Bonds

As California lawmakers head into the fall to wrangle over budget trailer bills and begin to contemplate next year’s budget, they will do so with a robust piggy bank. California revenues continued to beat expectations, coming in $1.5 billion above the 2021-22 Budget Act forecast of $8.4 billion for July, according to the California Department
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Municipals faced some pressure and benchmark yield curves were cut by one to two basis points Wednesday. Municipals largely have shrugged off a weaker U.S. Treasury market and outperformed while mutual funds saw another $2 billion-plus week of inflows. The 10- and 30-year UST have risen nine basis points since Monday, while munis have only
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Kroll Bond Rating Agency raised its outlook on Chicago’s general obligation bonds to stable from negative and affirmed the city’s GO rating at A. “The stable outlook assignment and the outlook revision on the outstanding GO bonds recognizes the tenor of actions taken by the city’s management in confronting COVID-19 induced challenges, an improved revenue
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The way appeared to clear Tuesday for both prongs of President Joe Biden’s infrastructure agenda, as House Democrats approved a rule adopting a budget resolution and scheduling a vote on the Senate-passed bipartisan surface transportation bill no later than Sept. 27. The Tuesday vote clears the way for the bipartisan bill to become law prior
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Municipals were unmoved in light trading to start the last week of August while U.S. Treasuries maintained Friday’s levels and equities advanced on news the FDA gave the Pfizer COVID-19 vaccine full approval. Municipal benchmark yield curves continued to hold steady for the seventh day as investors await a diverse primary that includes gilt-edged Montgomery
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Puerto Rico employment numbers were mixed in July. The U.S. Bureau of Labor Statistics’ household survey showed July employment was down 0.06% from the June total. The bureau also releases an employment survey of non-farm establishments and this showed an increase of 0.4% from June. The survey does not include self-employment. July’s household survey total
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Northeast municipal issuers sold $59.9 billion of debt over the first six months of this year, up 4.8% from the same period of 2020 as states, cities and agencies adjusted to the COVID-19 environment and other variables. That included a 13.3% spike in the first quarter, to $29.5 billion from $26 billion. Many traditional issuers,
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California’s housing crisis has propelled a community college to issue junk bonds to fund housing for its students. Lead manager Stifel priced $68.3 million in college housing revenue bonds for the California School Finance Authority on July 15 to support the project at Santa Rosa Junior College. Santa Rosa Junior College is the first community
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