Bonds

A majority of municipal market participants say liquidity and equity are a top concern on a high-yield deal. Nearly 69% of respondents to a HilltopSecurities high-yield team survey ranked liquidity and equity as their first or second level of concern for 2022. “Our biggest takeaway from the survey is that there is ample appetite for

Louisiana has asked a federal court to dismiss a lawsuit filed by an Arizona-based online business that argues the state’s local sales and use tax collection system is unconstitutionally complex, a complaint that probes the Supreme Court’s high-profile 2018 South Dakota v. Wayfair ruling. Arizona-based Halstead Bead Inc. on Nov. 15 filed the lawsuit in

Gaming revenues, a major economic driver for Nevada and Clark County, are exceeding expectations. The Gaming Control Board said Wednesday that statewide gaming revenue in November was $1.32 billion, just shy of the single-month record of $1.36 billion reported in July. If the state surpasses $500 million in December, it will exceed its greatest single-year

The United States Treasury agreed to provide support for Puerto Rico’s Act 154 tax for an additional year. Act 154 is a 4% excise tax on the revenues of foreign corporate subsidiaries based in Puerto Rico. In 2011 U.S. Treasury agreed to a tax credit for the Act 154 payments on a temporary basis. The

December municipal bond issuance was up nearly 10% year-over-year at $38.2 billion, but total volume in 2021 fell just shy of last year’s record. The muni market saw $475.3 billion of debt in 2021, down 1.9% from $484.6 billion in 2020. Despite this, the total issuance for 2021 still bested the previous record of $448.6

Municipals ended 2021 little changed and lightly traded. U.S. Treasuries pared back losses and equities saw modest gains. Municipal bond mutual fund inflows hit $1.2 billion in the last reporting week of the year. Triple-A benchmarks saw a basis point bump on bonds in 2029 but were largely unchanged otherwise. Ratios rose slightly on the

The U.S. Virgin Islands is nearing a vote on a proposed $1 billion matching fund bond refunding to address a multibillion-dollar pension shortfall. Unless there is an unexpected infusion of cash or reduction of benefits before fiscal 2024, Moody’s Investors Service projects the USVI Government Employees Retirement System will run out of money by that

Municipals saw some pressure on long rates as U.S. Treasuries sold off and equities made gains. Triple-A benchmarks saw a basis point cut on bonds outside of 2035 but were largely unchanged otherwise. Ratios fell on the moves in UST. The five-year was at 46%, 67% in 10 and 76% in 30, according to Refinitiv

Interest rates are low. The yields aren’t exactly jaw-dropping. Legislative and regulatory back-and-forths in Washington have injected increased volatility into what is traditionally considered a safe, stable asset class — municipal bonds. But still, Texas-based advisor Jordan Benold has seen strong demand for munis throughout 2021. He also expects munis to remain a valuable tool

The year winds down with another day of an unchanged muni market and slightly weaker U.S. Treasury market while equities were mixed. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services

The Internal Revenue Service and Treasury Department’s regulation project on Libor will likely result in final guidance this coming year. Market participants expect that Treasury’s Office of Management and Budget will release the final regulation sooner rather than later. The cessation of Libor matters because existing debt and contracts may reference it, potentially impacting variable-rate

Municipals were thinly traded and benchmark yields little changed while U.S. Treasuries were a tick better on the 10- and 30-year and equities continued their march upward. Triple-A benchmarks were left unchanged and ratios were also little changed. The five-year was at 47%, 70% in 10 and 78% in 30, according to Refinitiv MMD’s 3

U.S. Commerce Secretary Gina Raimondo looked out at the Economic Club of New York luncheon gathering. “It’s been a hard year. We can’t sugarcoat that,” the former Rhode Island governor said. “But there are a lot of reasons to be optimistic … We ought to take a second to look at the bright side.” One

Two New York City pension funds have successfully completed the divestment of securities related to fossil fuel companies, Mayor Bill de Blasio and Comptroller Scott Stringer announced Wednesday. The Trustees of the New York City Employees’ Retirement System (NYCERS) and the Board of Education Retirement System (BERS) said the action brings their total divestment across

Moody’s Investors Service said it revised the outlook on Jackson, Mississippi, to stable from under review. At the same time, it confirmed the Ba2 rating on the city’s water and sewer system revenue bonds. About $191 million of debt is outstanding. “The stable outlook reflects our expectation that rate increases will enable it to improve

Berwyn, Illinois’ ratings remain intact after a review ahead of its $99 million general obligation debt refunding, restructuring and new money issue that will provide budgetary relief and pay down unfunded public safety pension liabilities. S&P Global Ratings had put the city’s BBB GO and A-minus securitization ratings on CreditWatch with developing implications Sept. 30

In some ways, the pandemic has expanded the municipal market’s use of technology. How are participants using these new tools in an industry that often lags behind? Experts Unmesh Bhide, CFA, chief product officer and co-founder of PricingDirect, Lumesis CEO Gregg Bienstock and Munite/PFM director of municipal investor relations John M. Murphy join moderator Lynn

What’s ahead in public finance? Join San Diego County Water Authority finance director and treasurer Lisa Marie Harris, City of San José deputy director of debt and Treasury management Nikolai J. Sklaroff and City and County of San Francisco public finance director Anna Van Degna in this Arizent Leaders panel discussion to explore this and

Higher education credit downgrades remain more likely than upgrades next year as colleges and universities cope with the latest form of the COVID-19 virus, analysts at Fitch Ratings said. “The neutral sector outlook for U.S. colleges and universities reflects Fitch Ratings’ expectation for some enrollment recovery, solid state budget prospects and good levels of budgetary

Municipals were little changed with barely a trade to point to, keeping with the trend of sitting on the sidelines while U.S. Treasuries saw losses, more so out long, and equities made gains. Triple-A benchmarks were left unchanged and ratios were slightly lower on the moves in UST. The five-year was at 47%, 69% in