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Tennessee Lands A Third Triple-A Rating
Tennessee's general obligation bonds got a boost to AAA Thursday by S&P Global Ratings, which cited the state’s sound operations and improving economy.
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The Nuveen High Yield Municipal Bond Fund outperformed its benchmark by 10% over the last five years by keeping duration a bit longer and adding value through security and sector selection. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose two basis points to 3.90% from 3.88% in the previous week. more »
Port St. Lucie, Fla., will only recover 6% from the bond-laden incentive package the city used to lure a digital effects studio to town. more »
Chicago’s second shot at fixing one of its woefully underfunded pension funds offers investors at least a small sign of progress, several market participants said. more »
Chicago would raise its contributions to its laborers’ pension fund by at least 30% annually under a new plan to stabilize the fund and steer it away from its path to insolvency. more »
Former Massachusetts assistant treasurer Colin MacNaught has launched tech company BondLink to help muni issuers manage debt management programs. more »
In the week ended May 19, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell two basis points to 3.88% from 3.90% in the previous week. The BB40 Index is based on the price of 40 long-term bonds. more »
Standard & Poor's and Fitch Ratings both downgraded Connecticut's general obligation bonds to AA-minus from AA in advance of the state's $511 million sale. more »
An unusually weak economic recovery is putting the credit ratings of an increasing number of states in jeopardy. more »
Fitch Ratings said its withdrawal of its ratings on U.S. tobacco asset-securitization bonds, which affects over 40 tobacco issues from New York to California and Michigan to the U.S. Virgin Island, was prompted by uncertainty regarding changes in the terms it views as risks in the Master Settlement Agreement. more »
Municipal bond market participants may agree that bank loan disclosure falls short but there's little consensus about how to improve it amid heightened regulatory scrutiny. more »
German Pellets Texas LLC and Texas Pellets Inc. filed petitions for Chapter 11 reorganization last month with $184.7 million of tax-exempt industrial development bonds outstanding. more »
Puerto Rico will need help from Washington to maintain future market access and avoid a descent into "third-world" economic conditions, municipal bond fund managers said. more »

Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

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