Bonds

S&P Global Ratings lifted its outlook for Detroit to stable from negative ahead of a $175 million general obligation bond sale.Bloomberg News Detroit heads into the bond market in early February with a rating outlook boost as the speculative-grade city makes the case that it is capably managing the fiscal blows of the COVID-19 pandemic.
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Tax-exempt yields fell one to two basis points Thursday, the first time in a week there was movement in triple-A generic benchmark scales, as the imbalance of supply versus the pent-up demand persisted and Refinitiv Lipper reported another multi-billion week of inflows, the 11th consecutive week of inflows. The Port Authority of New York and
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Government officials are responding to a growing call for more ESG disclosure by drafting a best practice document to help issuers provide more information to the market. The Government Finance Officers Association is preparing to release an ESG (Environmental, Social and Corporate Governance) best practice this summer. This would be the first best practice released
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Quiet and unchanged is how municipal traders described the municipal market on Tuesday, as Treasury yields rose slightly and the week got underway ahead of Wednesday’s inauguration. “Tax-exempts remain ultra-rich on a muni/Treasury ratio and spread basis — despite last week’s modest underperformance,” Peter Block, managing director of credit strategy at Ramirez & Co. wrote
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California’s widening gap between its rich and poor, plus population losses this year, are credit factors and not just from an ESG standpoint, according to S&P Global Rating analysts. California Forward, a think tank, released its California Dream index last week, which it said, confirmed that prosperity was not experienced evenly by all Californians. The
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Municipals were on autopilot in the secondary with rates holding at Wednesday’s levels as U.S. Treasuries weakened on stimulus news. New-issues from Cook County, Illinois and Pennsylvania turnpikes repriced by 10 to 15 basis points and gilt-edged Columbus, Ohio, also repriced to lower yields. Supply scarcity coupled with pent-up demand amid the seasonal redemption season
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The Fitch Group announced its intention Thursday to acquire CreditSights, Inc., a provider of independent credit research. CreditSights and The Fitch Group, which includes Fitch Ratings, announced the deal in a statement and the deal’s terms are not being announced. Consummation is contingent on regulatory approvals and “customary closing conditions,” according to CreditSights. The Fitch
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Fitch Ratings said Thursday it upgradedLouisiana’s outstanding state highway improvement revenue bonds to AA from AA-minus and assigned a stable outlook to the bonds. Approximately $224 million of debt is affected. In addition, Fitch assigned the AA rating to the state’s $202.415 million of Series 2021A taxable state highway improvement refunding revenue bonds scheduled for
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Los Angeles lawmakers reached a tentative agreement with a union that represents 3,600 city firefighters Thursday to postpone raises for 18 months amid a pandemic-induced budget gap. The COVID-19 crisis has caused the worst economic downturn Los Angeles has ever faced, decimating city revenues and depleting budget reserves, according to a joint release issued by
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President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments.Bloomberg News Direct federal aid of $350 billion to state and local governments is just one of several ways President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments. Biden’s plan to
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Municipals were quiet and remained steady on Friday as U.S. Treasuries dipped slightly following President-elect Joe Biden’s address Thursday night that outlined plans for a $1.9 trillion relief package and the market prepared for a three-day weekend. In his speech, Biden called for a new round of stimulus checks and pandemic control measures. “Everyone was
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New York Mayor Bill de Blasio’s $92.3 billion fiscal 2022 preliminary budget rollout came with caveats about the levels of federal aid and prospective cuts from the state. The lingering COVID-19 crisis makes them more poignant than past advisories. De Blasio on Thursday said the spending plan, the final one for the term-limited mayor, “demonstrates
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