Public finance

Global bond yield move suggests financial markets are much more optimistic about the economy than the Fed.

Senate Majority Leader Chuck Schumer and Sen. Bernie Sanders want a broader infrastructure bill to pass through the reconciliation process while other lawmakers plan a bipartisan push for surface transportation.

The governor wants the first full actuarial contribution in 25 years, spurring discussion about what else one of the nation's lowest-rated states should do.

New York State’s public sector entities have more than $300 billion of unfunded other post-employment benefit liabilities, which accounts for a quarter of the nation’s total of $1.2 trillion of other post-employment benefit debt.

High-grade deals priced and secondary trading showed bonds exchanging hands at yields higher than triple-A benchmarks in some cases, but a healthy two-way flow was evident, even if there are signals that yields have not yet hit a ceiling.

The COVID-19 pandemic didn't delay the deal but it did influence the structuring of the new money and refunding deal.

The deal continues to offer better recoveries for the guaranteed Public Building Authority debt than for general obligation debt, but trading of the GOs blew up with more than $180 million exchanging hands to higher prices.

Jonathan Bowles of Center for an Urban Future explores how New York City could benefit from a green public works program. He also calls for unlocking the potential of CUNY and improving the city's capital construction process. Paul Burton hosts (17 minutes).

Reducing tax fraud is one of the goals of the fiscal plan approved by the Puerto Rico Oversight Board in May.

Data released Monday showed economic strength with further improvement ahead. U.S. Treasuries were off by five basis points but municipals saw aggressive eight to 10 basis point swings to higher yields across the curve.

Gov. J.B. Pritzker is still mulling action on legislation Mayor Lori Lightfoot says will add to the city's considerable fiscal burdens.

Mainstreaming some emergency measures would provide the Department of Design and Construction more contracting flexibility, said first deputy commissioner Jamie Torres-Springer.

Muni yields rose another five basis points on the 10- and 30-year, bringing the total cuts to scales to 18 and 17 basis points, respectively, from Tuesday as the asset class moved closer to UST movements after lagging that market since the start of the year.

Lawmakers will vote next week on a relief package agreed to by the governor and legislative leadership.

Seven measures totaling $400 million will go before voters in a state whose gubernatorial transition is on hold.

Muni yields have climbed double-digit basis points in a week but technicals remain strong. Refinitiv Lipper reports $1.96 billion of inflows into municipal bond mutual funds.

Net revenues in the first six months were $5.19 billion. Without postponed income tax revenues from the prior fiscal year, this figure would have been $4.711 billion.

The city, struggling amid a pandemic-induced deficit, received a negative outlook from Kroll Bond Rating Agency ahead of the deal.

The municipal secondary gave way to higher-yields and triple-A benchmarks rose two to five basis points. U.S. Treasuries pared back Tuesday's losses, even on the heels of better economic data.

The consequences of not passing infrastructure legislation in the next few months may be dire.