Bonds

The first glimpse of proposed rules for the closely watched Financial Data Transparency Act carried a surprise for the municipal bond market. The Federal Deposit Insurance Corporation board Tuesday approved a draft notice of proposed rulemaking for the FDTA. Enacted in December 2022, the law requires that municipal securities disclosures be converted into a machine-readable

Municipals were steady, underperforming U.S. Treasuries after the Federal Reserve held rates, as expected. Equities ended up. Wednesday was about setting market participants up for a policy change in September, said Jeff MacDonald, executive vice president and head of fixed-income strategies at Fiduciary Trust International. The muni yield curve has “remained stubbornly inverted” throughout most

Houston’s mayor and controller traded barbs on Wednesday over a negative rating outlook the city received from S&P Global Ratings ahead of a July general obligation bond sale that financed part of a settlement with firefighters.  In his report to the city council, Houston Controller Chris Hollins said the action by the rating agency to

Municipals were little changed Tuesday as U.S. Treasuries were firmer and equities were mixed toward the end of the session. Muni yields remain near levels seen at the start of summer last year, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. Yields may move lower after the Federal

Enjoy complimentary access to top ideas and insights — selected by our editors. Bond counsel in the first half of 2024 handled a combined $236.731 billion across 3,933 bond issues, up from $172.268 billion in 3,493 transactions this time last year.  The top 10 bond counsel saw some shuffling and welcomed three new entrants. The

Kim Olsan joined NewSquare Capital last week as a senior fixed-income portfolio manager.  The 30-year industry veteran said she hopes to bring her broker-dealer background and deep knowledge of municipal bonds to the firm.  Olsan said she looks forward to “interacting directly with advisors and investors to grow their municipal footprint and expose them to

The U.S. Soccer Federation is tapping the municipal market this Thursday as it seeks to fund its new headquarters and training facility in Georgia. U.S. Soccer will issue $200 million of tax-exempt revenue bonds through the Fayette County Development Authority.  The bonds will help finance most of the project’s expected $225 million cost. Arthur M.

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

Karl Knight was appointed chief executive officer of the U.S. Virgin Islands Water and Power Authority Thursday, effective July 29. The last permanent CEO, Andrew Smith, resigned on June 1 after two and a half years in the position. Since then, Ashley Bryan, who had been the head of electrical operations, has served as interim

California Gov. Gavin Newsom issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties and asked local governments to use the “substantial funding” provided by the state to take similar action. The executive order issued Thursday comes a month after the U.S. Supreme Court’s sweeping Grants Pass decision

Municipals were little changed ahead of a smaller $6.6 billion new-issue calendar. U.S. Treasuries were firmer and equities rallied. The two-year muni-to-Treasury ratio Friday was at 65%, the three-year at 66%, the five-year at 67%, the 10-year at 67% and the 30-year at 83%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read. ICE

S&P Global Ratings revised the outlook on Arizona’s AA issuer rating to positive from stable, citing the state’s “robust” economic growth, as well as its financial management. The move points to an expectation of a one-in-three chance of a rating upgrade over the next two years, according to the rating agency.  Arizona Gov. Katie Hobbs

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,

Bond insurance continued to grow in 2024, with insurance increasingly utilized by issuers and strong demand from retail and institutional investors. Municipal bond insurance grew 24.4% in the first half of the 2024 year-over-year, according to LSEG data. The top two municipal bond insurers wrapped $19.355 billion in 1H 2024, up from $15.561 billion of

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

Enjoy complimentary access to top ideas and insights — selected by our editors. The Dormitory Authority of the State of New York ranked first among the Top 10 issuers in the first half of 2024, helped by a $2.9 billion deal in March. The Florida Development Financing Corp., Massachusetts, the Los Angeles Unified School District and

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

Municipalities face the most difficulty in attracting and winning new hires compared to all other financial sector participants, according to Arizent’s workforce development research.  The difficulty comes as governments seek to attract potential young hires who are skeptical of the public sphere and its potential for career progress in the post-COVID-19 period. This disillusionment has

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