Bonds

Municipals were steady on Wednesday as the focus remained on the primary with secondary trading light and high-grade municipal scales and U.S. Treasury yields both unchanged while investors again poured in billions into municipal bond mutual funds. “Munis continue to rest comfortably in their range as bulge bracket deals hit the primary,” Jeffrey Lipton, head
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A union for the Puerto Rico Electric Power Authority filed a legal challenge on Tuesday to block the authority’s planned privatization but observers say it has little chance of success. The Union of Electric Industry and Irrigation Workers (UTIER for its Spanish initials) filed the adversary proceeding in the authority’s bankruptcy proceedings in the United
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New Mexico expects to begin taxing legal marijuana sales a year from now under legislation signed this month by Gov. Michelle Lujan Grisham. “The legalization of adult-use cannabis paves the way for the creation of a new economic driver in our state with the promise of creating thousands of good paying jobs for years to
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Indiana expects about a $2.4 billion bounce in revenue through 2023, joining the parade of states with healthier-than-expected revenue projections, which along with new COVID-19 pandemic-related federal relief is fueling debate on spending priorities. Indiana raised its current year, fiscal 2021 general fund tax revenue projection by 2.6%, or $463 million to about $18.2 billion
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Municipals were firmer in spots in secondary trading but benchmark curves mostly held steady after a strong week that moved yields by as much as 10 basis points lower. U.S. Treasury weakness early Friday morning hit the breaks for munis, which will see an elevated bond volume next week with some marquee names that may
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Federal statistics show Puerto Rico’s employment increased in recent months. According to the U.S. Bureau of Labor Statistics household survey, Puerto Rico’s number of employed increased 0.7% in March from February. According to BLS’s survey of non-farm establishments, employment went up 0.3% in the period. Though the household survey only shows a single month of
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Georgia’s unemployment rate dropped 0.3% to 4.5% in March, the state Department of Labor said Friday, which is far below the national average of 6.0%. “Georgia’s economy is firing on all cylinders as a result of our balanced approach in protecting both lives and livelihoods during the COVID-19 pandemic,” said Gov. Brian Kemp. “While we
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The municipal market rallied Thursday with robust secondary activity, primary deals repricing lower, following better-than-expected economic data, a much stronger U.S. Treasury market, and high-yield municipal bond mutual funds reporting a record $1.28 billion of inflows. Municipals were stronger as the reality of an improved credit outlook, and strong demand buoyed by fund flows and
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Municipals firmed across the yield curve after a strongly bid deal from gilt-edge Delaware and active secondary activity moved levels lower by two to four basis points while nearly $2 billion more inflows were reported into municipal bond mutual funds. The Investment Company Institute Wednesday reported another week of inflows with $1.995 billion coming into
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The infrastructure policy debate is kicking into high gear as Congress returns to Washington and key stakeholders, including the American Securities Association, will be making the rounds on Capitol Hill to make the case for our industry’s vital role in infrastructure. A real opportunity exists and if done right, America’s investment in infrastructure will create
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A late amendment to New York State’s just-passed $212 billion budget restricts $1.3 billion of bonding for the Empire Station Complex project at Manhattan’s Penn Station to transportation expenses, “and not for above-grade development contemplated in the general project plan.” While the move prohibits Gov. Andrew Cuomo from using the funds for his “15 Penn”
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