Public finance

Texas Sen. John Cornyn urged counties to continue to lobby for a bill that would allow ARPA funds to be used for transportation infrastructure and disaster relief.

Municipal yields rose up to 10 basis points on the short end, playing catch up to the volatility of Treasuries' moves on Thursday. Rising UST rates will inevitably be more significant for munis until they settle into more stable levels.

House fails to approve budget amendment allowing payment to bondholders.

Refinitiv Lipper reported the first inflows into municipal bond mutual funds at $216 million after three weeks of large outflows while high-yield saw small outflows. Exchange-traded funds reported $755 million of inflows.

The board said a stay would inflict serious harm on Puerto Rico by plunging it into “financial chaos,” send the bankruptcy process “back to square one,” and would “needlessly delay the commonwealth’s economic recovery.”

The feds said they expect states to partner with private entities to develop and operate the electric vehicle charging networks.

An unfortunate custom in municipal finance is to discount every cash flow with the same rate, namely by the yield of the refunding issue. This underestimates the worth of nearby savings, and overestimates that of savings in the distant future.

Markets were somewhat comforted by Federal Reserve Bank of Atlanta President Raphael Bostic’s comments suggesting the Fed will not be as aggressive as the markets suspect.

The unrest potentially has short- and long-term impacts on the local government and its finances, analysts say.

It's the latest salvo in a growing controversy over the Federal Highway Administration's December memo discouraging states from building new highway capacity.

The state of Washington sold $743 million of general obligation bonds in the competitive market at similar spreads to its November sale while some issuers have moved to the day-to-day calendar.

Judge Laura Taylor Swain's action allows LUMA Energy to continue to operate.

Many Infrastructure Investment and Jobs Act funds can't flow without a FY22 budget

Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.

Municipal to UST ratios hit highs earlier in the week, creating entry points for buyers to return to the market even as ratios fell on the week. The primary will see a smaller calendar at $5.4 billion.

Attorneys say the first step is to get a court to stay enactment of the Plan of Adjustment, but that it is unlikely.

The Municipal Securities Rulemaking Board’s request for information on environmental social and governance factors is beginning to collect responses from issuers and practitioners alike, revealing some of the market’s initial priorities.

Municipals were stronger again on the day, though, and new-issues were repriced to lower yields.

Restricting the use of IIJA funds for new highway capacity "flies in the face" of Congressional intent, said Sen. Mitt Romney.

Jaresko's resignation comes the same week as more than 40 Puerto Rican groups called for the disbandment of the Oversight Board in a letter to President Joe Biden.