Bonds

Municipal benchmark yields continued to trade in a narrow range in the secondary Tuesday while the new-issue market came alive with two high-grade competitive loans and speculative-grade Guam pricing bonds to strong demand. U.S. Treasuries gave little direction and the market held steady to firmer in spots as a diverse set of deals got done

It would cost Texas little to pass a law barring banks that fail a pro-gun litmus test from underwriting bond deals in the Lone Star State, one of the measure’s sponsors claims. The bill would require companies to certify that they do not have policies discriminating against firearm or ammunition businesses to be allowed to

Municipals were quietly traded with some strength outside 10 years as investors await the larger new-issue calendar that begins with a retail order period Tuesday from Connecticut and competitive loans from West Virginia and high-grade Prince George’s County, Maryland. Municipal benchmarks were little changed, with a basis point bump on Refinitiv MMD’s scale outside 2031

The Municipal Securities Rulemaking Board appears poised to do away with a requirement that dealers provide disclosures to customers who may not be invested in municipals, a request industry groups have been making for years. The MSRB requested comment May 14 on potential changes to Rules G-10 on investor and municipal advisory client education and

Connecticut officials enter this week’s $1 billion general obligation bond sale armed with four upgrades in six weeks, including three within two days last week. Fitch Ratings on Friday upgraded the state’s GO rating to AA-minus. One day earlier, Kroll Bond Rating Agency and S&P Global Ratings elevated Connecticut to AA and A-plus, respectively. Moody’s

The Puerto Rico Oversight Board voted to overrule the territory’s House of Representatives on spending for the privatization of the Puerto Rico Electric Power Authority transmission and distribution system. On Wednesday the House voted 43 to 0 with 2 abstentions against authorizing a revision to this year’s General Fund budget allocating $750 million for the

The Federal Reserve’s policy is in a good place right now, said Cleveland Fed President Loretta Mester, while playing down signals from data that she warns will be volatile as the economy reopens. “The volatility month-to-month I think is something we should expect, Mester said Friday in an interview on Bloomberg Television. “We’re really at

California Gov. Gavin Newsom capped a week of daily multi-billion dollar additions to his proposed $267.8 billion budget Friday with a plan to bring universal broadband to the state and expand Medi-Cal to undocumented immigrants over the age of 60. The governor began the week by declaring the state will a $75.7 billion surplus and

The fracas between governors and legislatures over executive powers during the COVID-19 pandemic is reaching a new level in Pennsylvania — two proposed constitutional amendments. Keystone State voters on Tuesday will decide on two ballot measures that would limit the governor’s emergency disaster declaration powers and enable the state legislature to end a declaration with

The Puerto Rico Oversight Board sent a fiscal 2022 General Fund budget 0.67% larger than the current fiscal year budget to the Puerto Rico legislature. The board submitted its $10.112 billion budget to the Puerto Rico House of Representatives and Senate Monday. The current fiscal year’s budget is $10.045 billion, which has seen revenues coming

Municipal yields rose Wednesday on the back of a rising U.S. Treasury market, a sell-off in equities amid inflation concerns and push back from investors in the primary that led to higher yields on new-issues. Triple-A benchmark yields rose two to four basis points across the curve while municipal to UST ratios closed at 60%

It is almost impossible to read a newspaper or listen to a newscast without being reminded that the country is beginning to return to normalcy. Activity can be found everywhere. Projects, initiatives, and opportunities are being announced daily. The activity level in government marketplaces is close to an all-time high. Pent up demand and critical

Connecticut officials remembered Robert Ward as a diligent lawmaker and state auditor whom both sides of the political aisle respected. Ward, a North Branford lawyer who led the Republican minority caucus in the House of Representatives for 12 years and was one of two state auditors from 2011 to 2016, died Sunday after a long

After a year of disruption in wealth management — widespread working from home, virtual meetings between financial advisors and their clients, volatility in the stock market — the world will hopefully begin recovering later this year. Many of the trends the pandemic in finance accelerated may be here to stay. Catherine Keating brings us her

With the clock ticking on the deadline to pass a state budget, Illinois Gov. J.B. Pritzker removed one contentious issue from the table by agreeing to fund a scheduled $350 million increase in school aid. In fiscal 2021, Pritzker had bypassed the scheduled $350 million annual increase required under the evidence-based formula adopted in 2017

FINRA, in an Acceptance, Waiver and Consent (AWC), recently settled an action with NatAlliance Securities for violations of MSRB Rule G-13, G-17 and G-27. The settlement of a matter involving G-13 is the first time a firm has been charged with violating that rule since 2003 and left some wondering if FINRA was using enforcement

Municipals were little changed on a sparsely traded Monday as U.S. Treasuries showed some weakness but participants await the week’s diverse primary, which should keep rates steady as reinvestment needs tick up. The new-issue market continues to show strong and welcoming reception as supply remains manageable and reinvestment needs are about to intensify for a

Bond issuers in Montana and Texas have separately reported an adverse impact on the tax-exempt status of their bonds in new public disclosures with the Municipal Securities Rulemaking Board. In Texas, the MSRB filing involved Series 2015 El Paso County General Obligation Refunding Bonds. The Internal Revenue Service sent a letter dated April 28 informing

The last financer of a controversial prison offering in Alabama has abandoned the plan, leaving the fate of the new facilities in doubt. A spokesperson for Alabama was not immediately available. Stifel announced Monday it is no longer involved with any of the parties in the bond offering that had been planned by the state.

Despite several false starts in recent years, municipal market advocates as well as business and labor leaders believe the stars are aligning for an opportunity to pass meaningful infrastructure legislation that may include top muni priorities. Prominent voices supportive of infrastructure investment are striking their most optimistic tones in years to kick off infrastructure week