Bonds

Municipals were weaker Friday ahead of a holiday-shortened week with a smaller new-issue calendar. U.S. Treasuries were firmer, and equities ended mixed. Triple-A benchmarks were cut three to 11 basis points, depending on the scale, pushing the one-year muni above 3% and the 30-year to 3.50%. UST yields fell two to five basis points. Muni-UST

A big Texas bond deal to recover extraordinary costs incurred by natural gas utilities during a fierce 2021 winter storm finally won approval Friday from a state board, paving the way for pricing next month.  The Texas Bond Review Board approved the issuance of up to $3.6 billion of taxable customer rate relief bonds by

The Georgia Ports Authority and the Army Corps of Engineers have signed an agreement to expand the Port of Brunswick, a move state officials said will help prepare the port for expansion. The agreement, announced Monday, clears the way for the Corps to begin dredging and widening certain sections of the port to accommodate larger

Municipals extended their sell-off Thursday, as the front end of the curve was hit the hardest. U.S. Treasuries were weaker, and equities ended in the red. Triple-A benchmarks were cut 13 to 17 basis points at the one-year, depending on the scale, pushing it to around 3%. Muni-UST ratios rose on the short end. The

Puerto Rico Oversight Board member Justin Peterson and other observers of the Puerto Rico Electric Power Authority bankruptcy criticized what they said was the board’s attack on U.S. revenue bonds in the lien adversary proceeding and called for state attorneys general to intervene. “The board’s actions and arguments in the PREPA lien adversary proceeding are

Municipals sold off Wednesday in secondary trading, with the short end seeing the largest cuts, as several large deals priced in the primary. U.S. Treasuries were weaker and equities ended mixed after a strong retail sales report. Triple-A benchmark yields were cut six to 16 basis points, depending on the scale, pushing the one-year muni

Detroit revenues remain on an upward trajectory thanks to healthier income and utility tax prospects, but clouds loom over the toll of a potential recession and longer-term pressures lie ahead as pension contributions resume. Revenue and economic projections offered good near-term news, leading the city’s revenue estimating conference to raise recurring revenues expected in the

Municipals were weaker Tuesday, while USTs saw yields rise and equities ended mixed after a hotter-than-expected consumer price index report showed inflation may take longer to combat, and require higher rates, than the Federal Reserve planned. Triple-A benchmarks were cut one to six basis points, depending on the scale, while UST yields rose nine to

State treasurers gathered for a major conference in Washington Monday expressed concerns about the contentious Federal Data Transparency Act that became law last year. A panel discussion exploring that and other important topics in public finance occurred at the National Association of State Treasurers conference, and was moderated by Rachel Eubanks, the Michigan state treasurer.

Municipals were weaker in spots Monday as they face difficult technicals, while U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 52%, the five-year at 54%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had

Philadelphia Fed President Patrick Harker said the odds of the Federal Reserve being able to control inflation without triggering a recession are growing, but that the key interest rate must get above 5% and stay there to ensure price pressures ease. “We actually are increasing the odds — we can get a soft landing. That

Michigan is considering a large, first-time road tolling program that would establish a public tolling agency and new borrowing credit to shore up a long-struggling road funding system. The toll program, which would begin with nearly 600 of mostly interstate miles, would also be somewhat unusual in that it would build on existing roads. Most

Illinois’ consolidation of suburban and downstate police firefighter pension fund assets cleared a second legal hurdle but it could take a decision from the Illinois Supreme Court to clear the path for full participation in the plan. Kane County Circuit Court Judge Robert Villa last May upheld the law and an appellate court this week

The Florida Legislature concluded its special session on Friday and passed new laws that renamed the Reedy Creek Improvement District and put its control in the hands of Gov. Ron DeSantis. The Legislature approved a bill in April to dissolve all independent special districts created before 1968. The bill’s authors and DeSantis made it clear it was intended to punish the

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