Bonds

Cities have spent the last decade seeking the kind of federal support found in the bipartisan infrastructure bill that the House may vote on as soon as Monday, said mayors and representatives from the National Urban League in a press conference today. “Mayors in the U.S. have been in infrastructure week for over a decade

Muni issuers are considering and beginning to roll out blockchain based solutions, including distributed ledger technology for various muni projects, but the market remains nascent. The introduction of blockchain and its use of digital ledger technology caught market attention in 2016 as a banking alternative that could transform operating systems, and for munis, promised the

Municipal yields edged higher Friday as selling pressure emerged early and buyers greeted it by demanding some concessions, though municipals still outperformed taxables by a large degree on the week. Triple-A benchmark yields rose another two to three basis points, moving the municipal 10-year to 1% on both Refinitiv MMD and ICE Data Services scales.

The Puerto Rico House of Representatives could approve next week restructured bonds for the Puerto Rico bankruptcy, which may move the process along. House Speaker Rafael Hernández Montañez plans to submit a bill to allow the sale ofrestructured bonds consistent with the proposed Plan of Adjustment, said Lilliam Maldonado, spokesperson for Rep. Jesús Santa Rodríguez,

The Securities and Exchange Commission on Thursday charged a firm and its two principals with violating numerous duties under Municipal Securities Rulemaking Board Rule G-42, which lays out the core responsibilities of municipal advisors. The actions–which are the first enforcement cases the SEC has brought under the 2016 rule–were brought in the U.S. District Court

Municipals could not ignore broader markets and triple-A scales cut levels by two to three basis points along the curve, but again largely outperformed a major risk-on trade Thursday that moved U.S. Treasuries to trade off double digits while equities boomed. Secondary trading showed weaker prints into the early afternoon. Large blocks of benchmark credits

Mintz is bulking up its bankruptcy and restructuring practice with the hiring of veteran specialists Nathan Coco and Megan Preusker. The two joined Mintz this month from McDermott Will & Emery LLP. They specialize on restructuring and insolvency covering distressed finance issuers, merger & acquisition transactions, creditor rights, and bankruptcy litigation with an emphasis on

Municipals sat tight again Wednesday as broader markets digested the Federal Open Market Committee leaving interest rates unchanged and noting the tapering process may begin sooner. The news was largely expected and U.S. Treasuries ended the day a touch firmer while equities made up for lost ground though pared back earlier gains. “The biggest news

The House today is poised to approve a stopgap funding bill that would suspend the debt ceiling, one of several legislative showdowns that include major infrastructure and spending bills and collectively have major municipal market implications. “You have the most complex legislative maneuvering I’ve ever seen in my decades of experience, in which the infrastructure

S&P Global Ratings has singled out states’ underfunding of retiree medical benefits as a key credit risk for states. States continued to sharply underfund their OPEB plans and unfunded liabilities ticked upward in fiscal 2020, S&P analysts reported in their annual survey published Monday. During the economic expansion preceding the pandemic, few states pursued and

Morgan Fahy has joined Build America Mutual’s capital markets team as a vice president. In Fahy’s role, she will focus on secondary-market insurance transactions to build demand for BAM-insured bonds from institutional investors, according to the firm. “The way investors use insurance today is not the same way they used it two years ago. I

Municipals largely ignored the rally in U.S. Treasuries and a massive selloff in equities as participants await another large new-issue week. Without the primary in play and a mostly muted secondary, triple-A benchmark yield curves were little changed, coming nowhere near the moves in Treasuries as the 10- and 30-year UST fell five and six

The House will vote next week on raising the nation’s $28 trillion debt ceiling, but a political standoff between Democrats and Republicans still threatens to send the U.S. into a payments default next month. The Treasury Department has warned that without congressional action, the government could default sometime during October. But Senate Minority Leader Mitch

Tax law changes and bond provisions included in the $3.5 trillion reconciliation package being debated in Washington likely will shift the demand components for and the makeup of the muni market in dramatic ways in the coming decade. The market is closely watching Washington to see whether the proposed tax law changes — higher rates

Rebounding casino and new online gambling tax revenues will give Detroit’s general fund a boost this year and in the coming ones as it tackles looming pension contribution pressures. The city’s estimating conference revised general fund projections for the fiscal 2022 which began July 1 to $1.1 billion from $995 million thanks mostly to $66

The Puerto Rico Oversight Board reiterated its position on pension cuts in the Plan of Adjustment Friday, the biggest source of tension it has with the local government, but was unclear on how willing it was to accommodate the government’s demands. Puerto Rico Gov. Pedro Pierluisi and many of the legislators have called for zero

Municipals were a touch softer Friday as U.S. Treasuries rose and equities sold off as global concerns over China and COVID were heightened and participants prepared for the FOMC meeting and potential for tapering next week. Triple-A benchmark yields rose a basis point beginning in 2028 while UST were off another three to four on

The Louisiana State Bond Commission this week approved the sale of $50 million in revenue bonds to help the Calcasieu Parish School Board resume work on those schools damaged last year by two hurricanes. Construction has been halted because of delays in reimbursement from the Federal Emergency Management Agency. “A year after two devastating hurricanes,

The Securities and Exchange Commission has settled with Sweetwater Union High School District in San Diego County, California, as well as its former chief financial officer Karen Michel for misleading investors in connection with an issuance of $28 million of municipal bonds. The Commission charged Michel with violating Section 17(a)(3) of the Securities Act of

Puerto Rico’s local government revoked a law the Oversight Board has been considering using to issue restructured bonds without the local government’s support. Puerto Rico Gov. Pedro Pierluisi signed Project 959 on Thursday, revoking the 1942 law, which had been used over the years to justify bond refundings. The board has argued it could legally