Public finance

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.

Judge Laura Taylor Swain says they can be dealt with in the process of confirming the central government plan of adjustment.

The municipal market largely ignored the FOMC news that it would hold rates steady. New Jersey was 20 times oversubscribed and ICI reported $2.5 billion of inflows into long-term municipal bond mutual funds.

While the 2020 number was down from the 2010 figure, it was still almost 10% greater than the Puerto Rico Oversight Board's estimate.

Data released Tuesday show an improving economy, which continues to stoke fears of impending inflation. Muni investors await New Jersey's $1.57 billion transportation deal.

Final payouts are approaching for $170 million of defaulted BHF bonds with haircuts ranging from less than 10% to more than 50%.

After statehood, Puerto Rico's legacy bonds would likely retain their current status, but analysts are mixed on how the market would receive new debt.

The dearth of supply will likely hold down rates and keep certain investors out of the muni market. High-yield municipal bonds, still the most in-demand sector, tightened again.

New York City's mayor cited roughly $15 billion in additional state and federal aid, improving COVID-19 statistics and the further lessening of restrictions in releasing his executive plan.

Milwaukee will offer investors its first green-designated bonds under its sewerage credit Tuesday and returns next week with a GO sale.

A year after the traditional May bond elections were canceled because of the coronavirus pandemic, Texans will consider bonds for local issuers, mostly schools.

Officials call it the first for any state revolving fund program in the country.

An interview with Kathy Wylde, President, Partnership for New York City

The pact may generate up to $2.5 billion in revenue for the state in the next five years and $6 billion through 2030.

If sales and use tax revenues surpass May 2020 expectations, some bondholders would see increased payments.

The bonds would include a subsidy rate of 28% and would be exempt from sequestration.