Bonds

Municipal bonds finished trading little changed Friday as the market rode out the end of the month and the first quarter on a calm note as Treasuries strengthened and stocks surged. While munis came into March like a lamb, they went out like a lioness, calm and proud. The two-year muni-Treasury ratio was at 58%,

New York State lawmakers look likely to miss the deadline to have a new budget in place before the start of the state’s fiscal year on April 1. Last year the budget was approved a week late. “The governor and Legislature are discussing many important issues as they work to finalize the state budget, but

Puerto Rico Electric Power Authority bondholders, the bond trustee, and bond insurers asked for certification of their appeal on bondholder liens but there are signals the judge isn’t inclined to grant it. On Friday morning District Court Judge Laura Taylor Swain not only rejected considering issues bondholders wanted treated separately, but she also set deadlines

New Jersey’s wind energy industry is under fire following somemarine mammal deaths that the industry’s opponents blame on the development of offshore platforms along the state’s coastline. On Thursday, protests in Trenton calling for a moratorium on offshore platform development were followed by an announcement by Republican U.S. Representative Van Drew, whose district includes Atlantic

Idaho lawmakers resurrected and reworked a property tax relief bill that Gov. Brad Little vetoed earlier this week, saying the original legislation put a transportation bond sale in jeopardy. Little vetoed House Bill 292 because it re-ordered the priority of statutory claims on sales taxes, putting property tax relief ahead of the state’s Transportation Expansion

Michigan’s fiscal 2022 tax surge will result in a $650 million income tax cut, but it will remain in place only for 2023, state officials announced Wednesday. All signs pointed to an income tax cut when state finance officials and economic forecasters discussed the fiscal landscape at the annual February revenue estimating conference but Treasurer

Municipals were little changed throughout most of the curve in secondary trading Wednesday as the primary took focus with the sale of $1.2 billion of general obligation bonds from New York City in two deals. U.S. Treasuries were weaker and equities rallied. The two-year muni-UST ratio was at 59%, the three-year at 59%, the five-year

The Municipal Securities Rulemaking Board has filed proposed amendments with the Securities and Exchange Commission aimed at shortening the settlement cycle to one business day for broker-dealer transactions. The proposed amendments to Rule G-12 on uniform practices and G-15 on confirmation, clearance and settlement practices are being advanced in an effort to bring the rules

Municipals were steady to firmer in spots Tuesday, while U.S. Treasuries were weaker and equities ended down. The two-year muni-UST ratio was at 59%, the three-year at 60%, the five-year at 61%, the 10-year at 64% and the 30-year at 89%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year

Municipalities looking to tap into federal infrastructure funding need existing matching funds while also reckoning with the administration’s emphasis on equity, and this latter point emerged as a clear priority from the Department of Transportation officials during presentations at the National League of Cities’ Congressional City Conference Monday in Washington, D.C.  “Something that’s near and

Experts are confounded by Puerto Rico bankruptcy Judge Laura Taylor Swain’s debtor-centric interpretation of the Puerto Rico Oversight, Management, and Economic Stability Act. The Puerto Rico Oversight Board’s latest proposed Puerto Rico Electric Power Authority plan of adjustment would give bondholders a payout as little as 0.21%, and a ruling Swain made last week could

Bancroft Capital has hired Dana Villanova as director of municipals, the firm announced on Monday. Villanova, who will be working remotely from Hawaii, will help expand Bancroft’s engagement with issuers, financial advisors and its underwriting partners, with a focus on the West Coast. She will also use her background in bond insurance and green bond verification to

Wisconsin’s Republican legislative majority delivered its latest rebuke to Gov. Tony Evers’ biennial spending plan with their rejection of the Democrat’s $3.8 billion capital plan. The State Building Commission — which includes Evers, four Republican members, two Democrats, and a citizen voting member — rejected all of Evers’ line items at its meeting Thursday in

Moody’s Investors Service raised the outlook on Guam to positive from stable on Thursday. The outlook is on the Ba1 rating of the territory’s general obligation, special tax rating, and the Ba2 rating on its certificates of participation rating, all of which were affirmed. The improved outlook stems from Guam’s improved financial position resulting from

New York officials are looking with caution as the fallout from the Signature and Silicon Valley Bank failures casts a pall over budget negotiations. Both the city and the state are working on their fiscal 2024 budgets. The state’s fiscal year begins April 1 while the city’s starts on July 1. Amid rising inflation and

Lawmakers in Maine hoping to avoid a government shutdown at the turn of the fiscal year are working to cleave Gov. Janet Mills’ $10.3 billion biennial budget proposal in two. The state Senate’s Appropriations and Financial Affairs Committee announced on Thursday a plan to partition the governor’s proposal for fiscal years 2024 and 2025 into

Municipals finished out a nerve-wracking week on a strong note, with yields falling by as much as nine basis points on the short end while U.S. Treasuries strengthened and equities came under pressure. As holders of bank stocks headed for the exits and muni investors looked on nervously from the sidelines as the Federal Open

A Texas House committee ditched an appropriation to potentially pay off $3.52 billion of recently issued bonds from a natural gas securitization deal, but left open the possibility for the funding’s return. Thursday’s action by the House Appropriations Committee approving its version of a supplemental appropriations bill without the funding came the same day the

Municipals were slightly firmer in spots, while U.S. Treasuries extended their rally once more and equities ended up. The two-year muni-UST ratio was at 65%, the three-year at 66%, the five-year at 68%, the 10-year at 69% and the 30-year at 93%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the

The judge in the Puerto Rico Electric Power Authority bankruptcy ruled bondholders had no lien on the authority’s revenues, which could result in bondholders recovering as little as 0.21% of their principal. The Puerto Rico Oversight Board has introduced a plan of adjustment where that would be the payout if the judge ruled the bondholders