Bonds

Illinois spread penalties narrowed this month to levels in line with its ratings for the first time in years as the state reaps the benefits of swelling tax revenues, federal cash and a market looking for scarce yield. The state’s 10-year spread currently stands at 63 basis points higher than Refinitiv Municipal Market Data’s AAA
0 Comments
Municipal bond yields rose by as much as seven basis points in the belly of the curve Thursday, playing catch-up to the U.S. Treasury market, while Refinitiv Lipper reported another large round of inflows, a nod from investors that they remain engaged in the market, regardless of low rates. Refinitiv Lipper reported $1.85 billion of
0 Comments
Municipals were little changed Monday as the market awaits the larger new-issue calendar and participants position themselves ahead of the Federal Reserve meeting. After a week of U.S. Treasury strength, rates rose Monday bringing the 10-year back to 1.50% after hitting 1.43% Thursday, a three-month low. Municipals did not follow and few participants anticipate any
0 Comments
The Internal Revenue Service has told the city of Winchester, Virginia it closed an audit of $28.6 million in 2012 general obligation refunding bonds without taking any adverse action. Winchester announced the decision Thursday in a public notice on the EMMA database of the Municipal Securities Rulemaking Board. “By letter dated June 1, 2021, the
0 Comments
Two bipartisan Senate infrastructure proposals unveiled Thursday have raised hope that the Biden administration will avert a Democrats-only approach. One involves a wide-ranging framework worked out by 10 senators while the other involves more narrowly tailored legislation that would spend $78 billion on passenger and freight rail. The narrowly focused bill is the latest bipartisan
0 Comments
As the market for ESG-certified bonds grows, Oregon-based Kestrel Verifiers is growing along with it. The eight-person women-owned firm has added two new employees this year and gained marquee clients like Stanford University, the American Museum of Natural History in New York City and the cities of Boston and Seattle, the latter a joint project
0 Comments
The private operator of Puerto Rico’s electric transmission and distribution systems has been plagued by outages and protests since it took over June 1, culminating in a 900,000-customer outage Thursday. LUMA Energy’s takeover of these systems is a central part of the Puerto Rico Oversight Board’s plans to transform the Puerto Rico Electric Power Authority
0 Comments
The pandemic has highlighted the importance of basic functional infrastructure, budget management and affordable housing to the vitality of cities. That’s the takeaway from the 2021 State of the Cities report released Thursday by the National League of Cities. Nearly 600 cities, towns and villages were surveyed along with 57 mayoral speeches that provided additional
0 Comments
Puerto Rico Gov. Pedro Pierluisi signed a bill Wednesday rejecting any pension cuts and undoing pension reforms enacted in 2017, despite these cuts and adjustments being part of the proposed plan of adjustment and approved fiscal plan. “The public pensioners dedicated years of their lives to the service of our people and were the engine
0 Comments
Chicago-based Mesirow Financial elevated it chief financial and chief administration officer Natalie Brown to president, replacing Dominick Mondi who retired in February. “Natalie is a natural leader with deep financial services experience, and an ability to navigate through complex challenges and opportunities successfully,” Richard Price, the firm’s chairman and chief executive officer, said in a
0 Comments
The California state treasurer wants Congress to triple the federal cap on tax-exempt private activity bonds that are used for high-speed rail projects and other surface transportation to $45 billion. California Treasurer Fiona Ma emphasized in a letter Monday to key House and Senate Democrats and Republicans the importance of including private investment in the
0 Comments
Armed with strong rating agency reviews and with an eye toward infrastructure and workforce development, Maine expects to come to market the week of June 7 with a $99 million negotiated general obligation bond sale. The deal is comprised of $82 million of Series B tax-exempt and $17 million of Series A federally taxable bonds,
0 Comments