Bonds

Private equity giant KKR is buying Philadelphia-based broker-dealer Janney Montgomery Scott LLC. Janney, which dates to 1832, operates as a full-service wealth management, investment banking, and asset management firm. KKR announced Tuesday that it will acquire the firm from The Penn Mutual Life Insurance Company, its owner since 1982. After the deal closes, Janney, which

The Chicago Public Schools board of education unanimously approved the $9.9 billion fiscal 2025 budget Thursday.  The vote came on the heels of a report from the Civic Federation of Chicago, a nonprofit fiscal watchdog, that warned the budget “presents a temporary solution to a long-term structural financial problem.”  The budget represents an increase of

Municipals were mixed Thursday, while U.S. Treasuries were firmer five years and out and equities ended mixed after data showed the economy grew at a hotter-than-expected pace in the second quarter. “News that U.S. economic growth accelerated faster than expected in the second quarter has sent market participants on a roller-coaster ride,” said José Torres,

A pair of municipal bond veterans have left Preston Hollow Community Capital to launch their own shop that will source high-yield muni deals to alternative asset manager Fundamental Advisors. Charlie Visconsi and Ron Van Den Handel announced the formation of V2 Municipal Capital this week as an independent firm that will partner with New York-based Fundamental.

The Louisiana State Bond Commission approved three bond issues totaling more than $3 billion on Wednesday. The commission approved a $1.33 billion to $2 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge, a state general obligation bond of up to $1 billion, and gave preliminary approval to a state gas

The Financial Industry Regulatory Authority has fined Philadelphia-based broker-dealer Janney Montgomery Scott $65,000 for reporting inaccurate times of trade on 391 municipal securities transactions, violating Municipal Securities Rulemaking Board Rules G-14 on time of trade and G-27 on supervision. Without admitting or denying the findings, the firm agreed to a censure and a total fine

Municipals were little changed in secondary trading Tuesday as the busy primary market took focus, led by two billion-dollar-plus deals from the Texas Transportation Commission and South Carolina Public Service Authority. U.S. Treasuries were firmer and equities were up toward the close. The two-year muni-to-Treasury ratio Tuesday was at 63%, the three-year at 65%, the

The First Circuit Court of Appeals signaled an interest in revisiting its decision that Puerto Rico Electric Power Authority bond holders have a lien on net revenues. The three judges who ruled on the lien in mid-June said Monday they wanted written responses from all parties on the petitions for rehearing or rehearing en banc.

On the heels of President Joe Biden’s departure from the presidential race, munis were mixed Monday. U.S. Treasuries gave back some early gains, ending the day slightly weaker, while equities ended 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 65% and the 30-year

Chicago Transit Authority Chief Financial Officer and Treasurer Jeremy Fine is leaving the agency, CTA President Dorval Carter, Jr., announced at a Wednesday meeting of the CTA’s Committee on Finance, Audit and Budget. Fine will join the Illinois Institute of Technology, CTA spokesperson Manny Gonzales said. Officials at the committee meeting said the CTA made

An Oklahoma judge on Friday issued a permanent injunction against the enforcement of a 2022 state law that led to four investment banks being banned from underwriting municipal bonds and the targeting of other financial firms for divestment purposes.  Oklahoma County District Court Judge Sheila Stinson took the action “based upon the act being unconstitutionally

Municipals were little changed Friday ahead of another week of healthy issuance. U.S. Treasuries were weaker and equities ended down. Tax-exempts, aided by rallying USTs, are “enjoying a relatively strong start” to the second half, said Barclays strategists Mikhail Foux and Clare Pickering. Investment-grade and high-yield returns “have been remarkably similar, though — on the

California voters consider environmental policy so important, according to a recent poll, that it could influence who they support for president. Most favor a $10 billion bond measure proposed to pay for flood control and climate resiliency projects, and the majority plan to cast their ballots for President Joe Biden in the deep blue state.

The Board of Directors of the Municipal Securities Rulemaking Board will try to iron out some thorny issues when they meet on July 24-25, for their final quarterly gathering this fiscal year. Establishing priorities for the next fiscal year and approving the FY 2025 budget to advance its strategic plan are among the agenda items.

Lack of capacity at state transportation departments share some of the blame for infamously high infrastructure costs in the U.S. compared to other countries. On the other hand, procurement practices that increase competition among contractors help bring down costs, said Will Nober, an economics doctoral student at Columbia University, Zachary Liscow, a professor at Yale

The Dormitory Authority of the State of New York sold $1.2 billion of revenue bonds last week to good demand, with spreads coming in tighter compared to a DASNY negotiated deal that priced last year. “Overall the bond sale was a success,” said DASNY spokesperson Jeffrey Gordon. “[Last week’s sale] benefited from a calm market

Short-term munis were slightly firmer Thursday as muni mutual funds saw continued inflows and the primary market slowed. U.S. Treasuries yields rose and equities sold off. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 68%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal

State and local issuers engaging in the offer and sale of municipal securities must comply with the antifraud provisions of federal securities laws, namely Section 17(a) of the Securities Act of 1933 and Rule 10b-5 of the Securities and Exchange Commission. In that context, it is unlawful for such issuers to make any untrue statement

Municipals were little changed Wednesday as the primary market saw another busy day, led by an upsized $2.5 billion from the New York City Transitional Finance Authority and $1.3 billion from the Regents of the University of California. U.S. Treasuries were slightly firmer and equities were mixed toward the close. The two-year muni-to-Treasury ratio Wednesday

An Oklahoma court has canceled an election next month on a proposition to create two tax increment financing districts in Norman to help finance a University of Oklahoma sports arena as part of a $1 billion proposed entertainment development. Cleveland County District Court Judge Jeff Virgin issued a temporary restraining order last week enjoining the