Bonds

Problems distributing ballots to potential voters on the Puerto Rico Plan of Adjustment have led to calls to push back the Oct. 4 voting deadline, and this may potentially push back the plan confirmation. The Official Committee of Retired Employees on Thursday filed a motion to have the deadline pushed from 5 p.m., Oct. 4
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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
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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.
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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,
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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
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After consulting with House Ways and Means staff, Citi’s municipal strategy group believes a proposed 3% high income surcharge that’s part of the reconciliation budget package will likely not apply to tax-exempt interest. The position revises Citi’s warning earlier this week that the surcharge may apply to tax-exempt municipal income, a move that would have
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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
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A New Jersey Superior Court has ruled that a variable-rate demand obligation qui tam claim brought in the state of New Jersey by Minnesota-based municipal advisor Johan Rosenberg via Edelweiss Fund LLC, can continue to discovery. In the Sept. 13 ruling, Judge Douglas H. Hurd denied the motion to dismiss proffered by defendants JPMorgan Chase
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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
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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
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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
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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
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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
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