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Municipals were slightly weaker in secondary trading Wednesday as the Los Angeles Unified School District’s nearly $3 billion pricing for institutions took focus. U.S. Treasury yields rose and equities ended mixed. Munis started the second quarter in “excellent shape,” as credit spreads are in fair value range, and muni-UST ratios start to cheapen, said GW&K

The California Supreme Court has granted review of a case challenging retirement reforms state lawmakers approved 11 years ago, marking a return of pension spiking questions to the high court for the first time since a 2020 ruling on an Alameda County case. The new case — Ventura County Employees’ Retirement Association v. Criminal Justice

The recent slew of prepaid energy bond issues in the Southeast continues to revive interest in the sector as demand remains strong for the tax-exempt paper. In a prepaid natural gas deal, public utilities secure a long-term supply of natural gas at a discounted rate. A conduit issuer, typically a special-purpose entity, sells these bonds.

In a first-of-its-kind transaction, the city of Quincy, Massachusetts, issued $10 million of tax-exempt bonds using blockchain technology, taking the first step in what those involved in the transaction say could be a transformation of the municipal bond market. “The city of Quincy has invested in its innovation economy over the past number of years

The Mayo Clinic has ambitious plans that start at home. When the Rochester, Minnesota-based nonprofit healthcare system updated its five-year plan last year, it said the move was part of a “strategy to transform healthcare globally.” The update reflected changes from a $5 billion expansion of Mayo’s flagship Rochester campus.  Mayo’s board of trustees approved

Brightline, Florida’s privately owned passenger train, hit the tax-exempt market Thursday, after weeks of marketing, with more than $3.1 billion of low-investment grade and unrated bonds, some of which carried yields as high as 12%. The company enjoyed strong demand for all the paper, which was more than two times oversubscribed and saw more than

Kansas Gov. Laura Kelly on Wednesday vetoed tax cut legislation that she called “too expensive” and offered lawmakers a less-costly alternative. The Democratic governor, who in January vetoed a previous tax reduction bill passed by the Republican-controlled legislation, said the latest measure “jeopardizes our state’s future fiscal stability.”    House Bill 2036, which cleared the House

Municipals saw losses Thursday following U.S. Treasuries to higher yields, while equities sold off after GDP growth slowed in the first quarter. While growth slowed, inflation was hotter, said ING Chief International Economist James Knightley, as the core PCE deflator rose 3.7% on an annualized basis, three-tenths of a point higher than expected. “Unsurprisingly Treasury yields

Ryan Hallam, who spent nearly three decades at Citi, has been hired as a managing director and co-head of high-yield trading on Piper Sandler’s fixed-income team. Hallam will handle high-yield muni sales and trading, focusing on large institutional accounts. “As we look to grow our market share in the municipal industry, Ryan’s tremendous experience and