Markets

Kroll Bond Rating Agency upgraded Connecticut's general obligation bonds to AA-plus, citing improved finances and a recent package of fiscal guardrails.

For the week, triple-A muni yields rose between 11 and 29 basis points, according to MMD, while UST yields rose 11 to 32 basis points.

The negative rating outlook comes less than a week after Gov. Gavin Newsom announced a budget shortfall of $31.5 billion.

"Steep corrections occurring inside 10 years on the curve reflect an ongoing process to reduce a deep inversion," said Kim Olsan, senior vice president of municipal bond trading.

The exchange-traded fund — the first ever triple tax-exempt — will consist of 80% Puerto Rico bonds with the balance being U.S. Virgin Islands and Guam bonds.

Brightline's luxury train in Florida accounts for half of the Nuveen High Yield Municipal Bond Fund's top 10 positions.

The Investment Company Institute reported investors pulled another $290 million out of municipal bond mutual funds in the week ending May 10.

The up to $600 million of airport revenue bonds, which are slated to price in July, will continue funding for the reconstruction of the terminal and concourses.

The private Medaille University is closing its doors after failing to sell itself to a nearby college. It has more than $20 million of bond debt.

The market is seeing a supportive environment for munis, said Nisha Patel, managing director of SMA Portfolio Management at Parametric.