Bonds

Puerto Rico Gov. Pedro Pierluisi signed a bill Wednesday rejecting any pension cuts and undoing pension reforms enacted in 2017, despite these cuts and adjustments being part of the proposed plan of adjustment and approved fiscal plan. “The public pensioners dedicated years of their lives to the service of our people and were the engine
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Municipal bonds rallied Wednesday as triple-A benchmark yields fell as much as five basis points out long but bumps were seen across the curve, moving levels on high-grades below 1% on bonds maturing inside 14 years, while another round of billion-plus inflows were reported. The Investment Company Institute reported $1.089 billion of inflows into municipal
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The pandemic has highlighted the importance of basic functional infrastructure, budget management and affordable housing to the vitality of cities. That’s the takeaway from the 2021 State of the Cities report released Thursday by the National League of Cities. Nearly 600 cities, towns and villages were surveyed along with 57 mayoral speeches that provided additional
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Subway safety in New York took on a new meaning when the Metropolitan Transportation Authority acknowledged a cyber intrusion, which set off loud alarm bells about the rising threat of system hacks. The MTA is one of the largest municipal issuers and reports linked China’s government to the episode. Despite MTA officials’ assurances of quick
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Investment manager MFS has launched a new intermediate tax-exempt fund aimed at giving clients more yield and duration opportunities. The new Municipal Intermediate Fund, which pursues total return with an emphasis on income exempt from federal income tax, aims to outperform the Bloomberg Barclays Municipal 1‐15 Year Index, the firm said. Periodic review of its
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The California state treasurer wants Congress to triple the federal cap on tax-exempt private activity bonds that are used for high-speed rail projects and other surface transportation to $45 billion. California Treasurer Fiona Ma emphasized in a letter Monday to key House and Senate Democrats and Republicans the importance of including private investment in the
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