Bonds

State and local governments are starting to appropriate billions of dollars flowing in from the offer of settlement made by three major pharmaceutical companies due to the opioid addiction crisis. The often quoted $26 billion figure is tied to an offer to settle unveiled in February 2022 by three large pharmaceutical opioid distributors, McKesson, AmerisourceBergen, Cardinal Health

Following Fitch Ratings downgrading the U.S. sovereign rating to AA-plus from AAA, the rating agency has downgraded certain municipal bonds tied directly to the creditworthiness of the country. Despite this, market participants say the muni market will see little impact. The bonds affected are “pre-refunded bonds whose repayments are wholly dependent on ‘AA+’-rated United States

The Puerto Rico Oversight Board said settlements in the Puerto Rico Electric Power Authority bankruptcy are near after they sought and received another deadline extension for filing its debt adjustment plans. “While the Oversight Board cannot guaranty further settlement will be attained, it continues to believe the prospects of at least one major settlement is

Municipals were steady Friday, sitting out a U.S. Treasury rally after the jobs report showed the labor market continues to cool. Equities ended the session down. Triple-A yields were largely unchanged across all curves while UST yields fell up to 15 basis points. Muni to UST ratios rose as a result. The two-year muni-to-Treasury ratio

New York City is set to bring more than $1 billion of general obligation bonds starting Tuesday amid an influx of New York paper in the market and growing fiscal headwinds led by a wave of migrants into the city and declining commercial real estate values. The city plans to price $950 million of new-money

Municipals sold off Thursday, following U.S. Treasury losses after more economic data suggested the U.S. economy is strong enough to potentially warrant more rate hikes in the fall. Equities ended down. Ahead of Friday’s jobs report, Wall Street is “watching a global bond market selloff get uglier as U.S. stocks waver ahead of massive earnings

The Municipal Securities Rulemaking Board has added five new members to its board, as well as elected officers for its 2024 fiscal year, bringing Meredith Hathorn on for another term as chair and electing Ernesto Lanza, of counsel for Ballard Spahr and formerly of the Securities and Exchange Commission, as chief regulatory and policy officer.

Municipals were weaker Wednesday as investors digested another larger new-issue slate, August redemption dollars, better-than expected economic data and the Fitch downgrade to the United States’ rating. U.S. Treasury yields rose slightly out long and equities sold off. The weakness in munis and UST resulted partly from the ADP Employment Report that showed 324,000 jobs were

Miami-Dade County is preparing to come to market this summer with a $500 million bond issue to help expand PortMiami’s ability to cater to cruise passengers. The county expects to issue more than $499 million of taxable Series 2023 fixed-rate senior lien seaport revenue bonds, with a final maturity in 2056. The pricing is expected

Municipals were weaker in secondary trading to start August as several large deals took focus in the primary market. Munis slightly outperformed Treasury losses as the first round of August redemptions buoyed the market. Equities ended mixed. Triple-A yield curves were cut three to six basis points, depending on the scale, while UST yields rose

Financial woes at an Iowa hospital led a major bondholder and a bond trustee to state court seeking the appointment of a receiver for the facility, while they demand the immediate payment of principal and interest in the wake of default events. The move comes as hospitals nationwide face persistent pressures as they slowly recover

Municipals were lightly traded and mostly steady Monday while U.S. Treasuries were slightly firmer from Friday’s levels and equities closed in the black. With muni returns in positive territory to end the month and supply down 8% for the month and 16% for the year, the calendar flips to the final month of the muni

The head of the San Diego Association of Governments, the metropolitan planning organization for the county, notified the organization’s board late Friday that he would be stepping down in December. SANDAG Chief Executive Officer Hasan Ikhrata’s last day with the agency will be December 29. “This news is a bittersweet moment for our region,” said

The Municipal Securities Rulemaking Board has voted to move ahead with its controversial amendments to Rule G-14 on trade reporting, changing the trade reporting window to one minute from 15 minutes. That was approved during its quarterly board meeting that took place July 26-27, during which the board also approved a new $47 million budget

Hospitals, already facing multiple challenges, are being stressed by a heat wave that has hit a large swath of the United States, according to a Moody’s Investors Service analyst. A heat dome that initially impacted California and Texas has spread across most of the southwest and is also affecting some Northwest states like Idaho. An

Congress adjourned for its long summer break Thursday still far apart on top-line 2024 spending levels with only a few weeks left to reconcile the difference. There are also looming deadlines to pass a new farm bill and reauthorize the Federal Aviation Administration. Congress faces a partial government shutdown if it hasn’t passed funding bills

Munis were weaker to close out the week, playing catch up to Thursday’s larger U.S. Treasury losses and preparing for a larger new-issue calendar led by billion-dollar issues from the New York Dormitory Authority and triple-A rated Minnesota, along with multiple large deals from Texas school districts. U.S. Treasuries were firmer Friday and equities rallied.

Environmental, social, and governance capital programs continue to flourish under increased scrutiny, said one presenter at a recent securities industry event. Climate change may be nothing new, said Trenton J. Allen, CEO of Sustainable Capital Advisors, but the “growing appetite” for suitably focused investments is, and issuers and investors alike can benefit from strategies to

Issuers have had to become creative to derive interest cost savings in the years since the Tax Cuts and Jobs Act of 2017 eliminated the tax-exempt advanced refunding option. A clear successor has yet to emerge, but rising interest rates, falling prices and fluctuating relative value prompted issuers to consider tender offers as a way

Munis yields rose Thursday, following and outperforming a U.S. Treasury sell-off on the heels of strong-than-expected economic data. Equities ended down. Thursday’s “economic data offers the latest evidence that the U.S. economy is weathering the fastest rate hikes in a generation without much damage to the major gear-works of the economy,” said Wells Fargo Securities