Bonds

Municipals were hit hard across the curve Friday, with the most damage felt on the short end. Triple-A benchmarks outperformed a U.S. Treasury rout on the heels of a hotter-than-expected jobs report. Triple-A benchmarks were cut six to 15 basis points at the one-year, with smaller cuts across the curve. U.S. Treasury yields rose eight

New York Gov. Kathy Hochul unveiled her $227 billion executive budget proposal for fiscal 2024, up 2.4% from the final $220 billion fiscal 2023 budget that was approved in April. The state’s fiscal year begins on April 1. Last year, the state budget was approved a week late. “I’m committed to doing everything in my power to

Municipals were firmer Thursday as municipal bond mutual fund outflows returned, while U.S. Treasuries were steady and equities ended mixed. The three-year muni-UST ratio was at 55%, the five-year at 57%, the 10-year at 63% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at

Sales tax collections in Texas soared to a record $4.11 billion in January, although the growth rate for the state budget’s biggest revenue source slowed. State Comptroller Glenn Hegar reported Wednesday the 6.6% increase compared to January 2022 was the lowest “in the 22 months since the end of pandemic restrictions.” “This reflects slowing in

Bolingbrook, Illinois, was downgraded seven notches by S&P Global Ratings, which cited the Chicago suburb’s unwillingness to cover shortages on unrated sales tax revenue bonds as a management and governance risk. The village of 73,000said the downgrade “sets a harmful and disruptive precedent for any credit secured by specific revenues that do not pledge the

Last year continued the exciting trend of Environment, Social, and Governance (ESG) discussions in the municipal marketplace. These discussions were more organized compared to prior years due to both the request for information that was released by the Municipal Securities Rulemaking Board and updated best practices of the Government Finance Officers Association. 2022 was a

Puerto Rico’s general fund net revenues were 28% above projections in December and 14% higher than those of December 2021. Through the first six months of the fiscal year, net revenues came in 14% ahead of projections and 3% ahead of July to December 2021, according to the Puerto Rico Department of the Treasury.  Net

Minnesota lawmakers have a crowded agenda as they weigh tax breaks, a bonding bill for infrastructure, and a new two-year budget with a $17.6 billion surplus in play. Gov. Tim Walz last week laid out his priorities in a $3.3 billion infrastructure package and a $65 billion biennial budget that provides targeted tax relief and

Chicago’s fiscal progress on structural balance and pensions drew rating upgrades and high-grade investors to recent bond deals but easing the longer term strains of pensions will require state intervention, Mayor Lori Lightfoot said.   Whether the city’s fiscal momentum can help Lightfoot win a second term is uncertain. She faces eight rivals vying for

The Municipal Securities Rulemaking Board wrapped up its quarterly meeting last week discussing several important topics, but ended without taking or announcing any concrete actions. The meeting was the first of calendar year 2023, but the second of the MSRB’s fiscal year, which began Oct. 1 2022. The agenda for the meeting, which ended Thursday,

The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade

Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in

Municipals were steady, down a basis point or two in spots, ahead of a paltry new-issue calendar, courtesy of next week’s Federal Open Market Committee meeting. U.S. Treasuries were slightly weaker and equities ended in the black. The three-year muni-UST ratio was at 54%, the five-year at 57%, the 10-year at 62% and the 30-year

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts. “It’s overly necessary for Congress to raise the debt limit, and I hope they do so in a timely

Merger activity among not-for-profit and for-profit hospitals dipped for a fifth consecutive year in 2022, with mega-mergers in the forefront of a sector dealing with operating challenges from inflation, a nursing shortage, and patient volume trends. Announced mergers and acquisitions dropped to 55 last year from 73 in 2021, continuing a downward course since 2017

After five years of growth that followed a relaunch of its municipal business, UBS Financial Services cut from its banking ranks this week in the aftermath of a down year for issuance and headwinds for 2023. The firm slashed 20% of its overall municipal team — which includes banking, sales, trading and underwriting — with

Municipals were steady Thursday in the secondary market while an $830 million deal from the Triborough Bridge and Tunnel Authority took focus in the primary. U.S. Treasuries yields rose after the fourth-quarter gross domestic product report was better than expected and equities ended up. The three-year muni-UST ratio was at 54%, the five-year at 57%,

The top bond counsel firms combined for a total of $359.123 billion in 7,878 transactions during 2022, down from the $456.136 billion in 11,819 deals in 2021. Only four firms remained in the same spot as in the prior last year: Orrick Herrington & Sutcliffe, Kutak Rock, Norton Rose Fulbright and Chapman and Cutler. Bryant

York County, South Carolina, priced $24.6 million of revenue bonds Wednesday to recoup costs incurred by the county to take over of a private water utility operation. The proceeds will cover a portion of the $36 million price tag York County paid to take over private firm Blue Granite Water’s water utility operations in the

Ramirez & Co. is expanding its public finance business across the country with the addition of three senior investment bankers in New York and Texas. Gabriella Briceno, Carlos Montoya, and Chapman Grumbles join the investment banking, brokerage, and advisory firm as senior investment bankers, sharing nearly 60 years of combined experience in the industry. The

Roger Millar, AASHTO’s new president and chief of Washington’s Department of Transportation, joins Caitlin Devitt to talk about the rollout of the Bipartisan Infrastructure Law, how a tight labor market and inflation are impacting capital plans, what a divided Congress means for transportation and an update on the Pacific Northwest’s high speed rail project. (24