Bonds

Municipals sold off Wednesday in secondary trading, with the short end seeing the largest cuts, as several large deals priced in the primary. U.S. Treasuries were weaker and equities ended mixed after a strong retail sales report. Triple-A benchmark yields were cut six to 16 basis points, depending on the scale, pushing the one-year muni

President Biden on Tuesday urged county officials to put federal stimulus dollars to work investing in affordable housing among other things, while also touting his tax policy and infrastructure accomplishments.  Biden made his comments at the National Association of Counties conference in Washington. Biden is fresh off a well-received State of the Union Address in

Municipals were weaker Tuesday, while USTs saw yields rise and equities ended mixed after a hotter-than-expected consumer price index report showed inflation may take longer to combat, and require higher rates, than the Federal Reserve planned. Triple-A benchmarks were cut one to six basis points, depending on the scale, while UST yields rose nine to

The value of contract awards spiked by a record 25% last year as federal infrastructure funds began to flow to state and local governments. The American Road & Transportation Builders Association, which tracks monthly data on the value of state and local government contract awards, said the 25% increase in calendar 2022 marked the largest

Municipals were weaker in spots Monday as they face difficult technicals, while U.S. Treasuries were firmer five years and out and equities rallied. The three-year muni-UST ratio was at 52%, the five-year at 54%, the 10-year at 60% and the 30-year at 87%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had

Southwest issuers sold $82.2 billion of municipal debt last year, a 10.5% tumble from 2021 that was the smallest decrease among regions and well below the 19.5% plunge nationwide.  In Texas, which accounted for the lion’s share of the Southwest’s issuance, laws restricting access to government contracts shook up underwriter rankings as some big investment

Michigan is considering a large, first-time road tolling program that would establish a public tolling agency and new borrowing credit to shore up a long-struggling road funding system. The toll program, which would begin with nearly 600 of mostly interstate miles, would also be somewhat unusual in that it would build on existing roads. Most

Illinois’ consolidation of suburban and downstate police firefighter pension fund assets cleared a second legal hurdle but it could take a decision from the Illinois Supreme Court to clear the path for full participation in the plan. Kane County Circuit Court Judge Robert Villa last May upheld the law and an appellate court this week

The Florida Legislature concluded its special session on Friday and passed new laws that renamed the Reedy Creek Improvement District and put its control in the hands of Gov. Ron DeSantis. The Legislature approved a bill in April to dissolve all independent special districts created before 1968. The bill’s authors and DeSantis made it clear it was intended to punish the

Nearly half of Puerto Rico’s residents will be exempt from paying a proposed charge to support the restructured Puerto Rico Electric Power Authority bonds, the Puerto Rico Oversight Board said. The amended proposed PREPA plan of adjustment, filed Thursday, calls for a monthly fixed $13 fee and a volume-based charge for use up to 500

Municipals were weaker Friday ahead of next week’s heavier new-issue calendar. U.S. Treasury yields rose and equities were mixed. Triple-A benchmark yields were cut up to five basis points, depending on the scale, while U.S. Treasury yields rose three to eight basis points, pushing the two-year UST above 4.50%. The three-year muni-UST ratio was at

Nevada’s rainy-day fund has soared to $904 million, the highest balance in state history, according to Nevada State Treasurer Zach Conine. The balance grew to this level following the transfer of $516.9 million from the state’s general fund last week, according to a release from the treasurer. The balance is more than double what it

Citigroup was dropped Thursday from an upcoming $3.4 billion Texas bond sale after being recently barred from underwriting government debt in the state. The Texas Natural Gas Securitization Finance Corporation board reconstituted the deal’s underwriting syndicate, removing Citigroup as a co-manager. Last month, the Texas Attorney General’s Office announced it will no longer approve any

Arizona public schools will avoid big budget cuts next month after the state legislature suspended a constitutional spending limit for a second straight year. The measure that will allow districts to spend $1.38 billion over the aggregate expenditure limit (AEL) passed the House on Tuesday and Senate on Wednesday with enough bipartisan votes to meet

Municipals were weaker in secondary trading, with the largest cuts seen on the short end, while a $1.2 billion deal from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were better, and equities ended in the red. The three-year muni-UST ratio was at 54%, the five-year at 55%, the

A Texas court ordered the city of Austin to pay the private operator of Austin-Bergstrom International Airport’s South Terminal $90 million as the city moves forward with a partly bond-financed expansion project that includes the facility’s demolition. The Travis County Probate Court’s award to Lonestar Airport Holdings resulted from a petition Austin filed in June

Municipals were weaker once more, while U.S. Treasury yields rose out long, and equities ended up. Triple-A benchmark yields were cut up to seven basis points, depending on the scale, pushing the one-year above 2.50%. The last time the one-year was above 2.50% was Jan. 10. The three-year muni-UST ratio was at 53%, the five-year

The Midwest may be home to the world’s largest carbon capture project, one of dozens across the country creating a mini-boom in an industry in line for major federal subsidies and that supporters contend is critical to meeting the nation’s zero emissions goals. Iowa-based Summit Carbon Energy plans to build a $4.5 billion pipeline stretching

Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News

Veteran municipal strategist Jim Link joined U.S. Bancorp Asset Management in a role aimed at providing clients with market and asset management guidance. Link — who has over 34 years of experience — will head of the bank’s institutional Outsourced Chief Investment Officer (OCIO) practice, housed within its wholly owned subsidiary PFM Asset Management LLC.