Public finance

“What purpose do reserves serve if we don't utilize them in times when you have a problem?” one alderman asked.

Recent orders from the California Supreme Court in public pension cases indicate litigation on the matter has not ended.

One muni bond sector that had been a go-to for heavier allocations was utilities, according to Kim Olsan.

Build America Mutual has extended its GreenStar program to include non-insured deals as well as also being placed on the Nasdaq Sustainable Bond Network.

Chicago's $1.2 billion airport refunding will smooth out fiscal operations through next year amid a massive decline in airline travel.

The Puerto Rico Housing Finance Authority will be in the market with almost $250 million of public housing project refunding bonds.

A project to bring train service to LaGuardia Airport is closer to breaking ground despite the fiscal headwinds created by the COVID-19 pandemic.

S&P said the downgrade is the result of what is likely a one-off analytic error in 2005; the bonds in question are held by Fannie Mae and have never traded.

The firm hired seven new senior-level bankers in its fixed income division.

The public-private partnership that had been constructing the light rail line and stations has shut down construction work.

Without more fiscal support, the outlook becomes murkier with the possibility of economic data disappointment and volatility in rates, and historically muni demand dampeners, Morgan Stanley said.

Mayor Bill de Blasio expanded furloughs to all managerial and non-represented employees while City Hall also faces an alarming coronavirus spike in some neighborhoods.

Breckinridge Capital Advisors’ Rob Fernandez, Director of ESG Research, and Andrew Teras, Senior Vice President, talk about how climate change can impact the municipal bond market as the country faces increased risks from coastal flooding, wildfires and drought. Chip Barnett hosts (24 minutes)

Accurate obligor identification can allow any matrix-based bond evaluation system to improve pricing accuracy and reduce manual intervention by pricing analysts, the firm said.

The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.

ICI reports another $2 billion inflow week while new issues fare well. High-grades around the 2026 maturity were trading in large blocks showing stability.

Ann-Charlotte Eliason, head of Nasdaq's Sustainable Bond Network, and Emily Robare, who leads ESG credit analysis for Gurtin, a PIMCO company, talk the current state and future of ESG, social, green and impact investing in munis through the lens of both domestic and international investors. Lynne Funk hosts. (38 minutes).

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.

August and September economic activity has probably been better than that of July, analysts said, however some expect economic activity will resume its decline in October and the following months.

Diverse issuers from NYC to Texas to Chicago to Michigan to PA Turnpikes priced billions into the primary while the secondary again took a back seat.