Buy side

The head of the agency that accredits Illinois' state universities issued a warning to state leaders as the schools struggle in the absence of state funding because of a continued budget stalemate.

Thomas Schuette has been promoted to Partner and Co-Head of Portfolio Management at Gurtin Fixed Income Management LLC, the firm announced on Monday. Schuette's promotion is aimed at bringing the credit research and portfolio management teams closer together.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was 11 basis points lower to 4.05% from 4.16% for the previous week.

Investors should be wary of riskier market sectors, while increasing liquidity and credit quality as they position their portfolios for the year ahead, Warren Pierson, senior portfolio manager at Baird Advisors said.

In the week ended Jan. 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose two basis points to 4.16% from 4.14% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

New York’s fourth largest township had its credit rating dropped by Moody’s Investors Service due to a lack of audited financial statements.

Illinois’ rising bill backlog if left unchecked could pressure the state’s already battered credit rating, Moody’s Investors Service warns in a new commentary.

Stock market swings could affect California's credit quality, which is linked to its ability to maintain balanced fiscal operations that are heavily linked to the stock market's performance.

Pennsylvania's intercept programs for school districts remain a strong credit feature despite downgrades related to the state's budget impasse, said Janney.

Market technicals – a lack of supply and significant Jan. 1 rollover proceeds – are bolstering municipal demand and price stability in the New Year so far, according to Jeffrey Lipton, head of municipal research and strategy at Oppenheimer & Co.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was one basis point lower to 4.14% from 4.15% for the previous week.

California Public Employees' Retirement System chief executive officer Anne Stausboll announced Thursday that she will retire as the head of the nation's largest public pension fund.

A continuing decline in oil prices will strain the budgets of five producing states to varying degrees, according to Standard & Poor's.

Moody’s Investors Service offered a mixed picture of states’ progress on dealing with their pension liabilities in fiscal year 2014.

Standard & Poor's socked the already junk-rated Chicago Board of Education with a two-notch downgrade Friday as the fiscally embattled district prepares to come to market later this month.

Only 7% of the nation’s 3,069 counties have fully recovered from the last recession, according to research by the National Association of Counties.

In the week ended Jan. 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell three basis points to 4.15% from 4.18% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipals are benefitting from an asset reallocation after international and domestic volatility spooked investors in the weeks leading up to 2016.

The lack of supply to meet demand – especially for yield – is seen as benefitting Chicago, Chicago Public Schools, and Illinois when all three fiscally distressed credits land in the bond market during the next two weeks.

In the week ended Jan. 7, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.18% from 4.22% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.