Bonds

In the midst of a declining workforce, the Internal Revenue Service is taking an “all hands on deck” approach to hiring that includes a recent announcement for a role focused on tax-advantaged bonds. The Oct. 14 posting for a senior tax law specialist seeks a candidate experienced with complex matters involving tax-advantaged municipal finance transactions.
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The historic settlement between states and drug companies over the U.S. opioid epidemic is unlikely to have a material impact on the municipal bond market, said Barclays in a new report. The pending $26 billion deal is the largest attorney general multi-state enforcement action in history after the 1998 tobacco master settlement agreement. But it’s
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Municipals ended the week steady even as U.S. Treasuries lost ground and equities rallied on better consumer data and corporate earnings. Triple-A benchmark yields were left unchanged as the 10-year UST rose six basis points while the 30-year climbed three. Ratios fell on the day’s moves, with the 10-year municipal-to-UST ratio at 74% and the
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Assured Guaranty accounted for a total of $17.31 billion in 820 deals for a 52.1% market share in the first three quarters of 2021, up from the $13.77 billion in 703 deals for a 48.9% market share over the same period as the year before. “Assured Guaranty continued to lead the municipal bond insurance industry
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Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed
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Peter Delahunt, who helped build Raymond James’ municipal team over 26 years with the firm, has been wooed out of retirement to do the same for StoneX. The global firm has a large fixed-income team and had made a decision to go big on munis seeing opportunity in the sector at the height of the
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Municipals were steady in light secondary trading while new issues were repriced to lower yields and U.S. Treasuries made gains after a rollercoaster day. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.541% and the 30 fell six to 2.035% near the close. Ratios rose as a result,
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The National Association of Bond Lawyers is putting its efforts behind the industry-wide push for the muni industry’s priorities to be included in the infrastructure and reconciliation bills currently passing through Congress. Ann Fillingham, director of regulated industries at Dyseka, who becomes NABL’s new president this week, discussed the group’s priorities as the agency kicks
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Municipal advisors considering disclosure of conflicts of interest would do well to tread carefully, particularly given recent enforcement activity by the Securities and Exchange Commission. That was a key takeaway from an expert panel at the 2021 Compliance Outreach Program for Municipal Advisors sponsored jointly by the SEC, Municipal Securities Rulemaking Board and the Financial
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Pension cuts and spending measures remain an obstacle to restructuring Puerto Rico’s debt, with the president of the Puerto Rico House of Representatives asking the Oversight Board to provide written commitment to support no pension cuts and a slew of spending measures before he would sign off on a bond restructuring. “Until some accommodation can
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The municipal 10-year triple-A bond hit a high for the year Friday at 1.18%, beating the yield reached in the March selloff. Municipals were weaker Friday, playing catch-up to another day of U.S. Treasury losses as participants await an $8 billion calendar and a more uncertain market sentiment with the pullback from mutual funds hanging
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Municipal advisors’ most common examination deficiencies are maintaining books and records, travel and entertainment expenses, and service contracts, officials from the Securities and Exchange Commission said in a virtual conference on Thursday. Karla Serna, a senior staff accountant at the SEC’s Chicago regional office said that one of the largest problems municipal advisors face in
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Municipals were mostly steady on a day when U.S. Treasuries sold off and equities rallied in a risk-on trade from debt-ceiling news in Washington while Refinitiv Lipper reported a mere $37 million of fund inflows and a near half-billion of high-yield outflows. Triple-A benchmarks were little changed on the day with Refinitiv MMD cutting the
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