Bonds

As environmental disclosure becomes increasingly important to municipal investors, a new snapshot of U.S. cities sheds light on hundreds of infrastructure projects planned by the cities to mitigate climate exposure. The U.S. Infrastructure Snapshot Report is produced by nonprofit CDP, which runs an annual environmental disclosure platform for companies, cities, states and regions. The report
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Municipal credit quality has reached its peak and several sectors are vulnerable to stronger economic and political headwinds that are likely to impair credit and rating trends for the rest of 2022 and beyond. This is according to a report from Municipal Market Analytics, which revised down its credit outlook for several sectors including hospitals,
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West Virginia’s Treasurer Riley Moore on Thursday placed five companies on a state-mandated list of restricted financial institutions which he has deemed engage in a “boycott of energy companies.” The five financial firms which are now ineligible for state banking contacts are BlackRock Inc., Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Morgan Stanley
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Florida Gov. Ron DeSantis announced administrative actions and legislative proposals that are aimed at “protecting residents from the environmental, social, and corporate governance movement.” Saying ESG threatens the vitality of the American economy and economic freedom by targeting disfavored individuals and industries to advance what it calls a woke ideological agenda, DeSantis is proposing legislation
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Municipals were firmer following the Fed’s decision to hike rates another 75 basis points, while U.S. Treasuries rallied on the short end and equities ended up. Despite this being another “outsize rate increase” of 75 basis points, Brian Coulton, chief economist for Fitch Ratings, said “the Fed has still only raised interest rates back into
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Taxable municipal issuance has plummeted this year as the shock of rising interest rates made the financing vehicle less enticing for issuers, both economically and psychologically.  From becoming a replacement for tax-exempt advance refundings lost to 2017 tax law changes to broadening the investor base for munis, taxables have played a larger role in the
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The Securities and Exchange Commission’s four enforcement actions this year were all leveled against municipal issuers, a signal that the Commission could be taking a more holistic approach when looking at municipal securities violations. This year, the Commission has charged issuers and related officials from Rochester, New York, Crosby Independent School District in Harris County,
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The mediators handling the Puerto Rico Electric Power Authority mediation asked Wednesday for the deadline to be extended from Aug. 1 until Aug. 15.  Puerto Rico bankruptcy Judge Laura Taylor Swain had set 11:59 p.m. Aug. 1 as the deadline for the Oversight Board to achieve a proposed plan of adjustment, a plan term sheet,
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Municipals were firmer Tuesday ahead of the conclusion of the July Federal Open Market Committee meeting where a three-quarter point rate hike is likely, while U.S. Treasuries were weaker and equities sold off. Triple-A curves saw yields fall up to five basis points, depending on the scale, while U.S. Treasuries rose up to three basis
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The top bond counsel firms combined for a total of $200.965 billion in 4,673 transactions during the first half of the year, down from the $222.162 billion in 6,177 deals over the same period in 2021. Only two firms remained in the same spot at this point last year: Orrick Herrington & Sutcliffe and Norton
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The U.S. Treasury curve remains inverted — a historical signal of a recession on the horizon — deepening the challenge that Federal Reserve faces to control inflation without pushing a weakening economy into recession, as traders position ahead of the Federal Open Market Committee’s rate hike decision Wednesday. The municipal market has been quiet this
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