Bonds

The Municipal Securities Rulemaking Board has retired nine separate pieces of interpretive guidance related to Rule G-12(c) on inter-dealer confirmations following the board’s request for comment on the rule. The move follows recent comments submitted by the Securities Industry and Financial Markets Association that urged the board to knock out the provision altogether, and the
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A suit filed against the Palm Beach County, Florida, comptroller for his county’s investments in Israel bonds puts a state law targeting socially focused investments in the spotlight from a different direction. The lawsuit filed last week against Palm Beach County Clerk and Comptroller Joseph Abruzzo cites a law Florida’s Republican government passed last year
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Munis were weaker Wednesday as the primary market saw a slew of new deals price, adding pressure to secondary market trading. U.S. Treasury yields rose throughout most of the curve and equities ended down. Triple-A yields rose as much as 11 basis points while USTs were weaker by five basis points. As munis have seen
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The New York Metropolitan Transportation Authority Board granted the agency approval to refund its outstanding Build America Bonds Wednesday, setting the stage for the MTA to redeem as much as $3.73 billion of its outstanding taxable paper.  The unanimous vote held at the board’s monthly meeting Wednesday did not specify whether some or all of
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While many have traditionally viewed the municipal bond market as lagging technological innovations in other markets, Artificial Intelligence appears poised to change the game. “I do think that artificial intelligence is going to completely transform this market in every way, shape or form, everything from credit to trading,” said Barnet Sherman, professor, multinational finance &
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The New York City Employees’ Retirement System will invest up to $60 million in affordable housing units, part of a public-private partnership taking over loans on nearly 35,000 units left behind after Signature Bank collapsed last year, Comptroller Brad Lander announced Tuesday.  “This investment will — in addition to preserving those 35,000 units, over 80%
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A California Senate committee received few details from the department charged with building a public broadband program on its plans to expand into underserved neighborhoods. The program faced criticism last year for prioritizing upscale cities, like Beverly Hills, over impoverished and middle-class areas, such as Los Angeles’ South Central region and Oakland, communities lacking in
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Illinois needs to address questions surrounding its Tier 2 pension benefits, and while directly fixing Tier 2’s alleged failure to meet the IRS’s minimum safe harbor standard would be credit neutral, enhancing Tier 2 benefits more broadly or erasing the distinction between Tier 1 and Tier 2 could result in a downgrade, Fitch Ratings said
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U.S. public-private partnership activity weakened last year but the longer-term trend of a rising number of P3s held strong while the future boasts a healthy project pipeline and infrastructure funds looking to invest. The southeast region remained the frontrunner in the space, with big-ticket projects queued up in Georgia, Louisiana and Tennessee. Availability-payment P3s remained
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Texas lawmakers held a marathon hearing last week to grill public university leaders on their compliance with a 2023 state law banning diversity, equity, and inclusion (DEI) offices at their schools or face financial consequences.  Ahead of the hearing, Republican State Sen. Brandon Creighton, who chairs the chamber’s Subcommittee on Higher Education, warned higher education
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