Markets

Developers are using unrated bonds to finance a golf course-centered resort in fast-growing southern Utah.

Ratios have moved into a higher, more favorable range, especially in the belly of the curve. The municipal calendar is building, led by taxables and refundings, after they dropped significantly in September.

Keith A. Wakefield's alleged unauthorized and speculative trading at the former IFS Securities Inc. and his attempts to cover it up drew charges Thursday from the SEC and U.S. Attorney's office.

The lower inflows and high-yield outflows can be tied to the correction over the past week and may point to uncertainty from retail investors over broader market volatility.

September issuance was down more than 32% from the same month in 2020; total issuance so far this year is at $346.48 billion, down 2.4% compared to last year.

Ferguson regained its investment grade issuer rating by rebuilding its balance sheet while meeting federal consent decree mandates to overhaul police and court tactics.

With a lot of cash still needing to be put to work, the Investment Company Institute showed another large week of inflows at $1.814 billion.

The city council's budget and finance committee approved the increase and now the matter is headed to the full council.

Municipals have not tracked directly with the UST moves, where the 10- and 30-year UST has risen 24 and 26 basis points, respectively, from Wednesday. Municipals have seen yields rise by 16 and 11 basis points.

The growing P3 sector would enjoy a boost across many markets, including rural broadband, under P3-friendly provisions in the bipartisan infrastructure bill.