Bonds

The U.S. economy will probably fall into a recession as the Federal Reserve combats multidecade-high inflation, Randal Quarles, the Fed’s former vice chair for supervision, said. “Given the intensity of inflation, the degree to which unemployment has been driven down — to bring that back into an equilibrium, it’s unlikely the Fed is going to

The Puerto Rico Oversight Board submitted a proposed Plan of Adjustment for the Puerto Rico Highways and Transportation Authority and proposed a confirmation hearing for it to be held in mid-September. The board submitted the proposed plan, proposed Disclosure Statement, and three other motions concerning the legal processes on the road to confirmation on Monday

The Fed’s choreographed rate-raising exercise may well tail off by year’s end, several prominent asset managers said Monday. The managers were speaking at the Milken Institute Global Conference Beverly Hills. . “I think the Fed will turn dovish by the end of the year and that will lead to a lot of opportunity on the

Puerto Rico’s bankruptcy process showed that credit fundamentals outweigh legal protections in determining defaults and that pensions continue to be treated better than bonds in recoveries, analysts say. Those lessons and others were outlined in a Wednesday Moody’s Investors Service report, “Puerto Rico bondholder recovery patterns echo major municipal bankruptcies,” authored by Senior Vice President

Oregon filed amended offering documents Thursday for a recent lottery bond deal after the state Court of Appeals reversed a $1 billion verdict against the state in a dispute over forest management. The Department of Administrative Services had priced $217.7 million in lottery revenue bonds in two tranches of taxable and tax-exempt debt two weeks

Municipal issuance dropped 7.5% year-over-year in April, again owing to a drop in taxable and refunding volumes in the face of continued market volatility and rising interest rates. The $34 billion figure is slightly up from the 10-year average of $33.612 billion. Total April volume was $34.329 billion in 729 deals versus $37.105 billion in

The Municipal Securities Rulemaking Board plans to issue a request for comment on a retrospective review of its Rule G-14 in hopes of cutting down the standard 15 minute time of trade reporting window that has been in place since 2005. That was decided at the MSRB’s quarterly board meeting which concluded Thursday. The MSRB

S&P Global Ratings revised the outlook on the Reedy Creek Improvement District to developing from stable due to the uncertainty as to what will happen next in the economic/political saga playing out in Florida. “The outlook revision to developing reflects our view that there is at least a one-in-three chance that the credit profile securing

Municipals were mixed Friday, outperforming larger losses in U.S. Treasury ahead of the Federal Open Market Committee meeting next week where the Fed is expected to implement another rate hike. Equities sold off led by tech stocks. Triple-A benchmarks were cut up to two basis points, depending on the scale, while UST yields rose seven

Municipals were weaker Thursday amid increased secondary selling pressure, while U.S. Treasury yields rose 10 years and in after the unanticipated decline in first-quarter gross domestic product. Equities rallied. Triple-A yield benchmarks were cut up to three basis points, while USTs saw the largest losses inside of 10 years. Muni to UST ratios were at

Challenges to the Puerto Rico Plan of Adjustment heard by the Court of Appeals for the First Circuit Thursday will not impact the terms for bondholders, but may affect the government’s ability to pay debt service. Puerto Rico credit unions argued Puerto Rico’s central government engaged in fraud by pressuring them to buy nearly $1

Municipals were mostly steady Wednesday amid a busy primary market, while U.S. Treasuries sold off, paring back gains from the past two trading sessions, and equities ended in the black. The UST improvements were short-lived and yields rose on Wednesday by as much as 11 basis points. Municipal participants are being less reactive to UST

Oklahoma is poised to follow in the footsteps of Texas in preventing banks from participating in municipal bond deals if they “discriminate” against the firearm industry or “boycott” fossil fuel energy companies with two bills nearing final legislative approval this week. On the gun front, House Bill 3144, which passed the state Senate in a

Municipals were mostly steady Tuesday in mixed trading, once again largely ignoring moves to lower yields in U.S. Treasuries, while equities sold off ahead of corporate earnings. The large new-issue calendar got underway with the largest competitive deal of the week coming from Washington with $1.32 billion of general obligation bonds, which saw slightly wider

The Puerto Rico Oversight Board rejected several local government initiatives, including the governor’s proposed fiscal 2023 budget. The board sent a letter on Friday to Gov. Pedro Pierluisi rejecting the budget he submitted on March 16, and two separate letters to Juan Zaragoza Gómez, Senate Finance Committee president, rejecting three Senate bills relating to firefighters

Transcription:Kyle Glazier: (00:03)Hello, and welcome to another Bond Buyer podcast. I’m Kyle Glazier, an executive editor at the Bond Buyer, and I’m joined today by Susan Gaffney, the executive director of the National Association of Municipal Advisors. Susan, thank you for joining me. Susan Gaffney: (00:17)Thank you, Kyle. Appreciate being here. Kyle Glazier: (00:19)Well, we’ve

Municipals were steady to firmer in spots Monday but underperformed U.S. Treasuries that saw yields fall further while equities ended in the black led by tech stocks. Triple-A yield curves saw one to two basis point bumps while UST ended the session four to nine better after falling double-digits earlier in the day. Muni-UST ratios

Fitch Ratings and S&P Global Ratings both downgraded not-for-profit-hospital chain Providence this week, following a Moody’s Investors Service cut earlier in April. For its downgrade to A-plus from AA-minus Wednesday, Fitch analysts said the action “predominately reflects Providence’s operational trajectory, and to a lesser extent, the separation of Hoag Memorial Hospital Presbyterian from the Obligated

Utah’s top elected officials demanded on Thursday that S&P Global Ratings cease applying environmental, social, and governance (ESG) factors to the state through the use of what they called a politicized rating system based on indeterminate factors.  A letter to S&P signed by Gov. Spencer Cox, Treasurer Marlo Oaks, other state constitutional officeholders, legislative leaders,

There is value and incentive for states, localities and other governmental entities to create a public bank to localize their financial incentives for investment in their communities and provide low-cost financing for those communities. What is a public bank? It’s owned and controlled by a state, municipality or other governmental entity. There is one public