Public finance

Livolsi, who worked at Citigroup for 25 years until the bank cut his position earlier this year, has been hired as a managing director of public finance marketing at Assured Guaranty.

With the third quarter officially under way, municipal bond experts say the tax-exempt market is poised for better performance and stronger market technicals ahead in the second half.

A new report finds that refunding tax-exempt debt with taxable bonds is more costly than waiting until the call date.

The May economic activity index showed an increase.

The ruling striking down affirmative action may bring a fresh headwind to the higher education space, which already faces soft enrollment trends.

Nick Venditti of Allspring Global Investments talks about evolving demand components, compelling yields and expectations for second half performance. Jessica Lerner hosts. (24 minutes)

This week should see a return to more normal supply, which might be a little higher than average for the year so far, said Daniel Solender, partner and director of tax-free fixed income at Lord Abbett & Co.

BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the top 10 saw some shuffling.

Municipal Capital Markets Group, Columbia Capital Management and Caine Mitter and Associates moved into the top 10, while Baker Tilly Municipal Advisors, Stifel Nicolaus & Co. and Swap Financial Group were ousted.

A federal bankruptcy judge will hold a hearing later this month on appointing an independent trustee for Legacy Cares or dismissing the case.

Most top 10 issuers for 1H are from New York and California, with three from New York and three from California.

For the coming week, investors will be greeted with a new-issue calendar estimated at $7.282 billion.

Several guideposts have also already been offered as Mayor Brandon Johnson must balance his campaign pledges on funding new investments and structurally balancing the budget while holding the line on property taxes as the city deals with crime, rising costs, and end of federal COVID-19 funds.

The money is to help AES-Puerto Rico continue to provide PREPA with electricity.

Proponents say it's the right time after states reaped the revenue rewards of a strong post-COVID economic rebound. Opponents, however, point to the gloomy market predicted to be ahead.

Through proposed SEC regulations, federal grants and cybersecurity insurance, areas of the public finance industry are adjusting to costly and omnipresent cyber threats. 

The Bond Markets and Racial Equity Project is an effort to center equity in municipal bond-funded investments.

"Recent months have been trying for investors," said State Comptroller Thomas DiNapoli, "and there is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well-positioned to weather these storms."

It's the largest federal transportation grant to date, said Sen. Chuck Schumer, D-N.Y.

Municipal bond mutual fund outflows intensified as Refinitiv Lipper reported investors pulled $855.719 million from the funds for the week ending Wednesday following $25.331 million of outflows the week prior.