Bonds

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

Federal Reserve Bank of Boston President Eric Rosengren said President-elect Joe Biden’s request for $1.9 trillion in economic relief is needed as growth shows signs of slowing. “It’s a big package, but I think it’s appropriate,” Rosengren said Friday in a CNBC interview. “The economy is in a lull right now, we’ve had a series

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

Former Michigan Gov. Rick Snyder and two emergency managers he appointed were arraigned along with six others Thursday on criminal charges for alleged actions in the 2014 Flint water contamination crisis that occurred while the city was under state fiscal oversight. The charges filed against the former governor who served from 2011 to 2019 are

Former Michigan Governor Rick Snyder was charged with willful neglect of duty on the eve of the state’s announcement about the outcome of a criminal probe into the lead contamination of the water supply in the city of Flint. The charges against Snyder were filed Wednesday by the state’s attorney general, Dana Nessel, in state

It’s premature to discuss reducing the amount of monetary-policy support for the U.S. economy while the pandemic is still raging, said Federal Reserve Bank of St. Louis President James Bullard. “We want to get through the pandemic and sort of see where the dust settles, then we will be able to think about where to

Federal Reserve Bank of Richmond President Thomas Barkin says the U.S. could face a bumpy first six months but will be well supported by the rollout of COVID-19 vaccines and fiscal stimulus later in the year. “I do think you’re looking at a second half that is going to be very strong and the question

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,

The continued escalation of COVID-19 cases in California and the resulting economic volatility took precedence as Gov. Gavin Newsom unveiled his $222.2 billion budget proposal for fiscal 2021. Newsom wants to spend some of the money from a $26 billion income tax windfall, but also set aside $22 billion for reserves while pinning some hope

When global law firm Norton Rose Fulbright announced new partners added to its ranks Friday many women, including San Francisco-based Mary Kimura were among those promoted. Kimura was one of 10 lawyers in U.S., and the only public finance attorney, named to partner. The firm promoted 25 female lawyers globally, representing 53 percent of the

The Federal Reserve has returned about $42 billion to the U.S. Treasury, and will soon transfer another $20 billion in excess funds connected to emergency lending facilities that stopped offering new loans last month, the central bank said Thursday in documents posted on its website. Bloomberg News The transfers will fulfill the promise made by

The Puerto Rico Oversight Board announced Wednesday that Pres. Donald Trump would name David Skeel and Arthur González to serve three-year terms on the Puerto Rico Oversight Board. The board made the announcement late Wednesday. The announcement wasn’t on the White House press site at 5:30 p.m. Wednesday. Earlier in the day The El Nuevo

The secondary market saw an uptick in trading of high-grades on Tuesday but those bonds came at a cost while yields on AAA scales were firmer by a basis point seven years and out as the supply/demand imbalance remains. Few new issues priced. In the competitive market on Tuesday, Nassau County, N.Y., (A2/A+/A/) sold $370

The Colorado Housing Finance Authority will price $125 million of bonds in its first deal to bear an outside “social bond” opinion. The agency will price $82 million of fixed-rate bonds on Wednesday and $43 million on Jan. 20, with closing on Jan. 22. The bonds are issued in three series and include taxable tranches

After a tumultuous year, the municipal market ends 2020 with strength, stability, and better-than-expected returns. The New Year begins with opportunity, but caution is warranted as credit concerns grow, municipal analysts said. From historically low yields amid a global pandemic and a controversial U.S. presidential election, the municipal market was punctuated with much uncertainty and

The New Jersey Economic Development Authority will kick off the new year with a $350 million social bond offering to finance school facility upgrades. The NJEDA is hitting the market with a school facility construction borrowing designated as “social” bonds on Jan. 7. The negotiated offering will be led by Loops Capital Markets with Chiesa

Municipals finished out an abbreviated trading session little changed as market players eye the first week of 2021’s new-issue slate, which checks in at over $2 billion. Yields on top-rated munis were flat across AAA scales. Traders again saw an abbreviated trading session ahead of the long New Year’s holiday weekend. The books have been

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Municipal bonds were stable on Wednesday as the market remained mostly unchanged on the last full trading day of 2020. Thursday will see an early close with a full close on Friday. Trading will resume on Monday, Jan. 4, 2021. Residual position-squaring is about all that is happening this week — and much of last

The Missouri Supreme Court’s refusal to hear the bond trustee’s appeal deals a final blow to litigation over whether Platte County bears legal responsibility to repay $32 million of defaulted appropriation-backed, development bonds, the county’s attorneys said. UMB Bank NA asked the state’s high court to hear its appeal of lower court rulings backing the

Sheila Patel, chairman of Goldman Sachs Group Inc.’s asset-management unit, is leaving the $1.8 trillion division after almost two decades at the firm. Patel, 51, is among the company’s most senior women and shepherded some of Goldman’s highest-profile relationships with investors around the world. She will step down from the partnership and become an advisory

Puerto Rico bankruptcy Judge Laura Taylor Swain rejected five legal challenges filed by Puerto Rico Gov. Wanda Vázquez against the Oversight Board on taxing and spending authority. As part of her decision, Swain barred the government from implementing and enforcing the five acts the board had challenged. A few claims and counterclaims were left unresolved

The public finance industry is in a particularly positive position to start 2020, with low rates and supply, aggressive demand here and abroad, an increased focus on climate and taxable issuance, and geopolitical uncertainty leading to a continued flight to quality. There is a general consensus that municipals are poised to perform well in 2020,

Municipal bonds were unchanged Thursday in quiet pre-holiday trading. The market closed early ahead of the full close on Friday for the Christmas holiday. Trading will resume on Monday. Yields on top-rated munis were flat, remaining steady across the AAA scale. Treasury bonds were slightly stronger as equities traded slightly higher. In the primary, there

California Treasurer Fiona Ma’s office has gone virtual with the California Debt Financing Guide, making it easier for public finance professionals to find information they need. Ma announced the release of a new interactive software version of the guide Wednesday, which up until now had only been available as a static PDF document. It’s available

Municipal bonds were unchanged Wednesday as the market prepares to go into holiday hibernation ahead of the Christmas and New Year’s holidays. Yields on top-rated muni bonds were flat, remaining steady across the AAA scale. Treasury bonds were weaker as equities traded up. In the primary, there are no negotiated or competitive deals over $50

Private-activity bonds backing the long-planned Purple line light rail system in Maryland received a credit boost following approval of a financial settlement that contains protections for bondholders of the beleaguered public-private partnership. Fitch Ratings upgraded Purple Line Transit Partners’ senior-lien revenue bonds issued through the Maryland Economic Development Corporation (MEDC) by one notch to BB-minus

Municipal bonds were unchanged Monday as the new-issue calendar slipped into neutral for the next two holiday-shortened trading weeks. Yields on top-rated muni bonds were steady, remaining unchanged across the AAA scale. Treasury yields moved a bit lower as stocks traded little changed after Congress neared agreement on a $900 billion stimulus package and a

Municipal bonds ended the last full week of trading of 2020 flat ahead of a mere $57 million new-issue calendar, leaving the secondary market to handle the market’s tone for the remainder of the year. Lipper late Thursday reported $915 million of inflows into municipal bond mutual funds for the week ending Dec. 16. Trading

The Puerto Rico Oversight Board set out five goals for major changes in 2021 at Friday’s public meeting. Board Executive Director Natalie Jaresko said the board will work to advance audited financial statements, institute structural reforms in Puerto Rico laws and governance, enact fiscal measures, accelerate recovery from recent earthquakes and hurricanes, and respond to