Markets

The rating agency cited New Jersey's "robust budgetary surplus" while continuing to make actuarially based pension contributions.

By the close, muni yields were bumped up to four basis points, depending on the curve, while UST yields rose two to five basis points.

Walter O'Connor's decades-long tenure as a municipal bond portfolio manager at BlackRock will come to an end next year. 

As the "slope of the municipal yield curve remains extremely steep and long bonds are cheap relative to U.S. Treasuries," Daryl Clements, a portfolio manager at AllianceBernstein, predicts "long municipal bonds have a long way to go until they are considered fair value."

A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.

Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.

Bond attorneys are eyeballing the possibility of attaching a tax title to the surface transportation reauthorization that could include issues of great interest to the municipal bond community as the appropriations process remains stuck in first gear.

"This was a much-needed rally as the long end struggled throughout the year, but now has been pushed back into positive territory," said Jason Wong, vice president of municipals at AmeriVet Securities.

The authority's borrowing apparatus is maintaining a business-as-usual approach it embarks on a massive new capital program and fends off federal cuts.