The Municipal Bond Index for Tuesday, Nov. 4, has been revised because Standard & Poor's Securities Evaluations Inc. priced one of the bonds incorrectly. The Long Island Power Authority's 6% bond due May 1, 2033, should have been priced at 100.385. As a result, the index for Nov. 4 is now 97-23, the average dollar price is 95.32, the average yield to par call is 6.23%, and the average yield maturity is 5.94%.
Munis enter this year with "strong credit fundamentals, elevated tax-equivalent yields, and a steeper curve that supports duration extension," said James Welch, municipal portfolio manager at Principal Asset Management.
The MSRB published the request for comment Nov. 3 to seek input on draft amendments to Rule D-15, which defines the term sophisticated municipal market professional.
States have been slow to put the money to work.
A federal court decision enjoins the state from enforcing a 2021 law that penalizes investment banks and others for "boycotting" the fossil fuel industry.
Proceeds will help finance late stages of construction of city hall.
A Senate bill would introduce public-private partnerships for transportation projects, while another would transfer ownership of roads to localities.
