Bonds

A House Budget Committee hearing on Wednesday drew out two sides of thinking during a debate on the economic effects of immigration as the Republican majority hammered away on the costs. “The Federation for American Immigration Reform has done a great job,” said Committee Chairman, Jodey Arrington R- Texas. ”Studies suggest this cost is upwards of $400

An Oklahoma judge issued a temporary injunction preventing enforcement of a state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes. Tuesday’s ruling came in a lawsuit filed last year against Oklahoma Treasurer Todd Russ by a state pension recipient who

Municipal market advocates are urging the U.S. Treasury Department to fill a long-vacant position for an in-house municipal market expert as Washington heads into into a key tax policy discussion next year. “If we’re about to have another round” of tax talks “and there’s no one in Treasury who can be a resource of information

United Airlines Holdings Inc. and American Airlines Group Inc. have reached an agreement to press ahead with an $8.5 billion revamp of Chicago’s O’Hare International Airport, the world’s fourth busiest airport. The deal comes after months of disagreements over ballooning costs for the project, which was first announced in 2018. In separate statements, the dual

Lawmakers in the Illinois General Assembly have proposed legislation to abolish the multiple service boards operating public transit in the Chicago area and consolidate them under a new Metropolitan Mobility Authority. At present, the Regional Transportation Authority oversees finances, funding and planning for the Chicago Transit Authority, which provides local rail and bus service in

Municipals were firmer in secondary trading as the primary market took focus, led by the accelerated pricing of $1.8 billion general obligation bonds from Illinois. U.S. Treasury yields fell out long and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60%

Municipal issuers have seen more upgrades this year than downgrades, continuing a trend that began in 2021, while the overall rated universe of muni issuers has also grown. If current economic conditions persist, the trend will likely continue for the foreseeable future, market participants said. The total rated share of the market increased in the

Puerto Rico Electric Power Authority bondholders requested documents they say will support their motion to lift the stay on seeking a receiver, in a motion filed Monday night. Syncora Guarantee and GoldenTree Asset Management want documents detailing PREPA’s monthly reports of financial activity to determine how PREPA is calculating and disposing of net revenues. Further

The Securities and Exchange Commission’s “regulation by enforcement” came under fire on Tuesday during a House Financial Services hearing that brought into question how effective its enforcement wing is at doling out punishments and how effective certain regulatory matters can be on their own. Some lawmakers said they were concerned about regulatory trends like the

Broker-dealer firms are stepping up in the primary market to fill the gap left by Citi’s dramatic exit from the municipal bond business last December, but a test of how secondary market liquidity stands up to the firm’s departure remains to be seen. That’s according to broker-dealer and financial advisor panelists speaking Monday at the

A production slowdown at aircraft maker Boeing after problems emerged in its 737 Max line is starting to impact airports, with Southwest Airlines recently announcing it is ending operations at three U.S. locations and cutting service in others.  While the move is not raising immediate credit concerns for affected airports, analysts are keeping an eye

Citing Arkansas’ “financial resiliency,” S&P Global Ratings revised the outlook on the state’s AA general obligation bond rating to positive from stable. The rating agency’s action Thursday came ahead of the state’s sale of about $30 million of water, waste disposal and pollution abatement facilities GO bonds. “S&P’s improved outlook for the state from ‘stable’

Municipals improved Monday in constructive secondary trading as investors await the larger new-issue slate. U.S. Treasuries were mixed while equities made gains. Triple-A curves saw yields fall two to three basis points while USTs were a touch weaker on the short end and a bit firmer out long. The two-year muni-to-Treasury ratio Monday was at

Although New York Federal Reserve Bank President John Williams didn’t shed much light on the timing of federal interest rate cuts during a fireside chat at Milken Institute’s Global conference in Beverly Hills on Monday, he did offer some insight into his thinking. Amid stubbornly high inflation, the Federal Reserve reiterated in its post-meeting statement

BlackRock has laid off several employees as the firm’s municipal market division is in the midst of a reorganization. At least nine employees have been laid off, including portfolio managers, credit analysts and managing directors, said a source familiar with the departures. While BlackRock declined to comment on the layoffs, the firm “continuously organizes its

Illinois will issue $1.8 billion of general obligation bonds — $250 million taxable Series 2024A and $1.55 billion tax-exempt Series 2024B — to fund accelerated pension benefit payments and capital expenditures through the Rebuild Illinois program.  The fixed-rate bonds are expected to price this week. Jefferies, Siebert Williams Shank and Barclays are joint senior managers

Companies don’t want to move to Pennsylvania, Gov. Josh Shapiro said in his budget address. Mainly, because it’s too hard to move in. Intel notoriously passed over Pennsylvania for Ohio for a $20 billion factory back in 2022 — “I’m sick and tired of losing to friggin’ Ohio,” Shapiro said in his speech — and

Enjoy complimentary access to top ideas and insights — selected by our editors. Citi’s exit from the municipal bond market in December 2023, and UBS’s exit from the negotiated underwriting business in October 2023, have inspired many firms, from Piper Sandler to Huntington National Bank, to scoop up talent from the two organizations, seeing an

All markets rallied on the weaker jobs data, leading municipals to see yields fall up to eight basis points on what typically is a quiet Friday session, following a better-performing U.S. Treasury market. Equities closed in the black. The softer-than-expected April employment report led to some analysts believing this could put rate cuts back on

Oklahoma’s list of investment banks determined to be “boycotting” the fossil fuel industry expanded with the addition of Barclays, making it ineligible for state and local government contracts, State Treasurer Todd Russ announced Friday.  Barclays joins Bank of America, JP Morgan, and Wells Fargo, which were placed on the list last year under the state’s

Hawaii Gov. Josh Green failed to convince lawmakers to consider legislation that would have allowed struggling Hawaii Electric Co. to issue bonds backed by a rate increase. Senate Bill 2922, introduced by Senate Commerce and Consumer Protection Chair Jarrett Keohokalole, would have allowed HECO to issue up to $2.5 billion in low-interest bonds, if it