Bonds

Municipal bond mutual funds saw the first large outflows of 2024, marking tax-deadline selling pressure coinciding with higher rates and volatile U.S. Treasury market moves. LSEG Lipper reported $1.47 billion of outflows from municipal bond mutual funds for the week ending April 17, “as higher rates and tax liabilities drove outflows from both [exchange-traded funds]

On Tuesday, global law firm Nixon Peabody LLP released the names of newly minted partners and counsels who have arrived at the next level in their public finance career.  According to the firm, “Nearly 80% of the new partners are members of historically underrepresented groups at the partnership level in the legal profession, which aligns

Jeffrey Scruggs, Head of Public Sector and Infrastructure Group at Goldman Sachs, sits down with Bond Buyer Executive Editor Lynne Fun Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Lynne Funk (00:09):Hello everyone and welcome to

Municipals were little changed Wednesday as supply slowed and small inflows into muni mutual funds returned. U.S. Treasury yields fell and equities saw losses. The Investment Company Institute reported small inflows to municipal bond mutual funds for the week ending April 10, with investors adding $18 million to funds following $69 million of outflows the week

Municipals were slightly weaker as the focus turned to a large new-issue day with deals upsized and accelerated. The asset class followed U.S. Treasuries to higher yields while equities closed the session up. Triple-A yields rose one to five basis points, depending on the curve, while UST yields rose up to four basis points. The

The size of the Internal Revenue Service budget and whether it should see an increase was part of the focus of a Tuesday Senate Finance Committee hearing during which IRS Commissioner Danny Werfel played defense against what some members of Congress have called over aggressive audits.   Werfel’s written testimony included a request that IRA funding

Brodie Killian has moved to PFM Financial Advisors from Stifel Nicolas & Co., joining its Ann Arbor office as a director. The move represents the capstone achievement of Killian’s broad career in the municipal bond market, he told The Bond Buyer.  “My past experience gives me a unique perspective as a municipal advisor who has

Municipals were slightly weaker Monday, but outperformed U.S. Treasuries which saw larger losses across the curve. Equities sold off. Triple-A yields rose one to four basis points while U.S. Treasury yields rose up to 11 with the largest losses out long. The two-year muni-to-Treasury ratio Monday was at 63%, the three-year at 61%, the five-year

Geopolitical turmoil roiled markets Friday, sending investors on a flight-to-safety trade into U.S. Treasuries while equities sold off after news reports that Israel was bracing for an attack by Iran on government targets and that China was providing Russia with drone and missile components.  Municipal bonds followed USTs as yields fell in both asset classes

The City of Richmond, Virginia is changing course on a nearly $280 million bond issuance that will build a new minor league baseball stadium anchoring a $2.4 billion mixed-use project on 67-acres just northwest of downtown Richmond.  Last week the Diamond District project, which includes retail, housing, and office space took a public financing turn when the

Bond insurance continued its upward trajectory in the first quarter of 2024, leading the two top municipal bond insurers to expand. Municipal bond insurance grew 24.4% in the first quarter of the 2024 year-over-year. The top two municipal bond insurers wrapped $7.132 billion in the first quarter of 2024, up from the $5.735 billion of

Spreads on Build America Bonds have widened “significantly” in the last few months amid a wave of refinancings despite a debate over the legal ability of issuers to call the debt, according to municipal bond strategists. So far this year, the BABs index option-adjust spread has cheapened 10bps compared to the ICE Broad Taxable Municipal

The late March collapse of Baltimore’s Francis Scott Key Bridge raises questions about the age and resiliency of U.S. infrastructure that engineers and the finance industry will need to address together. That’s the view of Maria Lehman, immediate past president of the American Society of Civil Engineers, GHD’s infrastructure market leader for the United States

The not-for-profit healthcare sector continues to face challenges, including a high number of bond covenant violations, which can provide an early warning of payment defaults, said Lisa Washburn, chief credit officer and managing director for Municipal Market Analytics.   “The hospital sector has definitely seen improvement since the worst of 2022, but I would still

Municipals were mixed Thursday in secondary trading as focus shifted to California’s nearly $1.5 billion of tax-exempt and taxable general obligation bond deals in the competitive market while U.S. Treasuries were weaker out long after Wednesday’s short-end selloff and equities were in the black at the close. Triple-A yield curves saw a mix of bumps

The Municipal Securities Rulemaking Board’s upcoming meeting of its board of directors April 17-18 will focus discussion on its many rule proposals underway. The board will review the public comments they received as part of the request for information on small firms, which saw 22 different firms and groups submit responses. They will also discuss

S&P Global Ratings on Wednesday upgraded its long-term rating on Detroit’s unlimited-tax general obligation debt to investment grade, raising it to BBB from BB-plus. The outlook is stable. The rating agency said the change reflected a stronger financial position and its “increased confidence in the city’s ability to sustain balance within the construct of its

Federal Reserve policymakers “generally favored” slowing the pace at which they’re shrinking the central bank’s asset portfolio by roughly half, minutes from their latest gathering showed. The record of the March 19-20 Federal Open Market Committee meeting also showed “almost all” officials judged it would be appropriate to begin lowering borrowing costs “at some point”

Munis were a touch firmer in spots Tuesday as the primary market ramped up and investors awaited Wednesday’s inflation report to give further guidance on Fed rate cuts. U.S. Treasuries were firmer and equities were mixed at the close. The two-year muni-to-Treasury ratio Tuesday was at 65%, the three-year at 64%, the five-year at 61%,

Florida’s Brightline passenger train, long a prominent name in the high-yield municipal market, is gearing up for its investment grade market debut with a $2 billion deal that marks a first step toward an overhaul of its debt load. Another $1 billion of subordinate high-yield bonds that will be a mix of taxable and tax-exempt