Bonds

Municipals were little changed in light trading on the last Friday of August as U.S. Treasuries made gains as did equities following Federal reserve Board Chair Jerome Powell’s Jackson Hole speech. The total potential volume for next week is estimated at $4.938 billion, an expected drop as the unofficial final week of summer comes ahead
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Leasing to private operators would leave the large majority of the 31 airports owned by city, county, and state governments with significant net proceeds after paying off outstanding airport bonds, allowing their governmental owners to pay down other debt or, in some cases, even eliminate unfunded pension liabilities. That was the conclusion of a study
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Weakness moved out the yield curve Thursday as secondary bid-wanteds were still elevated while U.S. Treasuries pared earlier losses and equities sold off in the afternoon as news out of Afghanistan grew worse. For the 25th straight week, Refinitiv Lipper reported inflows into municipal bond funds. Investors put $1.9 billion of cash into the mutual
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As California lawmakers head into the fall to wrangle over budget trailer bills and begin to contemplate next year’s budget, they will do so with a robust piggy bank. California revenues continued to beat expectations, coming in $1.5 billion above the 2021-22 Budget Act forecast of $8.4 billion for July, according to the California Department
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Municipals faced some pressure and benchmark yield curves were cut by one to two basis points Wednesday. Municipals largely have shrugged off a weaker U.S. Treasury market and outperformed while mutual funds saw another $2 billion-plus week of inflows. The 10- and 30-year UST have risen nine basis points since Monday, while munis have only
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Kroll Bond Rating Agency raised its outlook on Chicago’s general obligation bonds to stable from negative and affirmed the city’s GO rating at A. “The stable outlook assignment and the outlook revision on the outstanding GO bonds recognizes the tenor of actions taken by the city’s management in confronting COVID-19 induced challenges, an improved revenue
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Fitch Ratings has downgraded the San Francisco’s Bay Area Rapid Transit District to AA from AA-plus. The rating agency also maintained its negative outlook at the lower rating. Fitch’s action Thursday affects BART’s issuer default rating and $686 million in taxable sales tax revenue bonds. The agency had just shy of $2 billion of long-term
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Municipals were unmoved in light trading to start the last week of August while U.S. Treasuries maintained Friday’s levels and equities advanced on news the FDA gave the Pfizer COVID-19 vaccine full approval. Municipal benchmark yield curves continued to hold steady for the seventh day as investors await a diverse primary that includes gilt-edged Montgomery
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Puerto Rico’s government is taking steps toward increasing the island’s minimum wage, which could ultimately affect more than half of the work force. On Wednesday the Puerto Rico House of Representatives voted 29 in favor, nine against for a bill to raise the minimum wage, based on a compromise with the leaders of the Puerto
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HilltopSecurities has hired two key financial services leaders from Piper Sandler for its public finance division in Florida and Minnesota. John Pellicci, former managing director at Piper Sandler, will serve as senior managing director, head of municipal high yield underwriting and sales at Hilltop. Yaffa Rattner, also formerly managing director at Piper Sandler, joined Hilltop
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