Investments

Neal Pandozzi, a partner at the law firm of Bowditch & Dewey, talks with Chip Barnett about what environmental social and governance really means for public finance, separating politics from policy, polemics from principles. (34 minutes)

Muni yields were cut four to eight basis points, depending on the scale, while UST yields rose seven to nine basis points. Muni outperformance and rich ratios continue.

Two ratings agencies expect AES Puerto Rico to default on Puerto Rico municipal conduit bonds.

Participants in the Texas municipal market raised concerns over bills that would constrain debt issuance.

S&P raised Massachusetts' general obligation long-term credit rating to AA-plus from AA.

For long-term muni bonds, BofA strategists noted that macro market and supply/demand conditions "are dominating the picture, pushing the high-grade muni market to a relatively rich valuation versus Treasuries."

Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected.

Swain set a deadline ahead of what was requested by the Oversight Board.

Attorney General Rob Bonta faces criticism for restrictions that caused the collapse of a proposed buyout of a troubled Central Valley hospital.

Texas, Virginia, Idaho, Mississippi, Montana, Nebraska, New Hampshire, South Dakota and Utah, have all signed briefs urging the Court to take on the case.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

A John Miller-less speculative bond market may mean more diversification and price transparency, say some investors.

For the week ending Wednesday, outflows intensified as Refinitiv Lipper reported $255.794 million was pulled from municipal bond mutual funds after $91.713 million of outflows the week prior. High-yield saw inflows.

Several Midwest hospital mergers that are in the works will contribute to the 2023 numbers while one announced in 2022 just closed.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

The bill would allow information about the financial impact of ballot measures to be placed in the voter information guide, rather than on the ballot.

The Securities and Exchange Commission will host its Municipal Securities Disclosure Conference May 10

The Southern California Public Power Authority plans to price $700 million in revenue bonds for improvements to a 488-mile power transmission system.

S&P, Fitch and Moody's have all raised their ratings on the Garden State's general obligation bonds within the last week.

Strong demand in the primary market is leading to the oversubscription of many new issues. Municipals and USTs were better again as macroeconomic concerns pressure equities.