Buy side

The largest African-American, Latino and woman-owned investment bank in the United States has changed its name to Siebert Cisneros Shank & Co., LLC, effective Monday, to reflect its ownership structure.

In the week ended Aug. 25, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell one basis point to 3.75% from 3.76% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Illinois’ largest retirement fund will review its assumed investment rate Friday amid a warning from Gov. Bruce Rauner’s administration that lowering it from 7.5% could have a “devastating” impact on funding for social services and education.

The transportation and utilities sectors grew by $7.9 billion in the first half of 2016 from a year earlier.

Short-term note issuance could continue to increase as the market awaits the Federal Reserve Board's eventual move to higher rates.

A California state appeals court ruling may open the window for governments to change the future benefits of existing employees.

The federal Bureau of Prisons' phase out of private prisons has only a small effect on the municipal bond-financed private lockup sector, leaving bond-financed immigration detention centers untouched.

Disappointing public pension investment fund returns released recently by Maryland and Virginia may be representative of a more nationwide trend, pension experts warned.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased four basis points to 3.76% from 3.80% in the previous week.

Issuers say they have recently been delivering deals with 4%-or-less coupons to meet growing demand for cost-efficiency in the low yield climate.

Eight years after the housing market collapse, the senior housing sector is growing with the help of near record-low interest rates that have prompted a rush to market.

Lawsuits by two Florida counties challenging the $1.75 billion private activity bond award for the All Aboard Florida passenger train project can proceed, after a federal judge ruled in the counties' favor.

Bondholders' poor recovery relative to pensioners in Detroit was typical of municipal bankruptcies, as protecting the workforce has outweighed debt repayment in courtrooms across the nation.

Chicago's junk-rated school district scheduled a public hearing next week on a request for $945 million of borrowing authorization.

An $800 million bond sale to finance New Jersey's American Dream retail development could provide fuel for critics of the municipal bond tax exemption, according to Municipal Market Analytics.

Moody's upgrades Pennsylvania's school district pre-default enhancement program to A2 from Baa1, citing a new state law.

Political gridlock has stymied attempts to overhaul pensions across the nation, most notably in the two lowest-rated states, New Jersey and Illinois.

Lately coupons of 4% – and in some cases even lower – are becoming more palatable to retail buyers because they decrease individual investors' dollar price when they purchase a new issue, strategists said.

The Securities and Exchange Commission's settlements with issuers under its continuing disclosure enforcement initiative will not impact specific rating determinations but will be an important component of analyzing an issuer's credit fundamentals, analysts from S&P Global Ratings said in a report on Monday.

Ziegler, the oldest healthcare focused investment bank in the country, is becoming one of the biggest players in the specialty as well.