Bonds

Municipals were steady to firmer in spots to close out August as inflows returned to muni mutual funds. U.S. Treasury yields fell and equities were mixed ahead of Friday’s employment report. Triple-A benchmarks were bumped up to three basis points, depending on the scale, while UST yields fell three to four basis points. The two-year

The Department of Health and Human Services has sent a letter to the Drug Enforcement Agency recommending that marijuana be reclassified to Schedule III, down from Schedule I, and if passed, the change could have an impact on how local governments collect taxes on cannabis businesses. That’s the latest in the Biden Administration’s efforts towards

The guilty plea this month by Anaheim, California’s former mayor underscores the long slog the city faces in restoring its image and finances after an FBI corruption probe became public amid the city’s efforts to recover financially from the COVID-19 pandemic. Harry Sidhu, the ex-mayor, agreed to plead guilty to federal felony charges for obstructing

Municipals had a slightly firmer tone Wednesday while U.S. Treasuries were little changed and equities ended up. Triple-A yields fell one to three basis points, depending on the curve, while UST maintained levels in a subdued session. While munis underperformed UST Tuesday, “there has been firmness in the muni market throughout the past week,” said

President Joe Biden’s infrastructure advisory council is recommending privatization and long-term leases of water systems to help manage what the council warned is a looming crisis facing the nation’s aging water infrastructure. The recommendations come in a 39-page report released Monday from the National Infrastructure Advisory Council, comprised of 30 state, local and private sector

Bond parties in the Puerto Rico Electric Power Authority bankruptcy are appealing a ruling that has barred a receiver from being appointed in the case. Syncora Guarantee and GoldenTree Asset Management Monday filed an appeal notice of a ruling of U.S. District Judge Laura Taylor Swain that rejected their request for a removal of a

California’s late audited financial statements continue to be a topic of discussion for agencies rating the state’s bonds. Fitch Ratings noted that the state was significantly late in producing its annual comprehensive financial report for fiscal year 2021 in a ratings report issued ahead of the state’s plans to price $2.6 billion in general obligation

Municipals were steady to start the week as U.S. Treasuries were firmer and equities ended the trading session up. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had

As booming oil and natural gas production pumps revenue into New Mexico’s budget, state officials are taking steps to insulate the general fund from the notoriously volatile fossil fuel industry. A legislative meeting last week on the latest consensus revenue estimate showcased the projected impact of legislation enacted this year that aims to shift the

The Puerto Rico Oversight Board reached an agreement Friday with several bondholders of Puerto Rico Electric Power Authority debt in a proposed plan of adjustment that offers significantly more of the original value of outstanding bonds to them than to those who did not agree to the plan. BlackRock Financial Management, Nuveen Asset Management, Franklin

Municipals were steady Friday ahead of a smaller new-issue calendar, while short-term Treasuries were weaker and equities rallied. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 65%, the five-year at 66%, the 10-year at 70% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the

The Port Authority of New York and New Jersey will bring affirmations of its AA-minus level ratings to its next bond deal. The authority plans to sell $1.08 billion of bonds, according to a preliminary official statement published Thursday. Ity plans to issue two tranches, Series 242 for $535 million and Series 243 for $545

California has expanded the ability of its local agencies to use progressive design-build contracts for certain infrastructure projects in a bid to control costs and remain on schedule. Gov. Gavin Newsom in July signed into law the latest progressive design-build measure, Senate Bill 146, which allows the Department of Water Resources and the California Department

On Wednesday the Internal Revenue Service issued a notice of proposed adverse determination to the Port of Port Arthur Navigation District of Jefferson County, Texas, indicating that a 2017 $55 million bond issuance will be considered taxable, though attorneys caution that such situations nearly always resolve without impact to the investors. According to the notice posted on

Pittsburgh’s long-running shift from the industrial Steel City to a technological hub is heading in a new direction — toward outer space and the moon. With Pittsburgh as hub, western Pennsylvania, West Virginia and Ohio are becoming a region where robotics, materials science, engineering and advanced manufacturing come together to serve the new space race.

Connecticut’s first offshore wind farm is one step closer to reality after a federal ruling came down this week. On Tuesday, the Bureau of Ocean Energy issued a “record of decision” on a federal environmental review of Revolution Wind, a 704-megawatt offshore wind farm planned for development off the coast of the state in a

A proposed crude oil-transporting Utah railway project, which would be financed mostly with private-activity bonds, will head back to a federal agency after a key permit was rejected by a U.S. Appeals Court. A three-justice District of Columbia-based panel ruled last week that the U.S. Surface Transportation Board erred in approving an environmental impact statement

The focus was on the primary market Wednesday as the New York City Transitional Finance Authority’s $1 billion deal saw good reception, repricing to lower yields, though municipals underperformed a U.S. Treasury rally. Equities ended in the black . Triple-A yields fell or rose a basis point or two, depending on the scale, while Treasuries

Moody’s Investors Service raised North Broward Hospital District, Florida’s revenue bonds to Baa1 from Baa2 and revised its outlook to stable from positive. North Broward Hospital District has about $300 million of debt outstanding. Broward Health Medical Center in Fort Lauderdale is part of Broward Health Medical Center.AdobeStock The upgrade to “reflects the durability of

Vermont launched part one of a two-part general obligation bond sale this week with a competitive auction of $61.2 million of new money bonds. That will be followed with a $53.5 million GO refunding that is expected to price by negotiation Thursday. The competitive bid was won by BofA Securities, according to Refinitiv TM3. The