Bonds

Municipals were little changed Monday as the market awaits another heavy new-issue calendar and an upcoming inflation report. U.S. Treasuries were slightly firmer and equities were mixed near the close. While muni yields were steady Monday, yields fell last week, with 10-year notes falling seven basis points to end the week at 2.65%, said Jason

California budget watchers, who were bracing for another series of cuts to close the state’s now $44.9 billion deficit, saw those fears realized when the governor released his May budget revisions. The state needs to solve deficits projected for the next two years, not just this year, California Gov. Gavin Newsom said Friday during his

The long-planned Kentucky-Ohio Brent Spence Bridge won environmental approval from the Biden administration Friday, a “major milestone” for the bistate project that’s been in planning for more than 10 years. “This is an important step forward in bringing efficiency to our nation’s supply chain,” said said Republican Ohio Gov. Mike DeWine. “The project will address one

Chicago’s iconic lakefront is also its portal to water supplies from Lake Michigan, serving not only the city but 120 of its suburbs. But Chicago’s top suburban customer and Illinois’ largest water wholesaler, the DuPage Water Commission, now says it plans to strike out on its own. The commission revealed this week that it has

The Virginia General Assembly is set to pass a new budget next week after a saga that saw the state’s Republican governor and the Democratically controlled legislature clash over environmental issues, school funding, and pay-fors.     Although the budget deal still needs to be officially approved during the special session that begins Monday, Gov. Glenn

The Senate Thursday overwhelmingly passed a five-year Federal Aviation Administration authorization that features a 20% boost for major airport capital improvement projects. The bipartisan measure, which had been stalled by negotiations over an ultimately successful move to add additional flights to Ronald Reagan Washington National Airport, heads now to the House, which is expected to

Municipals were a touch weaker in spots ahead of another robust new-issue calendar. U.S. Treasury yields rose and equities were up. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year at 62%, the five-year at 60%, the 10-year at 60% and the 30-year at 81%, according to Refinitiv Municipal Market Data’s 3 p.m. EST

Current strategies to deploy public and private capital toward a green energy transition are experiencing mixed success, amid conflicting trends as both global oil demand and clean energy deployment rates rise together, according to panelists at the Milken Institute’s Global conference this week in Beverly Hills. “As many folks know, we aren’t doing that well

Municipal Market Analytics said municipal bond impairments from January through April were the highest since they began tracking in 2009, with the charter school sector totaling most impairments. MMA recorded 63 impairments this calendar year, with 59 of them coming in January to April, according to Wednesday’s issue of Default Trends. The four-month total was

As the college football industry is remade, municipal bonds are part of Florida State University’s plans to generate more revenue from its program. The Florida State University Athletics Association plans to sell $327 million in football-related bonds as soon as next week in a deal managed through the state’s Division of Bond Finance. The Series

Municipal triple-A yield curves were little changed Wednesday as the primary market demanded investor attention and were well received. U.S. Treasuries were weaker, and equities ended mixed. Several large new-issues priced led by $1.018 billion of the University of Chicago revenue bonds from the Illinois Finance Authority (Aa2/AA-/AA+/), with yields bumped seven to 15 basis

United Airlines Holdings Inc. and American Airlines Group Inc. have reached an agreement to press ahead with an $8.5 billion revamp of Chicago’s O’Hare International Airport, the world’s fourth busiest airport. The deal comes after months of disagreements over ballooning costs for the project, which was first announced in 2018. In separate statements, the dual

Municipals were firmer in secondary trading as the primary market took focus, led by the accelerated pricing of $1.8 billion general obligation bonds from Illinois. U.S. Treasury yields fell out long and equities ended mixed. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 63%, the five-year at 61%, the 10-year at 60%

A production slowdown at aircraft maker Boeing after problems emerged in its 737 Max line is starting to impact airports, with Southwest Airlines recently announcing it is ending operations at three U.S. locations and cutting service in others.  While the move is not raising immediate credit concerns for affected airports, analysts are keeping an eye

Municipals improved Monday in constructive secondary trading as investors await the larger new-issue slate. U.S. Treasuries were mixed while equities made gains. Triple-A curves saw yields fall two to three basis points while USTs were a touch weaker on the short end and a bit firmer out long. The two-year muni-to-Treasury ratio Monday was at

Illinois will issue $1.8 billion of general obligation bonds — $250 million taxable Series 2024A and $1.55 billion tax-exempt Series 2024B — to fund accelerated pension benefit payments and capital expenditures through the Rebuild Illinois program.  The fixed-rate bonds are expected to price this week. Jefferies, Siebert Williams Shank and Barclays are joint senior managers

As Florida’s Brightline passenger train floated its first investment-grade and insured bonds in a high-profile transaction last week, a key part of the deal for insurer Assured Guaranty was the control it would have if the issuer runs into debt payment trouble. Assured wraps $1.13 billion, or 51%, of the $2.219 billion of senior bonds

The Puerto Rico Oversight Board warned the government it will sue to stop a recently passed law that would reduce Puerto Rico Electric Power Authority revenues for the next 26 years by preventing a change in the net metering policy. In a letter to Puerto Rico Gov. Pedro Pierluisi, Senate President José Dalmau Santiago, and

Hawaii Gov. Josh Green failed to convince lawmakers to consider legislation that would have allowed struggling Hawaii Electric Co. to issue bonds backed by a rate increase. Senate Bill 2922, introduced by Senate Commerce and Consumer Protection Chair Jarrett Keohokalole, would have allowed HECO to issue up to $2.5 billion in low-interest bonds, if it

Oklahoma’s list of investment banks determined to be “boycotting” the fossil fuel industry expanded with the addition of Barclays, making it ineligible for state and local government contracts, State Treasurer Todd Russ announced Friday.  Barclays joins Bank of America, JP Morgan, and Wells Fargo, which were placed on the list last year under the state’s