Bonds

Volatility continues as municipals were slightly weaker in spots Wednesday but outperformed U.S. Treasuries, which saw the greatest losses out long. Equities ended down. Munis were cut up to three basis points, depending on the scale, while UST yields rose up to as much as 14 basis points in 30 years. The two-year muni-to-Treasury ratio

Chattanooga, Tennessee’s public power utility board voted to approve the issuance of $125 million of new electric utility revenue bonds for improvements and new construction on local power networks. EPB of Chattanooga is the brand of the city’s Electric Power Board. The utility provides electric and telecommunications services over a 600 square mile service area

Municipals were slightly firmer Tuesday as large deals priced in the primary saw yields lowered upon repricing. U.S. Treasuries were firmer out long and equities rallied. The two-year muni-to-Treasury ratio Tuesday was at 71%, the three-year was at 72%, the five-year at 72%, the 10-year at 74% and the 30-year at 91%, according to Refinitiv

Municipal budgets are showing resilience which could dampen the need for issuing new debt, even as headwinds have grown to include congressional stalemate that has put the possibility of a government shutdown back on the table.   “A federal shutdown has many ripple effects,” said Farhadi Omeyr, program director, Research and Data, National League of Cities.

New Jersey’s tax revenues have continued to slide in the new fiscal year, according to recently published figures. The state pulled in $4.8 billion in taxes in September, New Jersey’s Department of the Treasury said in its monthly revenue report, a year-over-year decline of 5.1% for the month and drop of 6.2% for the first

Municipal yields were little changed to weaker in spots Monday as large retail offerings were held for the Los Angeles Unified School District and the New York Power Authority. U.S. Treasuries made gains and equities were mixed. The two-year muni-to-Treasury ratio Monday was at 72%, the three-year was at 73%, the five-year at 73%, the

Municipals took a breather Friday and were little changed ahead of a sizable new-issue calendar while underperforming a better U.S. Treasury market. Equities were in the red to close the session. Triple-A yields barely budged while USTs saw yields fall nine to 11 basis points on bonds in the three- to seven-year maturities and smaller

Maine is one step closer to realizing ambitions of a native offshore wind energy industry. The federal Bureau of Ocean Management on Thursday announced the findings of a study carried out in conjunction with the National Oceanic and Atmospheric Administration identifying 3.5 million square acres in the Gulf of Maine they believe to be suitable

Federal Reserve policy makers risk slamming the brakes too hard on the economy by reacting aggressively to each data point that comes in, said Mohamed El-Erian, the chief economic adviser at Allianz SE. They should, he said, establish a longer-term vision for where interest-rate policy is heading. “You cannot drive a car without some understanding

Recent Securities and Exchange Commission enforcement actions signal that regulators are widening their net to charge more types of municipal market participants as so-called gatekeepers against misconduct. So said panelists Thursday at the National Association of Bond Lawyer’s annual conference in Chicago. The SEC’s enforcement division and Public Finance Abuse Unit activities are “reaching all

Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. central bank is close to wrapping up its aggressive tightening campaign if the economy evolves as expected. “Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point

The Power Authority of the State of New York is heading into the municipal bond market next week with a $750.975 million issuance of green bonds. Goldman Sachs as senior manager is set to price the Series 2023A tax-exempt transmission project green revenue bonds on Tuesday after a one-day retail order period. Smart Path Connect is a part

Municipals weakened further Thursday as outflows from muni mutual funds lessened, while short-term U.S. Treasury yields fell after Fed Chairman Jerome Powell suggested central bankers could raise rates again, but not at the upcoming meeting. Equities sold off. The two-year muni-to-Treasury ratio Thursday was at 71%, the three-year was at 71%, the five-year at 70%,

Chattanooga, Tennessee, fetched AAA ratings ahead of its planned general obligation bond sale. Fitch Ratings and S&P Global Ratings both affirmed Chattanooga’s AAA issuer rating while assigning the same to an upcoming competitive sale of $40.2 million of general obligation bonds by the city expected on or around Oct. 31. The outlook is stable on

Municipals faced more pressure Wednesday and two billion-dollar-plus deals for Connecticut and the New York City Transitional Finance Authority saw yields rise up to 12 to 13 basis points from Tuesday’s retail pricings while the third consecutive week of $2 billion plus outflows were reported. U.S. Treasuries saw more losses and equities sold off. Triple-A

Partners in the development of a pair of nuclear reactors in Georgia have settled a legal dispute that threatened the project’s underlying financing structure. Investor-owned Georgia Power and cooperative Oglethorpe Power, primary partners on the construction of two new nuclear reactors at Georgia Power’s Plant Vogtle in Waynesboro, recently agreed to new terms regarding cost-sharing

M. Elizabeth Walker and Jerimi J. Ullom have joined law firm Barnes & Thornburg’s Indianapolis office as healthcare and public finance partners. The pair moved over from national healthcare-focused Hall Render after more than 15 years there, according to Barnes & Thornburg. “Elizabeth and Jerimi’s legal prowess in the nonprofit healthcare financing arena is a

Amid a busy new-issue day, munis could not help but follow a U.S. Treasury selloff that was led by stronger economic data, reaffirming that rates will remain higher for longer. Equities were down late in the session. “The ‘higher for longer’ interest rate narrative continues to have a significant impact on all fixed income markets,”

Municipals were weaker Monday, rising in sympathy with U.S. Treasuries. Equities rallied. Triple-A benchmarks were cut up three to eight basis points, depending on the scale, while UST yields were up four to nine near the close. The two-year muni-to-Treasury ratio Monday was at 70%, the three-year was at 70%, the five-year at 71%, the

Wisconsin ended fiscal 2023 on June 30 with record-high balances of $7.07 billion for its budget and $1.8 billion in its rainy day fund, the state announced Monday. General purpose revenue tax collections totaled almost $21 billion, up 2.1% from fiscal 2022, which ended with a nearly $4.3 billion budget balance, according to a 2023

Municipals were little changed Friday as the market took a breather ahead of a one of the largest new-issue calendars of the year with bellwether names coming in four deals that total over $1 billion each. U.S. Treasuries returned to a flight-to-safety bid and made gains while equities closed the week mixed. The new-issue muni