Finance

Fitch Ratings affirmed its AA rating on the department's water system revenue bonds as it revised their outlook to negative.

Richard Taormina, portfolio manager and head of tax aware strategies at JPMorgan Asset Management talks about the effects COVID-19 is having on credits in the municipal bond market and why crossover buyers think this an attractive asset class. Chip Barnett hosts.

Hospital margins plunged in April and recovery prospects hinge on resuming elective procedures, which depend on patient sentiment and future COVID-19 surges.

Even with the news that New York City is looking to potentially borrow $7B through its Transitional Finance Authority as it faces $9B in lower revenues, the market didn’t blink and TFAs traded firmer.

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

The Fed says it has more ammunition; experts define what those bullets are.

Investors, while confident long-term about the transit authority, worry about immediate risks, Chairman Patrick Foye said in a letter.

Taxable equivalent yields on exempts are close to converging into taxables.

Moody’s Investors service downgraded the archdiocese to Baa1 from A1.

Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower.

Moody's warns the current economic turmoil poses more pension-related credit risks for Illinois and many of its local governments than did the Great Recession.

The mass transit system still holds a strong presence despite three bond rating downgrades amid the coronavirus, Chief Financial Officer Robert Foran said.

The front of the municipal yield curve is 'astounding' and traders said dealers are uncharacteristically accepting the levels, likely due to the historically attractive ratios.

The Evanston, Illinois-based university will offer $300 million of taxable debt as soon as Wednesday after losing its gilt-edged rating status.

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.