Public finance

Even if there was some hesitation in the past few sessions to accept lower municipal yields given rich valuations, municipals continue grinding lower. One- and two-year AAA yields hit record lows of 0.06% and 0.08%, respectively.

The state plans a series of municipal bond sales with tailwinds from upbeat fiscal news, including its first surplus on a GAAP basis.

The judges found the appellants had failed to seek stays or appeals of the approved bond restructuring — on about $17.6 billion of debt — in a timely fashion and the plan had advanced well beyond the point where it could be practically undone.

Why has inflation remained low and how will the economic recovery impact it? Several experts offer their views as to whether inflation is or will be a problem.

KBRA said the development, weighting, and ranking of the key factors in ESG scores are endeavors best left to investors rather than to rating agency credit analysts.

The taxable refunding will lower debt service obligations for the airport car rental facility, hit hard by the coronavirus pandemic, through fiscal 2025.

The effects of COVID-19 on Puerto Rico are severe and the island's capacity to repay its debt has changed. The Oversight Board's objectives in the debt-restructuring process, however, have not.

Taking advantage of low rates, the state's School Bond Authority is selling the largest bond issue in its history to refund outstanding debt.

The January employment report headline number disappointed while stimulus news lifted equities and U.S. Treasuries rose on both counts. Municipals ignored those moves ahead of another week of less-than-ample supply.

The Motor City's spread penalties were reduced by more than half compared to its previous sale in October in a deal that was oversubscribed by 20 times.

No ruling was issued and the judges' sympathies could not be easily deciphered.

No rate hikes in sight as employment continues to struggle and inflation should rise this year, but not enough to force the Fed to raise rates.

Joe Geraci, who spent 24 years at Citi, most recently as co-head of the Global Spread Products division, will join investment advisor Old Orchard Capital.

The city's newest budget forecast says revenues in the current fiscal year will fall short of projections by $86 million.

Lumesis' president, COO and co-founder Tim Stevens talks about how AI complements the company’s pricing and scales software to predict the shape of a deal-specific municipal yield curve based on the structural and credit-characteristics and to use that predicted shape to fill-in portions of a yield curve that cannot be built from traditional means. Lynne Funk hosts. (35 minutes).

The Puerto Rico Oversight Board has previously said there would be significant spending cuts in the the coming fiscal year.

ICI reports a third week of $3-plus billion of inflows. Couponing is becoming as much a factor in inquiry as credit and issuers move to lower coupons in both competitive and negotiated deals.

Joliet will finance new infrastructure with a mix of revenue borrowing and state and federal loans in an agreement that will bring Chicago $30 million annually.

Police agreed to defer raises in exchange for $70 million in overtime for three years and no layoffs.

The $136 million refunding is also backed by the state's appropriation pledge; a political dispute over how to handle unclaimed property was resolved last year.