Bonds

Easterly Asset Management acquired two municipal investment mutual funds and hired two managers, including the former co-head of municipals at OppenheimerFunds Rochester, to run them. Easterly, a Massachusetts-based asset manager with $3 billion under management, added PSP High Income Municipal Bond Mutual Fund and the PSP Short-Term Municipal Fund, which have a combined $600 million
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A new first-of-its-kind environmental rule that lays out a path to reducing so-called “forever chemicals” in U.S. drinking water would cost municipal water systems up to $40 billion in capital costs and billions more in annual compliance costs. That’s the potential price tag floated by industry groups representing publicly-owned water systems after the Environmental Protection
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A slew of mega deals helped push issuance in the first quarter of 2024 to over $100 billion, buoyed by favorable market conditions and a resurgence in refunding outstanding Build America Bonds, leading some firms to reconsider total issuance expectations for the year. Sixteen deals topped $1 billion in the first quarter of 2024, double
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Riley Moore, right, West Virginia’s treasurer, is running for a U.S. House seat. Moore has helped create a blacklist in his home state for banks that refuse to work with businesses in certain industries. INWOOD, W.Va. — It’s important, Riley Moore says, for people to know that his father was a banker.  Tall, sharp-eyed and
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S&P Global Ratings on Wednesday upgraded its long-term rating on Detroit’s unlimited-tax general obligation debt to investment grade, raising it to BBB from BB-plus. The outlook is stable. The rating agency said the change reflected a stronger financial position and its “increased confidence in the city’s ability to sustain balance within the construct of its
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Federal Reserve policymakers “generally favored” slowing the pace at which they’re shrinking the central bank’s asset portfolio by roughly half, minutes from their latest gathering showed. The record of the March 19-20 Federal Open Market Committee meeting also showed “almost all” officials judged it would be appropriate to begin lowering borrowing costs “at some point”
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Virginia Gov. Glenn Youngkin on Monday presented more than 240 amendments to Virginia’s biennium budget, proposing what he called a common ground budget plan. “Today, I am proud to release my amendments for a common ground budget,” he said. “It demonstrates our commitment not as Republicans or Democrats, not as senators, delegates or a governor
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The Dormitory Authority of the State of New York Board of Directors on Wednesday named Robert J. Rodriguez its acting president and chief executive officer. Rodriguez is currently New York’s Secretary of State and will start his new role on May 8. He will be acting president and CEO until confirmed by the state Senate.
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The state of Utah has joined a Native American tribe and labor and energy groups in an effort in the U.S. Supreme Court to keep a proposed bond-financed crude oil-transporting railway project from being derailed. In so-called friend of the court brief last week, the parties backed Seven County Infrastructure Coalition’s March petition asking the
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As the chance to tap federal dollars through the Bipartisan Infrastructure Law inches into the final two years of the program, a growing group of policy influencers and lawmakers are moving towards a reauthorization.  “We’re having hearings right now on reauthorization,” said Rep. Rick Larsen D- Wash. “When we’re doing these hearings, we’re talking about
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The Dormitory Authority of the State of New York headlined the top 10 issuers in the first quarter of 2024 with a near $3 billion deal in March. DASNY, Washington (Build America Bond refunding), (January general obligation deal), Jefferson County, Alabama, (massive $2.3 billion sewer refunding) and the New Jersey Education Facilities Authority (largely Princeton
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Munis were a touch firmer in spots Tuesday as the primary market ramped up and investors awaited Wednesday’s inflation report to give further guidance on Fed rate cuts. U.S. Treasuries were firmer and equities were mixed at the close. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 64%, the five-year at 61%,
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