Bonds

Puerto Rico fiscal year 2020 general fund revenues came in 10.7% short of a May 9, 2019, projection but 3.1% ahead of a May 27, 2020, projection. The Puerto Rico Treasury reported the results Wednesday. While the January earthquakes hurt collections, the governor’s order to close much of the economy from March to the present
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July saw a total of $42.61 billion in municipal bonds sold, a staggering 41.3% higher than July 2019’s total, as issuers continue to flood the market with deals, specifically taxable muni transactions. Taxable bond volume increased 518.3% month-over-month to $16.13 billion from $2.61 billion in July of 2019. Year-to-date, taxable volume sits at $68.98 billion.
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Fitch Ratings Friday revised the outlook to negative on the United States’ sovereign rating. The rating agency affirmed its AAA rating on the United States’ long-term foreign-currency and local-currency issuer default ratings while dropping the outlook from stable. Fitch Ratings revised its outlook on the United States’ AAA rating to negative from stable. Fitch said
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Maine’s Susan Collins became the second Republican senator to announce opposition to President Donald Trump’s nomination of economist Judy Shelton to the Federal Reserve’s Board of Governors. “Ms. Shelton has openly called for the Federal Reserve to be less independent of the political branches, and has even questioned the need for a central bank,” Collins
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Republican Senator Mitt Romney of Utah said he will vote against Judy Shelton, one of two Trump administration nominees to the Federal Reserve’s Board of Governors. ”I’m not going to be endorsing,” Romney told reporters Thursday. “I will be voting against it.” Shelton, an informal adviser to President Donald Trump’s campaign in 2016, is nominated
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A debt restructuring proposal pitched by Nassau County Executive Laura Curran to combat a massive deficit caused by the coronavirus pandemic faces stiff opposition from the Republican-controlled legislature. Curran requires legislative approval for the Nassau Interim Finance Authority, the county’s longtime fiscal control board, to refinance existing debt over the next two years to achieve
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Municipal bond buyers, while not seeing the amount of new issuance they might want or need, will have a wide variety of new deals from which to choose — from green and social bonds to some seldom-seen names and structures. Taxable bonds one again are featured prominently on the supply slate. IHS Ipreo estimates volume
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The changes are “disappointing,” said Charles Samuels of Mintz Levin, counsel to the National Association of Health & Educational Facilities Finance Authorities.Brian Tumulty, The Bond Buyer Nonprofits groups said Friday that several modifications to the Main Street Lending Program announced by the Federal Reserve may not be enough to provide access to credit for most
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Various reads of the economy offered on Thursday suggested some economic improvement, although mostly still down from pre-pandemic levels, and on shaky ground as the number of coronavirus cases continues to rise in many states, threatening some pullback on reopenings. Initial jobless claims continued their trend of small decreases, dipping to a seasonally adjusted 1.300
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The State University of New York will sell a $328.5 million refinancing deal to create near-term financial flexibility to offset expected declines in student housing revenue stemming from the coronavirus pandemic. SUNY is scheduled to sell the federally taxable dormitory facilities revenue bonds Tuesday through the Dormitory Authority of the State of New York. Proceeds
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280 CapMarkets, a fixed-income technology company providing best execution trading support and price transparency to advisors, institutions and issuers, has rolled out straight-through processing (STP) capabilities, which accelerate and automate the processing of client transactions. Dave Rudd, president, 280 CapMarkets The firm’s goal is to help clients manage their own trading allocations and incorporate BondNav
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Jim Colby, senior municipal strategist and author of the Muni Nation blog at Van Eck, talks about what’s happened in the municipal bond market since March 20. He looks at the big picture after COVID-19 and drills down into municipal bond funds and ETFs. Chip Barnett hosts this remote podcast.
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