Bonds

A poll from the non-partisan Public Policy Institute of California predicts Gov. Gavin Newsom will be re-elected and three state-wide measures — two that would increase sports betting and another that would tax the wealthy to pay for water and fire prevention — are likely to fail. Dean Bonner, a PPIC associate survey director and

Municipals were little changed to a touch firmer out long Friday while U.S. Treasuries sold off on the front end of the curve and the 10-year UST rose back above 4%. Equities rallied buoyed by tech stocks. Triple-A municipal yields fell up to two basis points, depending on the scale, while UST yields rose eight

The New Jersey Turnpike Authority is scheduled to close next week on a $700 million revenue bond deal. The Series 2022B bonds priced Oct. 13. Proceeds are destined for improvement projects across the 290 miles of roadway that make up the New Jersey Turnpike and Garden State Parkway.  The scheduled work will include “capacity enhancements

Municipals were steady in secondary trading while the last large deal of the week, the Triborough Bridge and Tunnel Authority’s $700 million of MTA Bridges and Tunnels green bonds, priced. U.S. Treasuries saw more improvements with the 10-year falling below 4%, while equities ended mixed after gross domestic product and other economic data came in

On Nov. 8, voters in Chittenden County, Vermont, will decide on a $22 million bond measure local officials say is necessary replace the area’s aging recycling plant and to future-proof its waste infrastructure. The existing plant is technologically outdated, said the board chair of the Chittenden Solid Waste District, Paul Ruess, and straining to meet new

The public agency that manages Chicago’s convention center campus will return to the market next month with a debt restructuring to give it breathing room to meet fiscal 2023 debt service as operations and tax collections remain in COVID-19 recovery mode. The Metropolitan Pier and Exposition Authority board signed off Tuesday on a borrowing of

Municipals sold off out long in secondary trading while two billion-dollar-plusnew-issues from California and the New York City Transitional Finance Authority made concessions in primary pricings. Munis continued to play catch up to the rise in U.S. Treasury yields, though taxables improved Wednesday and equities ended mixed. Municipal bond mutual funds saw more losses with

Sen. Sherrod Brown, D-Ohio, is urging the Federal Reserve to exercise caution as it considers another interest rate increase at next week’s Federal Open Market Committee meeting. In a letter sent to Fed Chair Jerome Powell on Tuesday, Brown, who chairs the Senate Banking Committee, advised the central bank not to “lose sight” of its

Munis were mixed Tuesday as the secondary took a backseat to the larger primary that began pricing, while U.S. Treasuries whipsawed into a rally as economic data signaled the Federal Reserve’s actions are cooling the economy while equities improved on better corporate earnings. Triple-A yields were little changed to weaker by a basis point or

As politicians and fund managers spar over how public finance should respond to questions related to environment, social, and governance concerns, muni bond issuers on the front lines are quickly getting up to speed.  “Investors and regulators are looking for ESG disclosures about environmental, social, and governance factors that may affect municipal issuers credit and

Munis continued to see losses following Friday’s selloff as the 30-year triple-A yield topped 4%. U.S. Treasuries ended the session weaker across the curve while equities extended gains. Triple-A yields rose three to seven basis points, depending on the scale, while Treasuries saw larger losses out long. The three-year muni to UST ratio on Monday

With the University of Puerto Rico under increasing financial pressure, the full payment of its roughly $365 million in bonds appears to be under threat. The university has continued to pay debt service on its bonds since the 2016 passage of the Puerto Rico Oversight, Management, and Economic Stability Act that set up the bankruptcy

Federal Reserve Bank of San Francisco President Mary Daly said policymakers should start planning for a reduction in the size of interest-rate increases, though it’s not yet time to “step down” from large hikes. “It should at least be something we’re considering at this point, but the data haven’t been cooperating,” Daly said Friday in

In May, Princeton University, a non-profit with access to the tax-exempt debt markets, chose to issue $300 million of taxable debt with a corporate CUSIP side-by-side with a traditional $300 million tax-exempt deal. That’s because the taxable corporate CUSIP bonds allowed it more flexibility with proceeds than tax-exempts do, a university official said. “The university

Florida’s unemployment rate fell to a near record low in September, according to data released Friday by the U.S. Labor Department and the state Department of Economic Opportunity. Florida’s unemployment rate dropped to 2.5% from 2.7% in the previous month and is now the second lowest in the state’s history and the lowest since October

A shift in the municipal bond buyer base away from mutual funds might mean an uptick in borrowing costs for states and local governments and a more credit-focused investment strategy. Massive mutual fund outflows this year of around $100 billion means issuers have “lost their prime funding mechanism,” said Tom Doe, president and managing partner

Municipals sold off Friday with losses of up to 18 basis points, with the damage felt across the curve, and the 30-year triple-A yield closed just shy of 4%. U.S. Treasuries ended mixed after the 10-year rose to levels not seen since 2007 earlier in the session, and the reversal led to an equity rally

Three not-for-profit health systems cut the number of ratings they pay for amid a backdrop of strained operating conditions with margins squeezed by sector-wide expense pressures. SSM Health and OSF Healthcare System in the Midwest and Scripps Health in California all confirmed their decision to drop Moody’s Investors Service in emails. SSM and Scripps published

Municipals were weaker as mutual fund outflows continued, while U.S. Treasuries extended their selloff and equities ended in the red. Triple-A yields rose one to three basis points, with the larger losses out long, while UST yields rose eight to 10 basis points across the curve. Muni-UST ratios fell with the three-year at 65%, the

Munis were weaker Wednesday but they outperformed a U.S. Treasury selloff that pushed the 10- and 30-year to yields not seen in more than a decade. Equities ended in the red. Triple-A muni yields rose two to five basis points, depending on the scale, while USTs rose nine to 12 basis points, pushing the yields