Bonds

Munis were little changed as a massive snowstorm pummeled the Northeast triggering states of emergency and vaccine cancelations. Trading was quiet and triple-A benchmarks were unmoved even as U.S. Treasuries faded and equities rebounded from losses and volatility last week. In the primary, a lone competitive deal of size got done as Worcester, Massachusetts, (Aa3/AA-//)
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Federal Reserve Bank of Dallas President Robert Kaplan predicted an “enthusiastic” internal discussion over the U.S. central bank’s massive bond-buying program, while vowing to be patient in judging when the economy has made sufficient progress to warrant scaling it back. “I don’t want to associate or even think about associating a time frame with that,”
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U.S. Virgin Islands Gov. Albert Bryan warned the territory’s underfunded pensions were becoming critical and said help is coming for the ailing power system. Bryan addressed these and other financial topics in his annual state of the territory speech Tuesday evening. Virgin Islands Gov. Albert Bryan said the island’s pension system was in an “accelerating
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Chicago’s school district is heading into the market for its first COVID-19 era deal with a balance sheet shored up by federal relief. The district is selling this week $560 million of tax-exempt, dedicated revenue-backed general obligation paper that carries two junk ratings and one at investment grade. Chicago Public Schools will sell $560 million
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S&P Global Ratings lifted its outlook for Detroit to stable from negative ahead of a $175 million general obligation bond sale.Bloomberg News Detroit heads into the bond market in early February with a rating outlook boost as the speculative-grade city makes the case that it is capably managing the fiscal blows of the COVID-19 pandemic.
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Tax-exempt yields fell one to two basis points Thursday, the first time in a week there was movement in triple-A generic benchmark scales, as the imbalance of supply versus the pent-up demand persisted and Refinitiv Lipper reported another multi-billion week of inflows, the 11th consecutive week of inflows. The Port Authority of New York and
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California’s widening gap between its rich and poor, plus population losses this year, are credit factors and not just from an ESG standpoint, according to S&P Global Rating analysts. California Forward, a think tank, released its California Dream index last week, which it said, confirmed that prosperity was not experienced evenly by all Californians. The
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President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments.Bloomberg News Direct federal aid of $350 billion to state and local governments is just one of several ways President-elect Joe Biden’s proposed $1.9 trillion coronavirus relief bill would relieve the financial stress on local governments. Biden’s plan to
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Municipals were quiet and remained steady on Friday as U.S. Treasuries dipped slightly following President-elect Joe Biden’s address Thursday night that outlined plans for a $1.9 trillion relief package and the market prepared for a three-day weekend. In his speech, Biden called for a new round of stimulus checks and pandemic control measures. “Everyone was
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The Illinois Supreme Court should reject the “cramped” definition of state borrowing authority applied in litigation seeking to void $14.3 billion of Illinois general obligation bonds, the state argues in a brief. The state’s arguments in the brief mark the latest salvo in the efforts by John Tillman, head of the conservative Illinois Policy Institute,
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