Investments

The municipal bond market again sold off as much as a half percentage point across the curve.

Judges said the district court judge was reasonable in her treatment of the case differently from that of a corporate bankruptcy.

Cost cutting is underway at central Florida's Orlando International Airport due to a steep decline in flights and passengers amid the coronavirus outbreak.

Some market professionals were quick to say that the step would not be sufficient to soften the blows hammering the wider muni market.

The SEC answered questions regarding COVID-19 disclosure in a webinar Thursday and said there would not be relief for issuers' late annual financial filings.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

A Senate bill to be introduced Friday would allow the Federal Reserve to purchase municipal debt, in an effort to ease the economic strain of the coronavirus pandemic on state and local governments.

The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.

Barber and Amoroso will work together during a temporary transition phase.

Lipper reported a whopping $12.2 billion of outflows from municipal bond funds. Out of that huge number, $5.3 billion were from high-yield funds. The $12 billion figure of outflows in one week equates to about 3% of annual municipal volume.

A coalition of healthcare industry organizations is asking for $100 billion in direct federal help, warning that the survival of some hospitals is at stake.

A memo circulated Wednesday by House Financial Service Committee Chairwoman Maxine Waters, D-Calif., suggests that the next wave of federal legislation authorize the Fed to support state, territory, and local debt issuance in response to the coronavirus outbreak.

Schools in 39 states had closed by Wednesday.

Local issuers in Texas also received authority to postpone bond measure elections that are slated for May.

Puerto Rico Gov. Wanda Vázquez Garced issued an order for all residents except a few classes of essential employees to remain at home.

Benchmarks showed again that the short end was being hit hardest — 30 basis points up on the one-year and at least 10 up on the long end, but the entire curve was being cut drastically. The primary market was again at a standstill.

Questions about the impact of COVID-19 surround the state-run authority, which operates New York City transit and is one of the largest municipal issuers.

Airports have nearly $100 billion in infrastructure debt that requires about $7 billion in airport bond principal and interest payments this year.

Authority Chairman Patrick Foye cited plummeting revenue as riders stay home because of COVID-19

The municipal market is dealing with a major liquidity event, with massive short-end selling.