Public finance

A bipartisan group of senators negotiating a broad infrastructure deal has reached accord on a plan, the top Republican negotiator said, and debate could begin in the full chamber as early as Wednesday night.

A Moody's report highlights stark contrast in recovery between tourist hotspots such as Florida and metro areas like New York City and the San Francisco.

Lawmakers are considering a bill to credit state employees with three extra years of service for work done outside their homes over nine months of 2020.

The economy continues to recover, with durable goods orders and consumer confidence suggesting strength, but concerns about the Delta variant of COVID-19 and continued supply-chain problems cloud the future outlook.

The Oversight Board reached the deal with Ambac Assurance and Financial Guaranty Insurance Company on PRIFA rum tax bonds. The two insurers had been important holdouts from the central government debt deal.

New York City budget director Jacques Jiha says proactive moves such as building reserves helped the city weather COVID-19 fiscal challenges. Paul Burton and Chip Barnett host. (23 minutes)

With municipal yields at exceedingly low absolute levels, the spread tightening between credits also continues.

The IRS is seeking comments on a change that may benefit many issuers.

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

The last week of July marks a lighter calendar while August redemptions are huge compared to the expected supply. Investors need to get in line and likely accept lower yields and continued historically low ratios.

Bill Glasgall of the Volcker Alliance and Bond Buyer Northeast Regional Editor Paul Burton will explore how states have balanced priorities during the pandemic, and what challenges await.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

Out-year deficit borrowing looms after massive federal aid runs out, Chief Financial Officer Robert Foran tells the board.

The economic impact of the strike will depend on how long it lasts and how many truckers stick with it.

Low ratios, low yields and massive demand are leading to a market that is mostly on its own. Refinitiv Lipper reported $1.7 billion of inflows.

Whether a BABs-like program could make it into actual law in Washington is still highly uncertain. What is certain: Some form of infrastructure spending is must-pass legislation because federal-aid highway funding is set to expire in October.

Bond insurance grew to 8.4% of total market par covered in the first half of 2021.

The larger new issues and aggressive swings in taxables had investors on guard as triple-A curves were pressured outside 10-years, but the asset class still vastly outperformed UST while ICI reports nearly $3 billion more inflows.

The agency must still pay the commonwealth due to 2007 legislation that went sideways.

To ensure continued economic growth, the state has seen a need to diversify into alternative water sources to meet projected needs as well as respond to drought and protect the environment.