Public finance

Municipal bonds, issued by state and local governments, finance infrastructure investment and should be the foundation of any modernization package.

The commonwealth's largest public pension fund acknowledged an erroneous investment return that was just high enough to avoid triggering a teacher risk-sharing provision.

Roddy Devlin, a partner at Nixon Peabody, explores President Biden's $2.3 trillion bill, which he says "dwarfs anything we've seen for decades." Paul Burton hosts. (23 minutes)

Rating agency moves on credits across the spectrum are pushing spread-tightening in munis, but the broader economy is still two years away from pre-pandemic levels, according to Federal Reserve Bank of Boston President Eric Rosengren.

The deficit last month was $659.6 billion, the third-largest on record and biggest since last June.

OMB Acting Director Shalandra Young described the summary as “the administration’s proposal for topline FY 2022 discretionary funding.”

Chicago's investors will be on the hunt for answers to how the city intends to use federal dollars, including whether it's going to scrap scoop-and-toss plans and meet rising pension contributions.

Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.

Illinois is among the states that critics say have downplayed their unfunded long-term debts and should be forced by new GASB rules to become more transparent.

If an infrastructure bill does go through a partisan route, municipal bonds’ future could be very fluid.

Municipal bond issuers in the State of New York accounted for half of the top 10, while issuers from California held two of the top four spots.

The top municipal bond underwriters of the first quarter of 2021 are well ahead of last year's record pace, as the country is starting to finally see the light at the end of the COVID-19 pandemic tunnel.

High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.

Pierluisi said his approach to governance would avoid fights and promote cooperation.

These so-called American Renewal Bonds would help finance a national infrastructure initiative until the economy sufficiently recovers from the pandemic.

Moody's Investors Service notes that the new two-tier pension system will not immediately decrease Kentucky's high unfunded pension liabilities.

The Investment Company Institute reported another week of inflows, $800-plus million, as participants focus on that part of the market as an indicator of how munis will fare during tax season.

The board also extended the deadline for two bond insurers to withdraw from the central government bond Plan Support Agreement.

The EPA would be responsible for administering the new grant program, should it become reality.

The theme of low supply, positive inflows and the anticipation of higher tax rates led triple-A benchmarks firmer by one to two basis points.