Bonds

Ex-IFS Securities trader Keith Wakefield committed securities and wire fraud when, as the broker-dealer’s head of fixed income, the Chicago resident made forbidden speculative trades and embezzled hundreds of thousands of dollars over a two-year period, an Illinois federal court jury found this week. According to the U.S. Attorney’s Office for the Northern District of
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In 2023 several municipal issuers made tender offers for their not-yet-callable high coupon tax-exempt bonds. In most cases, the intended goal was to refund and save interest. These tenders turned out to be remarkably unsuccessful — the average acceptance ratio was only around 30%. There was a dearth of the usual press releases reveling about
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Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Lynne Funk (00:03): Hello everyone and welcome to another Bond Buyer podcast. I’m Lynne Funk, executive
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Guam’s latest proposed budget was hailed by analysts who said its approach should be copied by other U.S. territories. Gov. Lourdes Leon Guerrero proposed a 5.9% bigger general fund budget for fiscal 2025 days after Moody’s Investors Service raised the territory’s general obligation bonds to investment grade (Baa3) from speculative grade (Ba1); the first time
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Municipals saw losses Friday but outperformed by mostly sitting out a larger sell-off in U.S. Treasuries after jobs data showed higher-than-expected gains, forcing another recalibration for participants on rate cut timing. The January employment report came in stronger than expected, with wages rising at the highest rate since March 2022, leading analysts to suggest Federal
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Los Angeles International Airport had the private-activity bonds supporting its people mover train downgraded to junk with Fitch Ratings citing continuous and ongoing delays and a strained relationship between the developer and the airport. The $1.2 billion in PABs issued through the California Municipal Finance Authority for the project were downgraded to BB-plus from BBB-minus
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The Education Finance Council is turning up the pressure on the Internal Revenue Service for clarifications on bond rules that have gone unanswered for four years.  The trade group, which represents state-based and nonprofit higher education finance organizations, is asking the agency via a letter to clarify requirements listed in Section 144(b) of the Internal
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Municipals rallied Thursday as the Triborough Bridge and Tunnel Authority doubled the size of its deal to $1.6 billion while muni mutual funds saw inflows hit nearly $1.5 billion. U.S. Treasury yields fell and equities improved. Muni yields were bumped two to 12 basis points, depending on the curve, while UST yields fell six to
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Municipals were slightly firmer Tuesday as new-issues from the New York Thruway Authority and the Massachusetts Development Finance Agency’s Children’s Hospital were well-received. U.S. Treasuries were mixed as were equities ahead of the Fed rates decision Wednesday. Triple-A yields were bumped one to four basis points, depending on the curve, while UST saw yields fall
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An Arizona state senator is once again attempting to pass a law banning governmental contracts with companies, including banks that underwrite municipal bonds, that “discriminate” against the firearm industry.  For the 2024 legislative session, Republican Frank Carroll introduced legislation that would take the question to voters, bypassing Democratic Gov. Katie Hobbs, who vetoed his bill
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