Bonds

Municipals were weaker for the first session since June 17 as the market saw another busy day of issuance. U.S. Treasury yields rose and equities ended up. Triple-A yields rose two to six basis points while USTs were higher by two to nine basis points. The two-year muni-to-Treasury ratio Wednesday was at 65%, the three-year

Municipals were little changed Tuesday with the focus squarely on the active primary slate as U.S. Treasury yields fell slightly out long and equities were mixed near the close. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 84%, according

The water utility serving Harrison and Mamaroneck in Westchester County, New York, agreed to build a $138 million filtration plant by July 2029 and take steps to protect the water quality to 120,000 residents, under a consent decree with the U.S. Environmental Protection Agency and federal prosecutors. The agreement, announced Monday, resolved allegations that the

Municipals were steady Monday ahead of a surge in supply, as U.S. Treasury yields fell slightly out long and equities were mixed near the close. The two-year muni-to-Treasury ratio Monday was at 64%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 84%, according to Refinitiv Municipal Market

The U.S. Supreme Court on Monday agreed to take up an environmental challenge to a proposed bond-financed crude oil-transporting railway in Utah. The Seven County Infrastructure Coalition, a Utah public entity that is spearheading the Uinta Basin Railway project, filed a petition in March asking the high court to review a portion of an August

Municipal investors can expect more than $12 billion of bonds and notes in the week of June 24 as issuers forge ahead with primary offerings amid a steadier market and a higher-for-longer mindset settles in. Recent market moves have led munis to outperform other fixed-income asset classes and position tax-exempt returns to close out June

The election, the national debt, and the key legislative accomplishment of the Trump administration has lawmakers and lobbyists taking stock of their positions and reassessing which hills to die on.  “If Congress must tackle the expiration of Tax Cuts and Jobs Act provisions through bipartisan compromise, the process will likely move slower and allow more

The California Supreme Court removed a sweeping anti-tax measure from the November ballot that the state’s Democrats claimed would have been catastrophic for local government budgets. The high court found the measure to be a far-reaching revision of the state constitution and “because those changes would substantially alter our basic plan of government, the proposal

Pressure is beginning to mount for the Federal Emergency Management Agency to expand its role in responding to major weather events and to declare the effects of smoke and extreme heat a major disaster on local communities. That comes in the form of a new petition filed by the Center for Biological Diversity, the Arizona

They’re calling next year the Super Bowl of federal tax policy, and everything, including the municipal market’s prized tax exemption, will be in the game. Congress is gearing up for a potentially major tax overhaul post-election as provisions in the 2017 Tax Cuts and Jobs Act, the largest tax overhaul since 1986, are set to

Hospitals in California may get the extra time some say they need to meet stringent earthquake-safety requirements. As it stands now, hospitals will be forced to close if they haven’t completed the required work by a 2030 deadline under a state law originally crafted following the 1994 Northridge earthquake. “Almost two-thirds of the hospitals in

Houghton University, a liberal arts school in Western New York established in 1883, saw its rating downgraded into junk status by S&P Global Ratings. The rating agency cut the school’s tax-exempt bonds one notch to BB-plus from BBB-minus, citing its track record of deficits plus a large operating shortfall expected in fiscal 2024.  “We believe

The secondary market showed lighter trading and steady yields Thursday as the last deals of size priced and muni mutual funds saw small inflows. U.S. Treasuries were slightly weaker and equities were mixed near the close. The day’s moves showed muni-to-UST ratios holding mostly steady. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year

Federal regulations are putting the brakes on U.S. Department of Transportation funding designed to boost transit-oriented development projects near public transit.  “We need to make it easier to build in any way we can,” said Sen. Brian Schatz, D-Hawaii. “Providing low interest capital through TIFIA and RRIF is one means, but for it to work

Municipals were steady in secondary trading Tuesday as a heavy new-issue calendar took focus in the primary, led by an upsized $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project that saw yields bumped upon repricing. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury

The start of a trial to determine whether bonds could be issued to finance a multi-billion-dollar light-rail project in Austin was halted Monday after Texas Attorney General Ken Paxton’s office filed an emergency motion with a state appeals court. A Travis County District Court judge planned to commence the trial before ruling on the attorney

Brightline train’s proposed extension to Tampa won a vote of confidence Friday from a coalition of planning and transportation organizations, two months after the sale of $925 million of high-yield municipal bonds to finance the planned extension. The Suncoast Transportation Planning Alliance and Central Florida Metropolitan Planning Organization Alliance, which together represent 10 metropolitan planning

Municipals were steady to slightly weaker in spots as U.S. Treasury yields rose and equities ended up. Despite some slight weakness Monday, munis continued “their impressive start to June,” with yields falling 10 to 13 basis points last week, Birch Creek strategists said. Munis have rallied roughly 24 to 29 basis points month-to-date, a “complete

Los Angeles is the latest issuer to come to market riding a Fitch Ratings upgrade from its revised local government criteria as the city prepares to sell social bonds competitively to support its efforts to eradicate homelessness. Fitch upgraded the city’s issuer default rating to AA-plus from AA and assigned a AAA rating to the

Municipals were firmer ahead of an uptick in issuance next week, while U.S. Treasury yields fell slightly and equities ended mixed. USTs extended their rally this week after receiving support from “softer” economic data as yields fell 18 to 24 basis points on the week and a total of 20 to 30 basis points month-to-date,