Bonds

The Internal Revenue Service has revised its Form 8038-CP to facilitate electronic filing, which will be out later this year. “The January 2022 revisions simplifies the filing process for issuers when providing certain explanations and supplemental information,” the IRS said in an instructional video introducing the new form. “Additionally, revisions to the form were needed
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Local officials Friday hailed the U.S. Department of Transportation’s rollout of a nearly $28 billion bridge program that highlights spending on smaller, local bridges across the country. The Infrastructure Investment and Jobs Act provides $40 billion in funding for bridges over the next five years, including $27.5 billion in the Bridge Formula Program. The program
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Chicago Public Schools’ $872 million of junk-rated paper met with a more fickle high-yield audience this week, underscoring the district’s vulnerability to market volatility even as it inches closer to investment grade status. At attractive spreads that offered a healthy yield kick with many maturities offering 4% coupons, the bonds were 2.2 times oversubscribed, CPS
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A suburban Chicago hotel and conference center’s COVID-induced struggles led to a fresh default on its restructured bonds this month. Breathing room still remains for the Westin Chicago Lombard debt from a bondholder-provided loan that is helping manage the pandemic’s toll on operations and continue renovations designed to enhance its appeal. Defaults occurred in mid-2020
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Municipal benchmark yields were steady to firmer by a basis point 10-years and out Thursday as U.S. Treasuries were stronger and equities sold off led by tech stocks. The municipal primary dominated the day with several large deals pricing. The correction to higher yields over the past week is allowing investors to be more selective
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Municipal bonds were largely unchanged Wednesday, the first session in a week in which benchmark yield curves were not cut, while the primary provided more guidance for a supply-starved market. U.S. Treasuries were flat 10-years and in, but softer on the long bond and equities ended in the black. Municipal to UST ratios rose slightly
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Municipal secondary selling pressure remained elevated on bonds inside 10 years while the larger primary got underway and deals saw bumps in repricings as U.S. Treasuries made small gains and equities rallied. Triple-A benchmark yields saw one to four basis point cuts while U.S. Treasuries ended the session better. Municipal to UST ratios rose slightly
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The omicron variant of COVID-19 overshadowed expectations that California lawmakers could spend this budget year focused on how to spend an anticipated $26.6 billion surplus as Gov. Gavin Newsom released his proposed $286.4 billion fiscal 2023 budget. In a Saturday preview ahead of his Monday budget press conference, Newsom asked lawmakers to immediately approve $1.4
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Los Angeles City Controller Ron Galperin announced plans Thursday to run for state controller entering an increasingly congested race. The termed-out Galperin seeks to replace State Controller Betty Yee, who also terms out this year. He throws his hat into a race that already includes Republican Lanhee Chen, a former George W. Bush White House
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Among the U.S. Virgin Islands government’s many problems is an economy that shrunk 24% in real terms from 2009 to 2019. The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5% through from February 2020 to October 2021, according to New York Federal Reserve Bank Early Benchmarked
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The United States Department of Justice on Friday told the Puerto Rico bankruptcy judge it would defend the constitutionality of the Puerto Rico Oversight, Management, and Economic Stability Act, the law governing the bankruptcy process that has been challenged by several parties. The move may slow the confirmation process of the Plan of Adjustment. U.S.
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Illinois-based NorthShore University HealthSystem and Edward-Elmhurst Health finalized their proposed merger this week, launching the start of 2022 merger and acquisition activity. The deal comes after closing the books on a year that saw a downtick in the number of mergers but an upswing in transaction size measured by revenue. The ongoing COVID-19 pandemic’s impact
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Municipal triple-A benchmark yields rose as much as eight basis points on the short end on certain scales Thursday as U.S. Treasury yields remained elevated and equities see-sawed as more hawkish Fed speak continued. The Federal Reserve expects Omicron to fizzle in weeks, and while pandemic-related risks remain, the economy is strong and the Fed
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