Bonds

Kroll Bond Rating Agency revised the outlook on New Jersey’s general obligation bonds to positive from stable and affirmed the state’s GO rating at A. Additionally, Kroll assigned an A-minus rating with a positive outlook to the New Jersey Transportation Trust Fund Authority’s $750 million of Series 2022BB transportation program bonds selling next week. KBRA

Municipal secondary selling pressure remained elevated on bonds inside 10 years while the larger primary got underway and deals saw bumps in repricings as U.S. Treasuries made small gains and equities rallied. Triple-A benchmark yields saw one to four basis point cuts while U.S. Treasuries ended the session better. Municipal to UST ratios rose slightly

Puerto Rico bankruptcy Judge Laura Taylor Swain rejected legal challenges to the proposed Plan of Adjustment and suggested she would approve it in the middle or end of this month. Swain set out her positions on Monday evening in an order filed in the United States District Court for Puerto Rico.In her filing, Swain said

Municipal yields rose again Monday by three to six basis points on elevated selling pressure while short U.S. Treasuries saw pressure and equities ended mixed. Municipal to UST ratios rose slightly on the day’s moves. The five-year was at 50%, 67% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE

The Department of the Treasury’s final ruling on its State and Local Coronavirus Fiscal Recovery Fund provides issuers with the guidance they had been seeking for months, giving them a better path to spending the money in ways to benefit states and localitirs. The ruling, released last week, expands the list of water, sewer and

Los Angeles City Controller Ron Galperin announced plans Thursday to run for state controller entering an increasingly congested race. The termed-out Galperin seeks to replace State Controller Betty Yee, who also terms out this year. He throws his hat into a race that already includes Republican Lanhee Chen, a former George W. Bush White House

Among the U.S. Virgin Islands government’s many problems is an economy that shrunk 24% in real terms from 2009 to 2019. The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5% through from February 2020 to October 2021, according to New York Federal Reserve Bank Early Benchmarked

The lingering effects of federal aid should help not-for-profit hospital ratings weather the COVID-19 pandemic’s wounds even as labor shortages and other strains persist through 2022, S&P Global Ratings said. “Our view remains stable as the sector continues to weather the pandemic well — albeit with the benefit of significant federal aid,” S&P said in

The Department of the Treasury has issued its final ruling on its State and Local Fiscal Recovery Funds, leaving the controversial tax cut ban mandate virtually untouched as it hopes to restrict the use of stimulus funds to offset tax cuts. “Congress specified two types of ineligible uses of funds: funds may not be used

Municipals ended the week with another round of cuts to triple-A scales, moving yields higher by another five basis points, playing catch-up to the selloff in U.S. Treasuries. Muni yields rose 13 basis points across the yield curve to end the first week of 2022. The five-year UST rose 15 basis points to a high

The United States Department of Justice on Friday told the Puerto Rico bankruptcy judge it would defend the constitutionality of the Puerto Rico Oversight, Management, and Economic Stability Act, the law governing the bankruptcy process that has been challenged by several parties. The move may slow the confirmation process of the Plan of Adjustment. U.S.

Municipal triple-A benchmark yields rose as much as eight basis points on the short end on certain scales Thursday as U.S. Treasury yields remained elevated and equities see-sawed as more hawkish Fed speak continued. The Federal Reserve expects Omicron to fizzle in weeks, and while pandemic-related risks remain, the economy is strong and the Fed

The Los Angeles County Metropolitan Transportation Authority’s long-planned, costly and complex rail line that would mark a number of firsts for a transit public private partnership is picking up speed. The Sepulveda Transit Corridor is a proposed rail line connecting the San Fernando Valley with LA’s Westside across the Santa Monica Mountains and eventually Los

WASHINGTON — The Biden administration appears close to naming a Treasury Department veteran and leading voice on fighting climate-related financial risk to the top bank-regulatory job at the Federal Reserve Board. Sarah Bloom Raskin — who was the No. 2 at Treasury and a Fed governor in the Obama administration — has emerged as the

Securities Industry And Financial Markets Association executive vice president and general counsel Ira D. Hammerman will be leaving the agency at the end of 2022 after more than 18 years with the group. A participant in key muni discussions over the years, Hammerman was involved in lawsuits and key meetings with regulators on behalf of

Selling pressure picked up and municipals showed some weakness for the first time since November on Tuesday following two days of rising U.S. Treasuries, but the asset class still outperformed that market’s double-digit moves to higher yields. Triple-A benchmark yield curves saw two to three basis point cuts, the largest one-day move in either direction

The Municipal Securities Rulemaking Board is now accepting applications for two regulated and two public board members to join its 15-person board for the 2023 fiscal year, and is particularly seeking a non-dealer muni advisor and an institutional investor. The application period runs through Feb. 7. The nominating committee, led by Meredith Hathorn, MSRB vice

The U.S. Treasury market sold off in double-digits to start 2022 and equities were better on Monday while munis saw a softer tone, but most triple-A yield curves only saw a basis point cut in spots. Municipal to UST ratios fell on the moves in UST. The five-year was at 44%, 64% in 10 and

FactSet has reached a deal with S&P Global to buy CUSIP Global Services for $1.925 billion in cash, helping expand its role in the global capital markets and advancing its open data strategy. FactSet, a global provider of integrated financial information and analytical solutions located in Norwalk, Connecticut, will become the CUSIP system’s second operator

Following a year of robust enforcement in the public finance sector, the Securities and Exchange Commission will focus on municipal issuer disclosure and municipal advisor misconduct in 2022. LeeAnn Gaunt, chief of the SEC Enforcement Division’s Public Finance Abuse Unit, said that includes breaches of fiduciary duty and unregistered municipal advisor activity. “We continue to