Public finance

Paul Gray, co-founder of IronHold Capital, links the unfunded liability problem to bad public policy decisions and bad hedge-fund actors. Paul Burton hosts (13 minutes).

A reversal of fund flows and the arrival of the economic aid for states and local governments helped boost the market's morale ahead of $10 billion in new-issues supply this week.

At issue is at least $340 million, the cities claim they are not liable for. The suit could impact the viability of the proposed plan of adjustment, but sources say the suit is unlikely to succeed.

The pair of unregistered brokers will pay over $2 million in civil penalties.

Denver is selling $274 million of dedicated tax bonds in a deal to fund projects at the National Western Stock Show complex and Colorado Convention Center.

Planning will require favorable tax policies, sophisticated capital programing, bond financing, and pioneering public-private partnerships. It also requires a cohesive national, bipartisan infrastructure plan as a foundation to begin addressing this impending infrastructure crisis.

Municipals largely ignored the moves to higher yields in U.S. Treasuries as participants await the largest new-issue calendar of 2021 and big-name deals out of New York and Illinois.

Although all of the proposals have some bipartisan support in Congress, the extent of that support remains unclear.

Inflows return, stimulus set, new deals on fire — the municipal market reaped all the benefits. Initial jobless claims dropped more than expected in the week, as reopening continued slowly, but the total remains higher than any week before the COVID crisis hit.

The Securities and Exchange Commission has increased its focus on climate change disclosure in the corporate market.

The governor spotlighted his five-year infrastructure spending plan during the speech held amid the threat of a recall.

While acknowledging the critical assistance in the federal relief bill, yet in anticipation of the uncertainty ahead, further Congressional action is essential to provide state and local governments with additional tools to manage debt programs to meet the needs of their constituents.

The 'pension' bondholders have reached a preliminary deal with the Puerto Rico Oversight Board.

The Investment Company Institute reported outflows from municipal bond mutual funds but inflows into exchange-traded funds. The February consumer price index came in as expected, while the core was below expectations, and analysts expect bigger rises ahead.

S&P moved Illinois' outlook to stable from negative amid revenue numbers that beat pandemic-driven low expectations. The rating remains the lowest among states.

Munis were stronger across the curve as secondary trading was constructive and bellwether credits moved yields lower.

The plan and disclosure statement indicates only some of the terms for the HTA, CCDA, and PRIFA rum tax bonds.

The creation of the Municipal Liquidity Facility helped not only eligible entities but also those left out of using the program.

The pandemic has caused some special circumstances for state and local governments in juggling their finances. Jeffrey Previdi, the vice-chairman of the Governmental Accounting Standards Board who spent more than 20 years of his career at S&P Global Ratings, talks about what his regulatory organization has done to assist them. Previdi also talked about how GASB influences how state and local governments spend taxpayer money on such things as schools, firehouses, water treatment plants, and other infrastructure. Brian Tumulty hosts. (25 minutes)

Despite the recent outflows and volatility of the Treasury market, municipal bonds have and should continue to outperform as stimulus from Washington provides some respite.