Investments

The U.S. Treasury kept its quarterly auction of long-term debt, planned for next week, at a record size to help fund the government’s continuing wave of stimulus spending.

After just one session, the 10-year muni is back below 1% with ICE Data Services and Refinitiv MMD at 0.99% while Bloomberg BVAL is at 0.96% and IHS Markit at 0.95%.

Change is afoot for CPS as its leader Janice Jackson is leaving and legislation stripping Chicago's mayor of full power to appoint CPS board members gains legislative momentum.

Obtaining substantial new money for green infrastructure is still difficult, and the more innovative the projects, the harder they are to finance. Environmental impact bonds can help.

A majority of the USVI Senate are sponsoring a bill to give the Public Services Commission near total control over the islands' financially troubled water and power authority.

Regina Egea, president of the Garden State Initiative, analyzes New Jersey's fiscal landscape, including the proposed state budget, unfunded pension liability and deficit borrowing. Paul Burton hosts. (20 minutes)

Inflationary pressures remain high while the manufacturing sector continues to deal with supply chain woes that hold it back, analysts said.

More Illinois districts were lifted into the top fiscal category last year even as they navigated the start of COVID-19 pandemic

The states intend to come to market with $600 million and $1 billion, respectively, bringing state GO credits in an improving credit environment that has held yields down.

The chief opponent of the measure is the Arizona Board of Regents that governs the state’s three public universities.

The $8.5 billion on the ballots included $6.5 billion for schools, $1.6 billion for cities, $319 million for counties and $139 million for community colleges.

Rates, ratios and credit spreads have munis entering May on solid footing, though some pressures due to tax season and rising U.S. Treasuries remain.

With federal aid rolling out, the municipal credit picture is improving and issuers are coming to market at a faster clip. An infrastructure package could push issuance levels even higher.

The North Texas Tollway Authority will sell a mix of taxable first-tier and tax-exempt second-tier bonds in the refunding transaction.

Passage of the bill Thursday authorizes programs to receive funding, though money would still need to be appropriated through an appropriations process or a comprehensive infrastructure bill.

Federal and state aid camouflage danger around the corner, fiscal watchdogs and others insist.

Refinitiv Lipper reported another week of inflows at $1.64 billion, with $630 million headed into to high-yield. Benchmark yields rose as much as four basis points following weaker U.S. Treasuries, resistance to ultra-low yields.

Fitch also affirmed the authority's $1.8 billion of senior lien bonds at AA-minus and $968 million of subordinate lien bonds at A-plus.

Public finance groups hope that the Biden administration will show the same support for tax-exempt bonds that House Democrats do.

Bank of America and Citigroup, the top two underwriters in the $3.9 trillion municipal bond market, are at risk of getting shut out of Texas because of a push by Republican state lawmakers to punish the banks for their restrictive gun policies.