Bonds

Recent economic data have made it clear the Federal Open Market Committee will not cut interest rates at its meeting this week and most analysts believe the March 19-20 meeting isn’t in play either, but beyond that, the thoughts about timing and number of rate reductions varies. The rate cuts will begin in June “and

An elite private school catering to Los Angeles’ wealthiest residents is tapping the municipal bond market as it looks to expand its campus and add to its academic offerings.  Curtis School is seeking to raise $24.3 million in revenue bonds through the California Enterprise Development Authority in a sale pricing Wednesday. The exclusive elementary school

An Arizona state senator is once again attempting to pass a law banning governmental contracts with companies, including banks that underwrite municipal bonds, that “discriminate” against the firearm industry.  For the 2024 legislative session, Republican Frank Carroll introduced legislation that would take the question to voters, bypassing Democratic Gov. Katie Hobbs, who vetoed his bill

Municipals were little changed to start the week, while U.S. Treasuries were firmer and equities were up late in the trading session. The muni market enters 2024 with “stable credit fundamentals, supportive demand/supply dynamics, and low [muni-UST] ratios and compressed credit spreads,” said Adam Stern, co-head of research at Breckinridge. On the technical front, he

The biggest municipal bond deal of the week is coming to market on Tuesday even as a state lawmaker is proposing to abolish the very authority that is issuing the debt. The New York State Thruway Authority this week is bringing $1.027 billion of Series P general revenue bonds in a transaction led by J.P.

Florida lawmakers are asking Congress to expand the use of tax-exempt private activity bonds to include commercial spaceports. “The push for Congress to grant spaceport bonds tax-exempt status has been a conversation for many years,” said a spokesperson for Space Florida, the state’s aerospace finance and development authority, which oversees the development of the Florida’s

Brandon Comer and his firm Comer Capital Group, the Mississippi-based municipal advisor to the library district of the City of Harvey, Illinois, have been fined a total of $86,000 in a final judgment reached in the Northern District of Illinois after years of litigation. Without admitting or denying the allegations of the Securitiesand Exchange Commission’s

Muni market participants and analysts expect certain sectors and subsectors to experience credit weakness and the U.S. presidential elections and federal policy potentially having major impacts on the municipal market this year. The Bond Buyer released survey results in a report titled, “After two stormy years, munis face still more uncertainty,” which detailed predictions and

The use of premium bonds has ignited a dispute between Vermont’s most populous city and the state auditor. The state auditor found that the city of Burlington issued more debt than it was approved for under the state’s tax increment financing law and made more than a million dollars of accounting errors. The city’s Downtown

Municipals were lightly traded and little changed Friday ahead of a smaller new-issue calendar amid the Federal Open Market Committee meeting while U.S. Treasuries were weaker. Equities were mixed to close the session. Rates have continued creeping higher and muni yields have been following, as the “positive effect of the year-end technicals has finally started

After two consecutive years of investors pulling money from muni mutual funds, January has gotten off to a better start as the market has seen the return on inflows.  “The driver of the improvement in net fund flows is not necessarily new buyers coming into the market; it’s the conclusion of tax loss swap selling

The list of investment banks no longer eligible to underwrite municipal bonds in Texas due to their lack of compliance with state laws aimed at protecting the fossil fuel and firearm industries grew on Friday with the addition of Barclays.  Texas Attorney General Ken Paxton’s office announced that “until further notice, we will not approve

The Municipal Securities Rulemaking Board has approved amendments to Rule G-27 on dealer supervision that are designed to help dealers better adapt to changes brought on by remote work. That was approved during the MSRB’s quarterly board meeting, where the board welcomed Securities and Exchange Commission Chairman Gary Gensler in attendance for his yearly visit,

Market participants are upbeat with predictions about an economy showing few signs of recession, a record-breaking stock market and a Federal Reserve that is expected to start ratcheting down interest rates.  Fresh economic data showing gross domestic product growing by an annual rate of 3.3% has bond issuers and ratings agency forecasters feeling bullish about

Accounting errors are a key factor driving Alaska’s Juneau School District into a shortfall amounting to more than 10% of its operating budget. But other underlying causes of the deficit are ones faced by other school districts in the state. Flat state funding and the end of pandemic-era federal relief funds combined with an aging

Municipals saw a more constructive secondary trading session Thursday and mutual funds reported the third consecutive week of inflows while U.S. Treasuries improved. Stocks continued to break records after another report of hotter economic data, which is leading more participants to pare back rate cut timing expectations. LSEG Lipper reported Thursday that investors added $210.6

Guam’s issuer rating was raised to investment grade by Moody’s Investors Service, which cited significant military construction and other federal government support. Moody’s upgraded Guam’s issuer rating, general obligation bonds, hotel occupancy tax bonds, and business privilege tax bonds to Baa3 from Ba1 and raised the COPs to Ba1 from Ba2. The outlook is stable.

The Securities and Exchange Commission has settled charges against Chicago-based investment advisor Aon Investments and in a separate action, the firm’s former partner Claire Shaughnessy for misleading the Pennsylvania Public Employees’ Retirement System (PSERS) on a certain discrepancy when calculating investment returns. Without admitting or denying the findings, both Aon and Shaughnessy consented to the

The Oklahoma Senate will not take up an income tax cut during a special legislative session next week as it waits for more information about the state’s financial position. The Republican-controlled chamber will commence and immediately adjourn the session that starts Monday just like it did for an October special session on tax cuts Gov.

President Joe Biden will visit Wisconsin Thursday to announce nearly $5 billion in grants to kickstart transportation projects across the country. The largest grant, of $1 billion, will go to replace the aging Blatnik bridge between Wisconsin and Minnesota, where Biden will make the announcement. President Joe Biden is set to visit Wisconsin Thursday to

Miami-Dade County, Florida Mayor Daniella Levine Cava proposed a $2.5 billion bond referendum to fund infrastructure projects, which voters will decide in November. Proceeds from the “305 Future Ready” bonds would fund housing, septic to sewer conversions, flood prevention and resilient parks, Levine Cava said during her State of the County address Wednesday night at