Organization Root Tag

Municipal bond issuance in the region was down 11.7% year-over-year in 2021, as new money, refunding, taxable and tax-exempt volume all slipped.

“With inflation well above the FOMC’s longer-run objective and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Fed said.

Investors yanked $1.154 billion out of municipal bond mutual funds in the latest week, Refinitiv Lipper reported.

The Illinois Sports Facilities Authority projects a fiscal 2022 shortfall in hotel tax collections needed to repay the annual state advance that covers debt service.

The Securities Industry and Financial Markets Association has bolstered its team with the additions of Jennifer Jacoby, Matthew Grinney and Nick Key.

The Investment Company Institute on Wednesday reported $3.120 billion of outflows in the week ending Feb. 16, up from $993 million of outflows in the previous week.

The Oversight Board also approved a new fiscal plan for the Highways and Transportation Authority.

A bill to prevent tax-exempt financing of professional sports stadiums may become part of a larger tax bill, as further discussions to revive some muni provisions may begin this year.

Overall volume in the Southeast rose 1.8% last year even as taxable issuance plunged and refunding deals shriveled up.

They say a Plan B that does not involve local legislative approval must be negotiated.

At issue is about $400 million the board would like Puerto Rico's government to retain.

The new-issue calendar for the holiday-shortened week is $4.98 billion, with $3.633 billion of negotiated deals and $1.347 billion of competitive loans.

The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year.

The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks to provide ideas and opportunities for refunding for savings.

Federal Reserve Bank of Cleveland President Loretta Mester said she supports raising interest rates next month and tightening policy at a faster pace if needed to curb inflation.

Federal Reserve Bank of St. Louis President James Bullard said bringing down inflation may require the central bank to overshoot a neutral target interest rate, which he sees as about 2%.

Credit strengths include strong market position and service area economic fundamentals and an expected continued strong finance performance.

To help the city recover faster, former Lt. Gov. Richard Ravitch has proposed a dedicated state-approved revenue stream to provide additional funding for the transit system.

While the Puerto Rico Senate would not take up a House-approved budget amendment that would allocate money to repay bondholders, analysts expect the Oversight Board to approve the funding.

Market participants are wary that regulators may muddle ESG risk disclosure guidance with guidance regarding labeled bonds.