With revenues running lower than expected in 2016, the Texas Legislature will keep a tighter grip on spending despite increasing demands for growth-related funding in the session that begins next month.
In the week ended Dec. 1, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose 12 basis points to 4.35% from 4.23% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.
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The Securities Industry and Financial Markets Association wants bank regulators to avoid adopting harsh international capital standards for trading that could have a chilling effect on the municipal market and hurt liquidity. more »
"The higher costs of holding trading inventory would have a chilling effect on all dealers' ability to trade bonds and would materially erode liquidity in the market," said Michael Decker, managing director and co-head of munis with SIFMA.
The Financial Industry Regulatory Authority has ordered UBS to pay two Puerto Rican residents $18.4 million in damages, interest, and other fees over the residents investments in closed-end mutual funds concentrated in Puerto Rico bonds. more »
The SEC, in a court filing on Tuesday, said former Miami budget director Michael Boudreaux's arguments against penalties the SEC wants to impose on him for securities fraud show a lack of responsibility and respect for the jury verdict that found him guilty. more »
The Financial Services Institute has joined three state Republican groups in urging federal appeals court judges to vacate changes to a pay-to-play rule that they say harms market participants First Amendment rights. more »
The Securities and Exchange Commission's Office of Municipal Securities may propose changes to Rule 15c2-12 that would amend the list of event notices dealers must ensure issuers are disclosing. more »
Municipal advisors want the MSRB to take more time to consider how its proposed continuing education requirements for advisors would fit into the existing MA regulatory structure as well as provide details about how firms can best comply. more »
Dealers are unhappy the Securities and Exchange Commission has approved the Municipal Securities Rulemaking Boards proposal to require them to disclose their markups and markdowns to retail customers in certain transactions. more »
Here are some of the key "known unknowns" factors that are likely to affect valuations and creditworthiness and functioning in the state and local finance sector as the Trump Administration and Congress sort them out.