Bonds

Gov. Phil Murphy signed New Jersey’s largest budget into law Thursday. As the nation faces an economic slowdown, Murphy addressed a joint session of New Jersey legislators and told them that the record $50.6 billion spending package, which follows strong consecutive tax seasons and includes a $7.8 billion surplus, avoided using “temporary windfalls for long-term

Tradeweb Markets Inc. has launched a program to connect diverse dealers with the buy-side directly through the company’s electronic marketplaces. The Spotlight Dealer Diversity Program, an initiative to highlight firms owned by women, veterans, people with disabilities and individuals of underrepresented racial and ethnic groups, aims to enhance their visibility and influence with new individual

Municipals were steady to firmer in spots in secondary trading as a large revenue bond offering from the New York City Transitional Finance Authority took the focus and saw yields lowered in a repricing. U.S. Treasuries improved on rising recession concerns while equities ended nearly flat. Municipals underperformed the moves to lower yields in UST,

Sen. Pat Toomey’s effort to reform the 12 regional Federal Reserve banks will not join him in retirement at the end of the year.  Sen. Tim Scott, R-S.C., who is expected to succeed Toomey as the ranking member on the Senate Banking Committee, joined the Pennsylvania Republican in calling for more accountability from reserve banks

Bond default and impairment is famously low in the municipal bond market. But the case of Paradise, California, offers an example of the rising financial risks posed by climate and management decisions. After the city was nearly destroyed in 2018 by California’s deadliest wildfire to date, the state stepped in to help the city’s redevelopment

Federal Reserve officials will discuss whether to raise rates by 50 basis points or 75 basis points when they meet next month, with the decision being determined by economic data, New York Fed President John Williams said on Tuesday. “In terms of our next meeting, I think 50 to 75 is clearly going to be

Municipals were lightly traded and little changed steady Monday, while U.S. Treasury yields rose and equities ended in the red. With the muni triple-A yield curve unchanged out long, and UST seeing small losses, ratios dipped below 100% on the 30-year. Muni-UST ratios were at 69% in five years, 87% in 10 years and 98%

The Connecticut Green Bank is mulling another round of its climate-certified Green Liberty Bonds after initial offerings raised more than $40 million from retail investors for renewable energy projects across the state. With a marketing program that echoed the Series E war bonds sold to Americans during World War II, Green Liberty Bonds targeted the

Municipals were little changed in a quiet summer Friday session ahead of a larger new-issue calendar and the final week of a volatile month, while U.S. Treasuries were weaker and equities rallied. Triple-A yield curves were mostly flat to a basis point or two stronger in spots while UST were weaker with larger losses on

Puerto Rico bankruptcy Judge Laura Taylor Swain this week approved key Puerto Rico Highways and Transportation Authority bankruptcy documents and dates, moving the plan closer to confirmation with a final hearing set for mid-August. Swain filed her order Wednesday in the U.S. District Court for Puerto Rico, approving the Oversight Board-proposed disclosure statement, ballots, and

States using American Rescue Plan Act federal aid for revenue replacement could face fiscal cliffs in the years to come. That’s according to Beverly Bunch, professor at the School of Public Management and Policy at the University of Illinois-Springfield, speaking on the Volcker Alliance and Penn Institute for Urban Research’s special briefing on how states

Karl K. Klessig, an investor who two years ago sought to acquire the former Golden Pacific Bancorp in Sacramento, California, was banned from the banking industry for providing a fraudulent loan document and forged signature in his application, the Federal Reserve Board said Friday. “Klessig’s deceptive conduct in connection with his effort to acquire control

Federal Reserve Bank of San Francisco President Mary Daly said she expects the central bank to raise interest rates to levels that restrain the economy, though it’s not clear how much further policy makers will need to go to bring down hot inflation. The central bank, which raised interest rates by 75 basis points this

Municipals outperformed moves in U.S. Treasuries Thursday, playing catch up to taxables’ massive flight-to-safety rally that hit Wednesday, while equities ended in the black. Municipal triple-A yield curves saw up to 10 basis point bumps on the long end while UST saw yields fall four to eight basis points. Muni-UST ratios on Thursday were at

After wrapping up his final deal, Wisconsin Capital Finance Director David Erdman is packing up an office filled with three decades of paperwork as his tenure with the state winds down and he makes the leap to the private sector at Baker & Tilly Municipal Advisors LLC. There’s also a “retirement” party to attend Thursday

Cleveland State University in Ohio is banking on a housing play financed with a portion of a $148.8 million bond sale Thursday as part of its strategic plan to bolster its appeal and housing opportunities. Euclid Avenue Development Corp., a unit of the university established to develop, own, and manage housing and parking facilities, will

Constructive secondary trading and an active primary pushed triple-A muni yields lower on the back of a U.S. Treasury flight-to-safety rally after Federal Reserve Chair Jerome Powell acknowledged for the first time that it was “certainly a possibility” the U.S. economy may face a recession as the Fed continues to contend with inflation. “Inflation has

Municipals were little changed Tuesday as U.S. Treasuries sold off on the long end and equities rallied. Triple-A benchmarks have remained steady over the past several trading sessions following the massive volatility at the start of last week. The majority of the losses happened last Monday and Tuesday traders and investors were trying to get

Moody’s Investors Service boosted Denver International Airport’s bond ratings a notch ahead of a $1.84 billion sale for its current capital plan. The senior revenue bond rating was raised to Aa3 from A1 and the rating on subordinate revenue bonds was upgraded to A1 from A2, affecting about $5.2 billion of outstanding debt.  “The ratings

The former chief administrative officer of Johnson City, Texas falsified financial statements and misled investors in an attempt to hide his ongoing embezzlement of city funds, the Securities and Exchange Commission alleged Thursday. Michael Anthony Holland, who was also Johnson City’s secretary, stole $1.12 million from the city between 2015 and 2020, using the money