Organization Root Tag

Nuveen LLC reached an agreement to sell its 11% equity stake in Vistra Vision to Vistra Corp., that started as municipal bonds ensnared in a bankruptcy.

While the municipal market barely budged following the Fed's decision to cut rates 50 basis points, Thursday saw muni yields rise up to two basis points, depending on the scale, but still lagged the weakness in USTs. LSEG Lipper reported $716 million of inflows into municipal bond mutual funds.

The Fed's 50 basis point cut surprised many, as a looming federal election and all the uncertainty that brings complicates efforts at forecasting.

The agency cited a sustained commitment to healthy reserves and structural balance.

The plan involves building modern infrastructure and streamlining government operations and delivery of services.

The Office of Tax-Exempt Bonds has been staffing up, IRS officials said at the National Association of Bond Lawyers conference in Chicago.

Florida's official outlook indicates the state government faces a $10 billion deficit by mid-2028 without major tax and spending changes.

"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."

For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.

"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.

The Financial Industry Regulatory Authority found that the firm had not included the non-transaction-based compensation indicator on 23,000 municipal securities transactions.

A coastal Oregon tribe sued the federal government to slow the issuance of two offshore wind leases.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.

North Carolina is the latest state to eye using a P3 to build tolled express lanes amid insufficient state funding.

Given the Fed's reluctance to "surprise markets or take actions that could be perceived as overtly political," Interactive Brokers Chief Strategist Steve Sosnick said, "we find it hard to believe that anything other than 25 bp is the likely outcome for the upcoming FOMC meeting."

A negative outlook for the city's AA rating by Fitch Ratings follows similar action taken by S&P Global Ratings in July.

While supply falls next week as investors await their first Fed rate cut in four years, it should pick up after the FOMC, Barclays PLC said, adding the 30-day visible pipeline "is at relatively manageable levels at the moment." Bond Buyer 30-day visible supply is at $10.09 billion.

Household ownership of individual bonds was the largest category of muni ownership at 44.6%, mutual funds at 19.2%, exchange-traded funds at 3.1% and U.S. banks at 12.4%. While not detailed in the Federal Reserve data, SMAs may hold up to $1.6 trillion currently.

NAFOA is supporting passage of the Tribal Tax & Investment Reform Act, which would free up tribal bond issuance.

California's state government typically pushes out billions of dollars of debt from August to November. This year there may be a shift in buy side sentiment.