Finance

New Mexico is expected to face sizable structural deficits because of declining oil and gas prices and production, the rating agency said.

The primary was up and running Monday with Connecticut’s $850M offering for retail while many Texas issuers were active on the heels of the Fed news that it is open for business for munis.

Uncertainty and volatility have caused a bifurcated market when it comes to credit, and widespread disparity between high-quality and high-yield is complicating matters for issuers.

The offering of special tax obligation bonds comes as the state begins a four-phase reopening in its next response to the coronavirus.

Yields on all triple-A benchmark curves out to nine years are now below 1%. The largest bumps were again on the very short end of the curve. Lipper reported $580 million of inflows.

Investors scooped up Illinois’ $800 million deal as the state dug deep into its pockets .

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

Fed chair warns recovery may not be quick or easy.

The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.

The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.

Inflation, low before the coronavirus shut the economy, drops further.

Fitch Ratings downgraded Las Vegas a notch to AA-minus

Moody's revised its outlook on the Chicago Transit Authority and Regional Transportation Authority to negative as COVID-19 threatens their revenue streams.

The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.

Atlanta Fed president said the Fed is keeping "all tools on the table" and could discuss negative rates.

High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.

In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.

Bringing bond denominations down to $1,000 would capture goodwill from New York residents and transit riders, said Mitchell Moss of New York University.

Cheng, a six-year veteran of the rating agency, will be a senior vice president of Citi's Institutional Clients Group.

Primary deals are now coming at tighter spreads to the secondary than they have recently. Cooler heads are appearing on the institutional side, but ICI reports $1.7 billion pulled from muni market mutual funds.