Bonds

Muncie, Indiana’s weak investment grade rating survived a S&P Global Ratings review of several debt restructurings. S&P placed the city’s BBB-minus general obligation credit and several other ratings on CreditWatch with negative implications in August as it reviewed the motives and impact of the restructurings and resolved the action this week. “We removed the ratings

Municipal benchmark yield curves were little changed on average trading Wednesday as the primary was the focus while the Investment Company Institute reported another week of inflows into municipal bond mutual funds. There was some uncertainty and a tentative mood hanging over the market, but traders said the large deals got done. Bids-wanted lists have

Municipals were softer with small cuts to benchmarks on Tuesday as the focus was mostly on the sizable new-issue calendar and deals were repriced to lower yields. Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury

Passing a bipartisan infrastructure bill by month end without also reaching a deal on a reconciliation measure may endanger key municipal market priorities. “Now absolutely is the time,” said Emily Brock, director of the GFOA’s Federal Liaison Center. If lawmakers do not meet the Halloween deadline to pass both the bipartisan infrastructure framework, or BIF,

Municipal volume for 2021 is on track to hit nearly record volume and if all goes well, next year will be only slightly below that, according to panelists Monday at The Bond Buyer California Public Finance conference. The economic uncertainty brought by the pandemic had panelist Gregory Dawley, manager of California municipal finance for RBC

Municipals were a touch weaker 10 years and in on thin trading while U.S. Treasuries pared back earlier losses the curve flattening continued. Triple-A benchmarks saw one basis point cuts in spots inside 10-years while the five-year U.S. Treasury hit a high of 1.154% and the 30-year pared back earlier losses to land at 2.018%.

Assured Guaranty accounted for a total of $17.31 billion in 820 deals for a 52.1% market share in the first three quarters of 2021, up from the $13.77 billion in 703 deals for a 48.9% market share over the same period as the year before. “Assured Guaranty continued to lead the municipal bond insurance industry

The Securities and Exchange Commission is seeking applicants to head the office of Municipal Securities, a key post responsible for coordinating the SEC’s muni regulatory activities. An Oct. 8 posting on the USAJOBS website that serves as the portal for federal government employment lists the position that is currently held by Rebecca Olsen, who has

The specialized nature of the Internal Revenue Service’s Tax Exempt Bond program may help it go largely unchanged during the agency’s wider restructuring efforts. “We don’t know what the restructuring is going to be but since taxes and bonds are a specialty area, my belief is that they’re going to keep TEB intact,” said Bob

In the midst of a declining workforce, the Internal Revenue Service is taking an “all hands on deck” approach to hiring that includes a recent announcement for a role focused on tax-advantaged bonds. The Oct. 14 posting for a senior tax law specialist seeks a candidate experienced with complex matters involving tax-advantaged municipal finance transactions.

The historic settlement between states and drug companies over the U.S. opioid epidemic is unlikely to have a material impact on the municipal bond market, said Barclays in a new report. The pending $26 billion deal is the largest attorney general multi-state enforcement action in history after the 1998 tobacco master settlement agreement. But it’s

Municipals ended the week steady even as U.S. Treasuries lost ground and equities rallied on better consumer data and corporate earnings. Triple-A benchmark yields were left unchanged as the 10-year UST rose six basis points while the 30-year climbed three. Ratios fell on the day’s moves, with the 10-year municipal-to-UST ratio at 74% and the

Puerto Rico bankruptcy Judge Laura Taylor Swain denied motions for bondholders and wage claimants to have until Oct. 25 or beyond to cast their vote on the proposed Plan of Adjustment. On Wednesday, Swain rejected bondholder Peter Hein’s motion to extend the deadline for retail bondholders. The motion would have extended the voting period from

Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed

Newly released best practices from the Government Finance Officers Association are designed to raise awareness about investor access to municipal issuer financial information and enhance the discussion about how ESG strategies relate to municipal markets. On Oct. 1, the GFOA executive committee approved best practices on the social and governance factors of ESG as well

Municipals were steady in light secondary trading while new issues were repriced to lower yields and U.S. Treasuries made gains after a rollercoaster day. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.541% and the 30 fell six to 2.035% near the close. Ratios rose as a result,

Three-quarters of the way through the year, municipal bond volume has risen 3.1% compared to the same period in 2020. So far in 2021, issuers have totaled $340.99 billion in 9,082 transactions that compares to $330.71 billion in 8,577 deals in the first nine months of 2020. The state of California once again finds itself

Municipals were lightly traded and little changed as participants await new issues while U.S. Treasury yields fell and stocks were in the red in a risk-off trade. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.564% and the 30 fell nine to 2.083% near the close. The 10-year

The Senate appears poised to reach a bipartisan deal for a short-term increase of the debt ceiling to avoid a market-roiling U.S. default. Senate Minority Leader Mitch McConnell, R-Ky., Wednesday broke a weeks-long standoff on the issue by saying that Republicans would not filibuster a Democrat-led bill to raise the debt ceiling, assuming he can

Amid steady recovery from the effects of the COVID-19 pandemic, Dallas Fort Worth International Airport is advancing its $5.4 billion capital improvement program, with the largest project at $2.3 billion for terminal C renovations and added gate capacity. “The goal is to transform Terminal C, which has stood in service at the airport since the