Finance

The Illinois State Toll Highway Authority plans $600 million of borrowing next month and $500 million next year as its 15-year-old capital program remains in full speed ahead mode.

Chuck Stavitski and Elaine Brennan of Roosevelt & Cross and Ken Bieger of the Niagara Falls Bridge Commission talk about how the Canadian border closing due to COVID-19 affected upstate New York issuers. Chip Barnett hosts. (16 minutes)

Though monetary policy has been in the forefront, at mid-month the tone changed with global inflation outlooks and federal infrastructure and social package in flux.

A lighter, $5 billion calendar, heavy on healthcare, kicks off November. Most participants agree volatility in U.S. Treasuries will be a leading factor for municipal market performance. Uncertainty in Washington also isn't helping the asset class.

Amid a flattening municipal yield curve and inversion of the Treasury market, new issues fared better than the secondary on Thursday as participants prepared for month end.

Its deep water and access to dollars position it well, a climate expert said.

ICI reported the lowest inflows since outflows in March, while exchanged-traded funds saw an uptick.

The Illinois Municipal Electric Agency will have paid off its debt by the time the Prairie State Energy Campus faces an emissions deadline to avoid an early decommissioning under new Illinois clean energy mandates.

As of now, returns for the month will very likely end in the red. The Bloomberg U.S. Municipal Index is at -0.40% for the month and +0.39% for the year.

Fitch joined Kroll and Moody's in moving Chicago's outlook to stable from negative as City Council prepares to vote on a budget and $4.4 billion in borrowing.

S&P lifted its outlook to stable on Minneapolis' AAA rating and Fitch went positive on its AA-plus rating.

Despite a short-end U.S. Treasury rally, municipals face pressure on the one- and two-year as participants look to month-end positioning.

Fitch Ratings changed the outlook on the city's bonds to stable from negative ahead of the deal.

Volume falls slightly in the week of October 25 with total potential volume estimated at $7.408 billion: $6.036 billion of negotiated deals and $1.372 billion in the competitive market.

Municipal bond mutual fund inflows fell to $177 million while high-yield is back to outflows, both signaling selling may be moving the market toward another larger correction.

Profits were up in New York City's securities industry, according to the state comptroller's annual report, even as job losses accelerated.

S&P Global Ratings affirmed the city's BBB-minus rating after debt restructurings triggered a CreditWatch placement.

The Investment Company Institute reported $385 million of inflows while ETFs fell to $124 million.

A California Public Finance conference panel asked what the municipal bond industry can do better for women and minorities.

Spreads have been widening, but secondary trading was on the light side and triple-A benchmarks were cut by only a basis point in spots even as U.S. Treasury yields once again rose on the 10- and 30-year.