Public finance

Taxable munis hold the distinction as being the largest positive sector year-to-date, up 2.81%. High-yield has been hammered, losing 10%.

The California Supreme Court will hold online oral arguments Tuesday in a public pension case that could challenge the so-called "California Rule."

Philadelphia Mayor Jim Kenney's revised budget proposed reflects a massive revenue shortfall, related to the shutdown to prevent the spread of COVID-19.

Better technology can help enhance efficiency, analysts and civic leaders say.

The Municipal Liquidity Facility is not enough to counter the fiscal effects of COVID-19, says the man who helped rescue the city from its 1970s fiscal crisis.

A range of technical issues — from month-end accounting and financing to spread widening, price volatility and the coronavirus impact on businesses and the economy — spurred a tone of relative quiet in Thursday's trade.

April finished with $23.7 billion of issuance, a 15% decline from the $27.9 billion in April 2019. Volatility from the pandemic has caused erratic swings in benchmark yields, resulting in the lowest muni volume total in the month since 2011.

Public finance has changed a lot since the Great Depression, so a repeat of that era’s default experience is not preordained even if this contraction matches the worst predictions.

The mass transit authority cannot tap the Municipal Liquidity Facility directly, chief financial officer Robert Foran said.

William Sims, managing principal, and Jim Bodine, executive vice president, of Herbert J. Sims & Co., offer some perspective and proportion around the impact of COVID-19 on the senior living industry and associated investments.

The primary, meanwhile, digested a massive $1.12 billion bond offering from New York Power Authority. The entire deal was structured to mature later than 2045 and a good portion of it was designated green bonds.

Theme park and business closures and hospitality industry layoffs will make recovery difficult for Orange County and the Orlando region.

According to the survey that Tom Kozlik prepared, more than 90% of 211 analysts and specialists found coronavirus the most compelling issue facing the public finance industry. Public pensions ranked second.

The market isn't facing 50-basis-point swings, but its footing is still off as participants grapple with the long-term effects of the pandemic. New deals are getting pulled and New York Power is about to issue bonds maturing in 2060.

Illinois tentatively plans to sell $1.2 billion of certificates next week and $1 billion of bonds the following week.

The utility envisions a digital power grid and clean energy transmission, with this sale setting the stage.

The ultimate impact of the bear market on pension risks is likely to vary widely among issuers, making granular analysis more important and valuable.

William Glasgall of the Volcker Alliance explores deficits, budget cuts, rainy-day funds and borrowing options amid the COVID-19 pandemic. Paul Burton hosts.

Issuers bringing taxable deals this week should see robust buying interest as the strong performance of the corporate market has pushed yields down, making double-A taxable municipal bond yields attractive for corporate investors in the 21% tax bracket.

The system's offering statement presents a detailed picture of the pandemic's impact so far.