Markets

The covenant commits the state to four financial-restraint measures that lawmakers passed.

Home resales fell by 2.5% in April to an annual rate of 5.46 million, below expectations for a small decline to a 5.58 million pace.

Initial claims for U.S. state unemployment benefits rose by 11,000 to 234,000 in the May 19 week, well above the 220,000 level expected by analysts.

Scarcity mixed with strong demand and Fed announcements on rates and inflation helped munis outperform most fixed-income assets so far this year.

Veteran banker Michael Placencia will lead the firm's transportation and infrastructure efforts.

Municipal bonds were stronger in late trading as West Virginia and the Regents of the University of California came to market.

The investment bank attributed the exit of 15 from the public finance team to market conditions and a strategic review.

Muni market groups got a long-awaited win when the House passed banking legislation classifying certain munis as high-quality liquid assets, even if it wasn't as big a win as hoped.

Water, wastewater, and securitization deals, and possibly an O'Hare airport sale, are still to come from Chicago this year.

Municipal bonds were stronger at mid-session as several big deals hit the market.