Bonds

Illinois Gov. J.B. Pritzker unveiled a $49.6 billion general fund fiscal 2024 budget that banks on still-healthy economic trends to allow deposits into the budget and pension stabilization funds while lifting spending for education and other areas. The $49.6 billion general fund is part of a $118.9 billion spending package and taps most of $49.9

Issuers in the Far West sold $66.2 billion in municipal bonds in 2022, according to Refinitiv data, a 43% drop year-over-year from the $116.7 billion sold in 2021. California drives the nine-state region’s numbers, and a big falloff in issuance from the Golden State led the Far West to the biggest year-over-year drop of any

Federal Reserve Bank of Cleveland President Loretta Mester said she saw a compelling case for rolling out another 50 basis-point interest-rate hike earlier this month and the U.S. central bank has to be prepared to move higher if inflation remains stubbornly high. “At this juncture, the incoming data have not changed my view that we

Municipals sold off Wednesday in secondary trading, with the short end seeing the largest cuts, as several large deals priced in the primary. U.S. Treasuries were weaker and equities ended mixed after a strong retail sales report. Triple-A benchmark yields were cut six to 16 basis points, depending on the scale, pushing the one-year muni

Puerto Rico Oversight Board member Justin Peterson and other observers of the Puerto Rico Electric Power Authority bankruptcy criticized what they said was the board’s attack on U.S. revenue bonds in the lien adversary proceeding and called for state attorneys general to intervene. “The board’s actions and arguments in the PREPA lien adversary proceeding are

S&P Global Ratings’ seven-notch downgrade of a Chicago suburb’s full faith and credit pledge over default events on unrated revenue bonds casts a spotlight on management and governance factors and the risks they pose to the value of general obligation bonds. The issue has captured the attention of market participants with Fitch Ratings, which does

Municipal issuers in the Southeast sold $69.5 million of bonds in 2022, a 13.1% year-over-year decline as governments across the region decreased capital spending and braced for a potential recession, according to industry experts. After starting 2022 with volume up 35% year-over-year in the first quarter, third and fourth quarter volume dropped substantially, according to

President Biden on Tuesday urged county officials to put federal stimulus dollars to work investing in affordable housing among other things, while also touting his tax policy and infrastructure accomplishments.  Biden made his comments at the National Association of Counties conference in Washington. Biden is fresh off a well-received State of the Union Address in

The Financial Industry Regulatory Authority has fined Quint Capital Corporation $35,000 and its chief executive officer Alexander Quint $10,000 for their role in allowing a broker banned by regulators to work for the firm on 25 municipal securities transactions. Without admitting or denying the findings, QCC agreed to the fine and a censure and Quint

Spline Data, a quantitative municipal bond data provider, has launched a product to give the muni market data-driven, actionable yield curves. The company’s investment-grade, fixed coupon municipal bond curves aim to use every trade, in contrast to the current municipal market pricing tools, which often reflect only round lots— about 5% of trades — according

The reduction in reserves for the Texas Permanent School Fund’s bond guarantee program does not impact the program’s triple-A ratings, according to rating analysts. The PSF disclosed Monday the Texas Board of Education took action earlier this month to lower the program’s reserves to 0.25% from 5% to help increase the availability of the guarantee

The California Chamber of Commerce is opposing a state Senate bill backed by the governor that would cap oil refinery profits and financially penalize companies for reaping excessive profits. Sen. Nancy Skinner, D-Berkeley, introduced SBX1 2 in December. The bill creates a system of enacting penalties, a concept first proposed by Gov. Gavin Newsom, who

Federal Reserve Vice Chair Lael Brainard’s pending departure to the White House has spurred speculation over who would replace the influential dove as policymakers weigh how much further to raise interest rates. President Joe Biden, who named Brainard as the new head of the National Economic Council on Tuesday, may be nowhere near deciding whom

Former Pittsburgh-based banker Maurice “Mossie” Murphy Jr. moved on from the public finance business more than decade ago but he left his mark on colleagues who said his big personality, camaraderie, and support stood out in their competitive field. Murphy died in December after a three-year battle with cancer. He was 58. Murphy joined the

Municipals were weaker Tuesday, while USTs saw yields rise and equities ended mixed after a hotter-than-expected consumer price index report showed inflation may take longer to combat, and require higher rates, than the Federal Reserve planned. Triple-A benchmarks were cut one to six basis points, depending on the scale, while UST yields rose nine to

Detroit revenues remain on an upward trajectory thanks to healthier income and utility tax prospects, but clouds loom over the toll of a potential recession and longer-term pressures lie ahead as pension contributions resume. Revenue and economic projections offered good near-term news, leading the city’s revenue estimating conference to raise recurring revenues expected in the

The Puerto Rico Oversight Board defended its proposed Puerto Rico Electric Power Authority disclosure statement in a filing following bondholder attacks. Earlier this month the Ad Hoc Group of PREPA Bondholders and bond insurer Syncora Guarantee separately filed criticisms of the disclosure statement the board submitted in December along with a proposed plan of adjustment

Federal Reserve officials stressed the need for further interest-rate increases to help tame inflation, but expressed differing views about how close they are to stopping after new data showed signs of persistent price pressures. Two officials said Tuesday that interest rates may need to move to a higher level than anticipated to ensure inflation continues

Midwest municipal bond sales slid by 17.4% in 2022 to $65.3 billion from $79 billion a year earlier as issuers soured on borrowing amid rising interest rates and a rockier market. The region fared slightly better than the overall national decline of 19.5% to $389.1 billion as issuers confronted rising interest rates and mutual fund

The value of contract awards spiked by a record 25% last year as federal infrastructure funds began to flow to state and local governments. The American Road & Transportation Builders Association, which tracks monthly data on the value of state and local government contract awards, said the 25% increase in calendar 2022 marked the largest

Post-COVID turnover in the state and local workforce, including elevated numbers of retirements and resignations, is forcing municipal bond analysts to rethink their assessment of pension risk — the possibility that pension and other postemployment benefit costs grow so much that they impair a bond issuer’s ability to pay its debts.  Pension actuaries use assumptions