Bonds

Municipals were weaker once more, while U.S. Treasury yields rose out long, and equities ended up. Triple-A benchmark yields were cut up to seven basis points, depending on the scale, pushing the one-year above 2.50%. The last time the one-year was above 2.50% was Jan. 10. The three-year muni-UST ratio was at 53%, the five-year
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Federal Reserve Bank of Atlanta President Raphael Bostic said January’s strong jobs report raises the possibility that the central bank will need to increase interest rates to a higher peak than policymakers had previously expected. If a stronger-than-expected economy persists, “It’ll probably mean we have to do a little more work,” Bostic told Bloomberg News
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Environmental, social, and governance-related disclosure benefits municipal issuers, according to a panel of municipal professionals. Risks issuers face currently weren’t a consideration 50 years ago, noted Richard Freund, associate director at CDP North America, at a session at The Bond Buyer’s National Outlook Conference Thursday. Risk is risk and impact is impact, said Freund. Issuers
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The developers of the American Dream mall in East Rutherford, New Jersey, have missed another scheduled debt service payment on the bonds issued to bankroll its construction. Triple Five, owner and developer of American Dream, missed a payment due on $287 million of limited obligation grant revenue bonds issued through the Public Finance Authority in
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As interest rates continue to rise, the draw of pension obligation bonds appears to be falling fast. A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme. “Typically, the biggest risk with POBs is market timing risk,” said Todd Kanaster,
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Municipals were firmer Thursday as municipal bond mutual fund outflows returned, while U.S. Treasuries were steady and equities ended mixed. The three-year muni-UST ratio was at 55%, the five-year at 57%, the 10-year at 63% and the 30-year at 88%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at
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The city of Miami and the county of Miami-Dade continue to rebound from the pandemic with unprecedented economic growth coupled with record low unemployment rates. Miami-Dade County Mayor Daniella Levine Cava unveiled plans to create an authority to fund innovation while Miami City Mayor Francis Suarez focused on the environment and housing affordability. The Miami-Dade
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Republicans have finalized their roster of subcommittee chairs for the powerful House Ways and Means committee, one of the municipal market’s key panels. Pennsylvania Republican Rep. Mike Kelly will lead the newly-renamed tax subcommittee, formerly known as the Select Revenue Measures subcommittee, which writes tax policy and oversees tax collections. The position puts him in
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