Bonds

“Did you ever have to make up your mind? Pick up on one and leave the other one behind?It’s not often easy, and not often kind.” The song by the Lovin’ Spoonful could describe the Scylla and Charybdis dilemma banks face during the war between red and blue state government finance officials over environmental, social

Guam’s latest proposed budget was hailed by analysts who said its approach should be copied by other U.S. territories. Gov. Lourdes Leon Guerrero proposed a 5.9% bigger general fund budget for fiscal 2025 days after Moody’s Investors Service raised the territory’s general obligation bonds to investment grade (Baa3) from speculative grade (Ba1); the first time

Municipals sold off Monday following U.S. Treasuries, which saw another session of large losses, as investors digested the likelihood of later and fewer Federal Reserve rate cuts. . Equities ended down. Triple-A muni yields rose 10 to 13 basis points, with the largest losses on the short end, while USTs saw yields rise 11 to14

Municipal bond market experts say a new form of cyberattack, driven by different motives than ransomware, is on the rise. So-called “havoc-based attacks” are launched simply to cause damage to the victims, in contrast to the financial motives behind ransomware. Congressional testimony last week from the FBI director and federal cybersecurity director about China “further

Enjoy complimentary access to top ideas and insights — selected by our editors. Edward Joseph McManimon III died peacefully on Feb. 2 at his home in New Jersey with his family close by after a long illness. He was 77. For more than 50 years he practiced law at McManimon, Scotland & Bauman LLC, where

Higher interest rates, inflation and slower economic growth could create headwinds for the U.S. public finance sector, S&P Global Ratings said in a report Friday. Continuing credit strength has led to growing revenues and expanded reserves, S&P analysts led by Robin Prunty wrote in the report. “However, if local or macroeconomic conditions prevent revenues from

Pennsylvania Gov. Josh Shapiro announced a new economic development plan that he says will guide the priorities when he releases his budget this week. The 10-year program is Pennsylvania’s first economic development plan in nearly two decades and targets areas including site readiness, workforce development and housing and community development. “For too long, Pennsylvania’s neighboring

Repair needs for the New York Metropolitan Transportation Authority MTA will cost at least $43 billion over the next several years, according to a new report issued by state comptroller Thomas DiNapoli. DiNapoli said the estimates by his office of the 2025 to 2029 period don’t include any new priorities to address accessibility, resiliency or

A small-town southwest Missouri hospital is scrambling to restructure after its bond trustee declared it to be in default. In a special meeting Friday, the board of Nevada Regional Medical Center agreed to hire Stroudwater Associates’ Jason McCormick as its chief restructuring officer. The hospital had been searching for someone to fill that role after

Municipals saw losses Friday but outperformed by mostly sitting out a larger sell-off in U.S. Treasuries after jobs data showed higher-than-expected gains, forcing another recalibration for participants on rate cut timing. The January employment report came in stronger than expected, with wages rising at the highest rate since March 2022, leading analysts to suggest Federal

Los Angeles International Airport had the private-activity bonds supporting its people mover train downgraded to junk with Fitch Ratings citing continuous and ongoing delays and a strained relationship between the developer and the airport. The $1.2 billion in PABs issued through the California Municipal Finance Authority for the project were downgraded to BB-plus from BBB-minus

SOLVE, a market data platform, has announced the beta version of SOLVE Px, an AI predictive dataset for the muni market. The platform offers next-trade prices for more than 900,000 munis, including those that are traded infrequently. The goal behind SOLVE’s new product is to turn raw data into data-driven insights through AI, with munis

The Education Finance Council is turning up the pressure on the Internal Revenue Service for clarifications on bond rules that have gone unanswered for four years.  The trade group, which represents state-based and nonprofit higher education finance organizations, is asking the agency via a letter to clarify requirements listed in Section 144(b) of the Internal

The Biden administration will not be appealing to the Supreme Court an Eleventh Circuit ruling in favor of states, who’ve challenged the American Rescue Plan Offset Provision that bars states from using federal aid dollars to fund tax cuts, in what may be an end to those state challenges. That decision was communicated in a

Cleveland-based KeyBanc Capital Markets has tapped AJ Maggio as managing director and national sales manager of fixed income. Maggio will be based in Chicago and report to Brian Brennan, national head of fixed income and derivatives. “AJ has a demonstrated track record growing, recruiting and managing sales producers across all products,” said Brennan. “He also

Proposed changes to California’s mental health system and a $6.4 billion bond measure proposed in Proposition 1 continue to garner more support as the March 5 election draws near. The proposition, which will be the only one on the March ballot, would use funds from California’s so-called millionaire’s tax to create more slots for people

Municipals rallied Thursday as the Triborough Bridge and Tunnel Authority doubled the size of its deal to $1.6 billion while muni mutual funds saw inflows hit nearly $1.5 billion. U.S. Treasury yields fell and equities improved. Muni yields were bumped two to 12 basis points, depending on the curve, while UST yields fell six to

On Wednesday the House passed new legislation that seeks adjustments to Low-Income Housing Tax Credits issued by the Treasury that lowers the volume requirements of state-issued private activity bonds.  The Tax Relief for American Families and Workers Act passed via a 357 -70 vote featuring strong bipartisan support. It stands on two legs of expanding

Louisiana will kick in more money — and get a piece of toll revenue — under a revised public-private partnership for a $2.1 billion bridge that state officials signed off on Thursday. Bonds to pay for the deal, which marks the state’s largest P3 yet, will hit the market in early April under the current

Appeals court judges this week heard arguments over the scope of liens on Puerto Rico Electric Power Authority revenues in a case widely seen as potentially having major implications for how municipal revenue bonds are treated in debt adjustment proceedings, such as Chapter 9, in the future. The United States Appeals Court for the First

As investors face credit and interest rate risk — two of the more challenging aspects of the market over the past two years — some are looking to alternative investments such as interval funds. For investors who have the flexibility, deeper pockets and risk appetite, the funds, which are closed-end not traded on any exchanges