equities ended up. Triple-A benchmark yields were cut up to seven basis points, depending on the scale, pushing the one-year above 2.50%. The last time the one-year was above 2.50% was Jan. 10. The three-year muni-UST ratio was at 53%, the five-year

Citigroup cut three positions from its municipal ranks last week, including that of veteran public finance banker Thomas Coomes, who had co-led the firm’s Midwest region which is based out of Chicago. The bank also let go Daniel Daley and Marc Livolsi in the New York office, according to multiple sources. Coomes, a managing director,

Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News

Puerto Rico Electric Power Authority creditors filed objections in the U.S. District Court for Puerto Rico to the Puerto Rico Oversight Board’s proposed disclosure agreement, asserting it is unconfirmable and fails to provide key information. A board spokesman said, “We will respond [to the objections] in detail in court.” The Ad Hoc Group of PREPA

Environmental, social, and governance-related disclosure benefits municipal issuers, according to a panel of municipal professionals. Risks issuers face currently weren’t a consideration 50 years ago, noted Richard Freund, associate director at CDP North America, at a session at The Bond Buyer’s National Outlook Conference Thursday. Risk is risk and impact is impact, said Freund. Issuers

The developers of the American Dream mall in East Rutherford, New Jersey, have missed another scheduled debt service payment on the bonds issued to bankroll its construction. Triple Five, owner and developer of American Dream, missed a payment due on $287 million of limited obligation grant revenue bonds issued through the Public Finance Authority in

The triple-A Texas program that guarantees public school bonds is quickly using up its already limited capacity, ending December with only a projected $26.65 million available. Amid a slew of school debt approved by voters last year, the Permanent School Fund program has experienced high demand that shrank its projected available capacity from $3.97 billion

On the heels of municipal bond issuance disappointing in 2022, nearly two-thirds of market participants in a Bond Buyer live market survey said they expect 2023 issuance to remain around last year’s levels. The muni market saw $384.086 billion of debt issued in 2022, down 21% year-over-year, as issuers were flush with cash and rising

Municipals were hit hard across the curve Friday, with the most damage felt on the short end. Triple-A benchmarks outperformed a U.S. Treasury rout on the heels of a hotter-than-expected jobs report. Triple-A benchmarks were cut six to 15 basis points at the one-year, with smaller cuts across the curve. U.S. Treasury yields rose eight

As interest rates continue to rise, the draw of pension obligation bonds appears to be falling fast. A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme. “Typically, the biggest risk with POBs is market timing risk,” said Todd Kanaster,

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

A pair of New Jersey lawmakers have introduced a bipartisan House bill to lift the cap on state and local tax deductions. HR 680, introduced Jan. 31 by Democratic Rep. Mikie Sherrill and Republican Rep. Mike Lawler, would lift the $10,000 cap to $100,000 for individuals and $200,00 for married taxpayers, significantly lifting the current

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

Florida faces a year of unprecedented opportunities tempered by some economic challenges, according to participants at a virtual conference held by the Florida Chamber of Commerce. “We believe that Florida is going to see another year of growth,” Mark Wilson, president of the chamber, said during its online 2023 economic outlook and jobs solution summit