The Municipal Securities Rulemaking Board held the first of its two stakeholder meetings on Thursday, gathering trade groups representing the professionals from which the board derives its fees to discuss its now abandoned rate card model, the volatility of its fees and how many of its fees and expenses are allocated. According to both members
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Nato’s European members need to find an extra €56bn a year to meet the alliance’s defence spending target, but the shortfall has halved in the past decade, according to research by Germany’s Ifo Institute for
Houston will end its eight-year-long impasse with its firefighters union under a $650 million settlement financed through the issuance of judgment bonds, Mayor John Whitmire announced Thursday. The agreement provides lump sum payments to current and retired firefighters to cover back wages owed while they worked without a contract since the last one expired in
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Venezuela will hold its presidential election on July 28, ending speculation over when polls will be held as political repression increases in the South American country. Socialist strongman President Nicolás Maduro is expected to run
In this article ZG Follow your favorite stocksCREATE FREE ACCOUNT Skynesher | E+ | Getty Images Factors beyond high mortgage rates are affecting housing affordability for many Americans, according to experts. Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and
Rich valuations 10-years and in, municipal outperformance to U.S. Treasuries and an overall drumbeat that supply is not meeting demand — yet cash sits sidelined — was the theme for the week. All else being equal, expectations for more of the same will greet the market next week, along with several New York credits and
In this article PGNY VTGN PFE Follow your favorite stocksCREATE FREE ACCOUNT Peathegee Inc | Tetra Images | Getty Images After years of being ignored, menopause has entered the public conversation. Celebrities from Drew Barrymore to Naomi Watts have opened up about symptoms and promoted products. Yet despite the increased chatter, there is a long
A below-the-radar trip to Venezuela by Boris Johnson to meet autocratic president Nicolás Maduro was arranged by a hedge fund manager interested in normalising diplomatic relations between London and Caracas, according to people familiar with the matter. Former JPMorgan banker Maarten Petermann, co-founder of London-based Merlyn Advisors, organised the former UK prime minister’s visit by
Property insurers’ growing reluctance to insure homes exposed to severe weather should raise a red flag for the municipal bond market, which so far has shrugged off risks but will soon have to grapple with major climate-driven shifts in credit quality and bond prices. That’s according to panelists who spoke Thursday during a webinar titled
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. TikTok has hit $16bn in sales in the US, where the viral video app that has hooked Gen Z users is at risk of being banned. Three people with knowledge of its finances said the
Portra | E+ | Getty Images Spring is almost here — and people looking for a new rental face a competitive market. Asking rent prices in the U.S. jumped to $1,959 in February, according to Zillow Group’s latest Rental Market Report. That’s up just 0.4% from the month prior, but a 3.5% increase from a
Municipals were weaker Thursday, but outperformed U.S. Treasury market losses, as the final large deals of the week priced, including several housing issues. Equities ended down. Municipal bond mutual fund inflows continued for the third consecutive week as LSEG Lipper reported investors put $295.5 million into the funds for the week ending Wednesday with high-yield
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Prime Minister Rishi Sunak has ruled out calling a general election in May, dashing the hopes of opposition MPs who believed there could be a new UK government by the summer. Sunak told ITV news
Fitch Ratings affirmed the A rating on Miami-Dade County, Florida’s $1.8 billion of senior lien seaport revenue bonds issued for the county’s seaport department, PortMiami. The rating outlook is stable. The senior lien bonds are secured by a first-lien pledge of seaport net revenues. Fitch has also rated the $442.5 million of the county’s Series
The working day for MPs in the House of Commons chamber has been shorter on average this parliamentary session than in any other in the past quarter century, according to a Financial Times analysis. Prime Minister Rishi Sunak has been accused of presiding over a “zombie parliament”, with opposition parties arguing the relative shortness of
A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Frederic J. Brown | AFP | Getty Images Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with
Municipals were little changed Wednesday as two billion-dollar-plus deals from the Dormitory Authority of the State of New York and CommonSpirit Health took focus. U.S. Treasuries were weaker and equities were mixed. The two-year muni-to-Treasury ratio Wednesday was at 59%, the three-year at 59%, the five-year at 57%, the 10-year at 57% and the 30-year
The US has held secret talks with Iran this year in a bid to convince Tehran to use its influence over Yemen’s Houthi movement to end attacks on ships in the Red Sea, according to US and Iranian officials. The indirect negotiations, during which Washington also raised concerns about Iran’s expanding nuclear programme, took place
Stifel has hired Joseph Narens, who spent a decade at Citi, to oversee the firm’s institutional high-yield trading across the firm’s municipal securities business line. Narens joined Stifel Wednesday as managing director and head of High Yield Municipal Trading. Prior to joining Stifel, Narens spent 10 years at Citi, most recently as the head of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK economy returned to growth in January helped by the expansion of the services sector, following a technical recession in the second half of 2023. Gross domestic product rose 0.2 per cent between December
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