Bonds

The Securities and Exchange Commission’s four enforcement actions this year were all leveled against municipal issuers, a signal that the Commission could be taking a more holistic approach when looking at municipal securities violations. This year, the Commission has charged issuers and related officials from Rochester, New York, Crosby Independent School District in Harris County,

Municipals were firmer Tuesday ahead of the conclusion of the July Federal Open Market Committee meeting where a three-quarter point rate hike is likely, while U.S. Treasuries were weaker and equities sold off. Triple-A curves saw yields fall up to five basis points, depending on the scale, while U.S. Treasuries rose up to three basis

The latest version of a much-negotiated spending bill that Senate Democrats hope to pass before the end of next week features a provision that’s key to the stability of the nonprofit health care sector, market participants said. After passing the House in December as a $1.75 trillion Build Back Better legislation that encompassed President Joe

Municipals were little changed Monday while U.S. Treasuries were weaker and equities were mixed near the close. With a steady muni yield curve and weaker USTs, muni to UST ratios on Monday fell slightly. They were at 67% in five years, 85% in 10 years and 98% in 30 years, according to Refinitiv MMD’s 3

Cleveland heads into the market this week with an upgrade helped along by its decision to tap surpluses to bolster reserve levels. Moody’s Investors Service raised the city’s rating to Aa3 from A1 while S&P Global Ratings affirmed its AA-plus. Both assign a stable outlook.Moody’s action recognizes a “strengthening of fund balance and liquidity,” analysts

Citigroup Inc.’s municipal-bond business, for decades a powerhouse in the $4 trillion market for U.S. state and city debt, has seen a wave of high-profile departures as the bank revamps parts of the group’s trading and banking units. The bank in recent months shuttered its muni proprietary trading unit — which used the firm’s own

As the U.S. airline industry appears to shake off the lingering effects of the pandemic, experts expect a rapid return to profitability and previously predicted growth. After a staggering 96% drop in the volume of domestic air travel shortly after the adoption of travel restrictions in March of 2020, passenger flight rates have rebounded to

The U.S. House of Representatives Natural Resources Committee passed a binding plebiscite on Puerto Rico’s status Wednesday but immediately faced opposition by some United States-based diaspora groups. The bill would offer Puerto Rico voters three options: statehood, independence, or sovereignty in free association with the United States. The current status — remaining a territory —

The dismissal of Arizona Gov. Doug Ducey’s lawsuit to block the Treasury Department from clawing back some pandemic relief money highlights both the complexities of state compliance with federal guidance and the antagonism that exists between certain states and the Biden administration. But while Ducey was unable to make his case in federal court this

Investors will be greeted Monday with the smallest new-issue calendar year-to-date ahead of the Federal Open Market Committee’s July meeting where rates are anticipated to be hiked at least three-quarters of a point. To end the week, munis were firmer, underperforming the extended U.S. Treasuries rally where yields again fell double-digit basis points. Equities ended

Michigan drew an upgrade from Fitch Ratings over analysts’ view that a rebuilding of reserves and cash balances along with flush tax collections and conservative budgeting strengthens the state’s edge in weathering a future downtown. The upgrade to AA-plus from AA impacts $1 billion of outstanding general obligation debt and the Michigan School Bond Qualification

Municipals were weaker on the long end of the curve, largely ignoring the U.S. Treasury rally where yields fell double-digits Thursday, while outflows from municipal bond mutual funds returned. Equities made gains. Triple-A yields were cut up to three basis points while UST saw yields fall 12 to 16 basis points 10-years and in. Muni

Local governments plan to spend the majority of their Infrastructure Investment and Jobs Act funds on roads, with water and broadband projects also getting high priority. That’s according to a joint survey by the National League of Cities and Polco, in which 82% of respondents said they intended to spend federal dollars on roads, bridges

Final financing deals are nearly complete for two long-planned commuter rail projects billed as transformational for the Northwest Indiana corridor that sits in the shadow of Chicago along the Lake Michigan shoreline. Both Northern Indiana Commuter Transportation District projects achieved major milestones in June. The Indiana Finance Authority closed on a $203.3 million federal Railroad

Municipal bond fund flows have a direct impact on borrowing decisions made by issuers held in the fund, argues an academic paper presented Tuesday at Brookings Municipal Finance Conference that sheds light on the little-studied question. But the relationship may appear less clear in the real-world experiences of some market participants. The impact, if any,

Municipals were steady to weaker in spots Tuesday as the $800-million-plus general obligation bond deal from the state of Washington took focus in the primary. U.S. Treasuries were weaker and equities rallied. Triple-A yields rose a basis point while UST saw yields rise again, as much as five to six, with larger losses on the

Despite resolving the largest bankruptcy in municipal market history, issues with the local government and questions over economic growth cloud Puerto Rico’s future, analysts and Oversight Board officials say. The Puerto Rico Oversight, Management, and Economic Stability Act helped restructure Puerto Rico’s debt and made some progress in budget reform, Center for a New Economy

Fresh off a whirlwind of visits to investors and meetings with rating agencies, Florida officials are confident the state’s finances will remain in good shape no matter what the future holds. In a yearly deep dive into its finances, Florida officials met with analysts at Moody’s Investors Service, S&P Global Ratings and Fitch Ratings as

Hospitals will need to raise rates, cut costs and implement “transformational” change to combat inflationary-driven pressures that are damaging margins and setting back the sector’s COVID-19 pandemic recovery, according to a Fitch Ratings report. “Not-for-profit hospital operating margins, which declined during the pandemic, will see further erosion due to ongoing inflationary pressures of elevated labor,

Climate mitigation efforts in cities with high risks of flooding will pay less in bond and insurance premiums if measures are taken to curb such activity. That’s according to a recent paper by Anya Nakhmurina, assistant professor of accounting at Yale School of Management and Shirley Lu, assistant professor at Harvard Business School’s accounting and