Public finance

Surveys show employment was up as much as 7% in September from April.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

Nuveen’s John Miller, the biggest backer of Fortress Investment Group Inc.’s Brightline passenger railroad in Florida, had been skeptical of plans to forge ahead swiftly with a multi-billion dollar venture to build a second line running between Southern California and Las Vegas.

Options for local governments amid the coronavirus range from rainy-day withdrawals to pension payment delays, and renewed calls for shared services and mergers.

Favorable sale results compared to recent secondary trading levels prompted MMD to narrow Illinois' spreads on average by 10-30 basis points across the curve with the short-end seeing the biggest improvement.

CommonSpirit's deal marks the next phase in managing the combined debt porfolio of CHI and Dignity.

Municipals weakened as supply surged into the market, with AAA yields up by as much two basis points on longer-dated maturities.

The increasing focus on ESG and innovation in the municipal market continues to grow as investors and issuers navigate a changing global market for state and local government debt amid COVID-19.

The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.

Arizona-based Banner Health adds another hospital to its system as it offers investors $607.6 million of taxable revenue bonds.

Weathering headwinds from the pandemic and energy industry turmoil, the Oklahoma Department of Transportation will price $193 million for highway projects.

Detroit's spreads widened from last deal in 2018 but interest rates were lower thanks to overall bond market conditions.

Collections were ahead of Oversight Board's May projections but behind figures for 2019.

The market will digest the once-again largest amount of new issues in 2020, including some higher-grade state GOs that have been quiet of late. Some participants said a back-up in rates could occur after a mostly quiet week.

Manhattan Institute recommendations include paring back “unusually generous” benefits and transitioning new employees toward a defined-contribution system.

The plan was long held up by GOP opposition to the governor's use of emergency powers to combat the spread of COVID-19 without legislative approval.

The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019.

Illinois' largest county's proposed 2021 budget closes a $400 million hole without tax hike or major layoffs.

Municipals were a bit stronger on the long end Thursday as action heated up in the primary.

As of Sept. 15, at least 49 states, transportation authorities and local governments have publicly projected declining revenues.