Bonds

Municipals were little changed ahead of the Fourth of July, while U.S. Treasuries were weaker and equities ended up. Triple-A yields were steady, while UST yields rose three to eight basis points. Municipal to UST ratios fell as a result. The two-year muni-to-Treasury ratio Monday was at 59%, the three-year at 61%, the five-year at
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June municipal bond issuance dropped 9% from 2022 as uncertainty over Federal Reserve policy and market volatility continued, but the total was the highest month of the year. June’s total volume was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data, and lower than the
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The Puerto Rico Oversight Board Friday approved the commonwealth’s fiscal 2024 budget that increases government spending and was already approved by the governor and local legislature. The budget consensus marks a departure from the long history of disagreements between the territory’s elected government and the board created by the federal government to restructure Puerto Rico’s
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Municipals were steady to end the month and first half of the year ahead of a paltry new-issue calendar which will see next week’s volume drop to the lowest level of 2023. U.S. Treasuries were firmer out long and equities rallied. Treasuries saw yields fall by as much as seven basis points on the long
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Not-for-profit hospital balance sheets are on the mend from last year’s challenges that inflicted deep damage on balance sheets, but pressures persist and the recovery is slow going, according to reports published this week. Hospital finances showed signs of stabilizing in May with some improvement in operating margins, declining expenses and notable increases in outpatient visits,
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Bank of America is seeking to resume its municipal-bond underwriting in Texas after a nearly two-year pause because of a Republican-backed law targeting banks over their gun policies, according to public records obtained by Bloomberg.  Bank of America, the nation’s biggest muni underwriter, hasn’t managed debt sales by Texas or its cities since two GOP
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Vikram Rai, head of Citi’s municipal strategy group, has left the firm, he announced on Monday, after his position was eliminated. “Today was my last day at Citi,” he said in an email to clients. “I got cut,” he told The Bond Buyer. “I’m looking for a new job now.” Rai is an outspoken and
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The California Housing Finance Agency had its rating upgraded to Aa2 by Moody’s Investors Service, which cited the state treasurer conduit’s improved financial strength. It is the highest rating in agency history, according to CalHFA, and is among the top ratings that Moody’s assigns to housing finance agencies nationwide. “This rating has CalHFA well-positioned to
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Market data platform SOLVE has launched a new platform that provides information for market professionals through the aggregation, curation and delivery of available historical and real-time fixed-income data. Some of the resources available include color from SOLVE’s AI-powered technology, regulatory compliance solutions, coverage of illiquid securities and a suite of tools for new-issue and secondary
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Massachusetts Gov. Maura Healey on Thursday announced a five-year, $14 billion capital plan that would lean on a mix of funding to carry out work across the state. The fiscal 2024-2028 Capital Investment Plan, Healey’s first capital spending proposal since taking office, includes spending for housing development, transportation, and green energy. “We’re also expanding support
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Municipals were slightly firmer Friday ahead of a larger new-issue calendar with bellwether names, as U.S. Treasuries were stronger to close out the week while equities ended in the red. The $6.9 billion new-issue calendar features several high-grade deals, including nearly $1 billion of refunding general obligation bonds from Massachusetts, $886 million of GOs from
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