Bonds

The government will stay open until mid-March under the latest short-term spending measure, but much of the Infrastructure Investment and Jobs Act funding issuers are eagerly awaiting remains on hold without a full-year budget. The Senate Thursday passed the new continuing resolution, which funds the government through March 11. The 65-27 vote averted a partial

Michigan State University got a rating outlook boost as it heads into the market with a $500 million century bond. S&P Global Ratings revised the outlook on its AA rating to stable from negative ahead of the deal, citing the university’s management through the operational turbulence caused by the Larry Nassar sexual abuse scandal. The

Puerto Rico’s government is exploring refinancing its Puerto Rico Sales Tax Finance Corporation’s bonds, also known as COFINA bonds, a move some say could allow the commonwealth to see cost savings as it also works toward restructuring its general obligation bonds. The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks

The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year. The changes codify new guidelines announced in October to restrict active trading, prohibit the purchase of individual securities and boost disclosure requirements among policymakers and senior staff

Triple-A benchmark yields fell further Friday, as U.S. Treasuries were better in a continued flight-to-safety bid, while equities ended in the red again. Traders and managers reported a firm tone and trading showed it on Friday ahead of next week’s lower new-issue calendar. “It’s pretty quiet,” a New York trader said on Friday afternoon, pointing

The Puerto Rico Oversight Board is appealing the approved Plan of Adjustment’s treatment of up to $400 million of eminent domain claims. The claims against Puerto Rico will currently be paid in full or, in some cases, at high rates to the claimants and the board would like them to be paid at the rate

Municipals were stronger on Thursday with yields falling for the first time since Feb. 3 on triple-A yield curves, but underperforming an improved U.S. Treasury market in a flight-to-safety bid while Refinitiv Lipper reported $1.3 billion of outflows from mutual funds. Triple-A benchmark yields fell one to four basis points, with the larger bumps outside

Federal Reserve Bank of Cleveland President Loretta Mester said she supports raising interest rates next month and tightening policy at a faster pace if needed to curb inflation. “I believe it will be appropriate to move the funds rate up in March and follow with further increases in the coming months,” Mester said Thursday in

Illinois’ proposed budget puts the state on track for a possible upgrade, Fitch Ratings suggested in a report published Wednesday. Fitch rates Illinois BBB-minus, one notch below S&P Global Ratings and Moody’s Investors Service, which both upgraded the state last year. What Fitch ultimately does hinges on the final budget adopted by lawmakers. The state’s

Republicans’ procedural blockade of President Biden’s Federal Reserve nominees has left Senate Democrats with few options and could delay for months the revamp of the central bank’s board, according to analysts and political strategists. The 12 GOP members of the Senate Banking Committee decided not to show Tuesday for a scheduled vote by the panel,

Municipal triple-A yield curves were cut up to six basis points Tuesday in another day of selling pressure exacerbated by losses in U.S. Treasuries while equities rallied on easing Russian/Ukraine tensions. The municipal to UST ratio five-year was at 74%, 84% in 10 and 89% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE

The Puerto Rico House of Representatives approved money for the central government’s Plan of Adjustment Tuesday, setting the stage for dollars to begin flowing to bondholders who have not been paid since the island defaulted on its debt in 2016. The measure authorizes spending $10.9 billion from past years’ revenues for paying various Plan of

Municipals were weaker Monday, with yields rising two to five basis points, as U.S. Treasuries saw losses reversing Friday’s rally, while equities ended in the red on continued geopolitical tensions between Russia and Ukraine. The municipal to UST ratio five-year was at 72%, 83% in 10 and 89% in 30, according to Refinitiv MMD’s 3

WASHINGTON — Sen. Jon Tester, D-Mont., said he would vote to confirm Sarah Bloom Raskin to be the Federal Reserve’s next vice chair for supervision. Speaking to Yahoo Finance on Monday, Tester — considered a centrist voice on the Senate Banking Committee — said that he would vote to advance Raskin’s nomination out of the

In an interview on Thursday, Federal Reserve Bank of St. Louis President James Bullard discussed his outlook for monetary policy following a report showing surging consumer prices. He gave his view on whether a 50 basis-point interest-rate increase would be needed, and the possibility of raising rates between Federal Open Market Committee meetings. Here’s a

How much debt does New York State have outstanding and how is it issued? The answer for inquiring investors is “It may be more than you imagine.” The nonpartisan Volcker Alliance released an issue paper on Feb. 3 that takes an in-depth look at the Empire State’s municipal bonds and other debts the state owes

New York State and its numerous public authorities and agencies owe $186.6 billion to bondholders, the federal government, and future retirees, among others. Without borrowing, the Metropolitan Transportation Authority wouldn’t have been able to keep the subway running during the COVID-19 pandemic and the state unemployment trust fund wouldn’t have had enough cash to pay

The Puerto Rico House of Representatives rejected a measure allocating money for bondholders and other payments connected with the court-approved Plan of Adjustment. Shortly after midnight Friday the House voted 25-21 in favor of the joint resolution, which would have amended the current year’s budget, one vote short of the needed majority for passage. The

Harvey, Illinois, has resolved Securities and Exchange Commission concerns over its compliance with a 2014 consent judgment that settled fraud charges, removing one hurdle to a debt restructuring. The SEC forced the city back into court in October 2020 over concerns the city had not fully implemented an independent consultant’s recommendations aimed at cleaning up

Munis sold off, playing catch-up Thursday’s U.S. Treasury selloff, while taxables pared back some of those losses in a flight-to-quality bid Friday as equities were hit hard on U.S.-Russia tensions. Triple-A muni benchmark yields were cut by up to 10 basis points on the short end but the pain was felt across the curve with