Finance

Loop Capital Markets has hired veteran managers to lead its transportation and housing groups while adding to its Texas banking presence.

The 75 basis point hike, prompted partly by hotter-than-expected inflation data, is the largest since 1994.

Triple-A yield curves rose five to eight basis points. Volatility somewhat eased Tuesday as investors took pause ahead of the Federal Open Market Committee meeting.

The 25-basis-point move to higher yields is the largest one-day change in triple-As since March 2020 when COVID began roiling markets. Munis could not ignore a continued selloff in UST led by inflation and recession concerns.

Phil Culpepper brings his experience as a public finance banker and Illinois' former debt manager to the table at the fully veteran-owned firm.

Ahead of the FOMC meeting, municipal issuers pull back. Investors will be greeted Monday $2.880 billion of new-issue supply.

The Long Island county has scheduled a competitive sale Tuesday for $241 million of Series 2022A tax-exempt general obligation improvement bonds.

Refinitiv Lipper reported $2.094 billion of outflows, reversing the $1.216 billion of inflows from the mutual fund complex.

Hardy Manges brings three decades of experience in municipal trading to the national, full-service investment bank, brokerage and advisory firm.

The Investment Company Institute reported investors added $1.090 billion from muni bond mutual funds in the week ending June 1, up from $4.367 billion of outflows in the previous week.

Fitch Ratings revised the outlook on Sacramento City Unified School District's BBB-plus issuer default rating to stable from negative.

Positive momentum and supply scarcity are themes for the near future, which should bode well for the market.

The selloff in Treasuries and the continued strength of municipals have done their part to richen muni-UST ratios.

Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $6.488 billion, led by $1 billion-plus of GOs from Maryland in the competitive market.

The seasonal factors of a supply and demand mismatch, reinvestment needs and strong credit fundamentals, have opened a window of opportunity.

High-yield raked in the majority of the flows helped by Nuveen reopening two of its high-yield funds to new investors. Participants remain cautious as macroeconomic effects still hang over the market.

Rating agencies like Gov. Gavin Newsom's focus on one-time spending, but warn that the Legislature could upset the applecart by creating ongoing programs.

The mammoth Sacramento-based health system experienced ratings downgrades in 2021 under the threat of multiple lawsuits, seismic costs and COVID-19 challenges.

Municipals posted gains for the first time in 2022 in May, outperforming U.S. Treasuries on the month. The Bloomberg Muni Index posted a 1.49% return in May bringing losses down to 7.47% year to date.

An April COVID hospitalization surge, along with a continuing labor shortage and inflationary and supply chain costs, hurt hospitals' bottom line.