Bonds

Municipals were firmer Wednesday amid another heavy new-issue calendar, led by several large deals that saw yields lowered upon repricing. U.S. Treasuries yields fell further and equities ended up. Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists, led by Peter DeGroot. The negotiated calendar was led by $830 million from
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The nation’s public transit providers scored a revised Moody’s Ratings’ sector outlook to stable from negative Tuesday as operators adjust to post-pandemic norms and scramble to line up new funding sources. By March 2024, public transit ridership in the U.S. had rebounded to 79% of pre-pandemic levels, surpassing office occupancy rates and suggesting transit agencies
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New York Gov. Kathy Hochul is considering delaying the congestion pricing plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The tolling plan, set to begin
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Municipals were firmer Tuesday amid a busy primary market with several large deals, as U.S. Treasury yields fell and equities ended up. The two-year muni-to-Treasury ratio Monday was at 68%, the three-year at 69%, the five-year at 71%, the 10-year at 70% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m.
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In a majority vote, the California Public Employee Retirement System board came out against a state initiative headed for November’s ballot that would limit the ability of state and local governments to levy taxes and make pension contributions. The initiative, called the “Taxpayer Protection and Government Accountability Act,” would amend the California constitution altering the
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New York City is stepping up to the plate on Tuesday with the second biggest bond sale of the week, a $1.45 billion issue of general obligation bonds. Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, the tax-exempt GO deal is tentatively structured in four series with
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State tax revenue collections are softening and some are even negative compared to a year earlier, analysts say. “Most states are now grappling with weakened tax revenues and growing uncertainties, particularly related to the presidential election, potential federal policy changes, and geopolitical crises,” said Urban Institute Principal Research Associate Lucy Dadayan. “Overall, growth in state
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On Friday, the Chicago City Council’s Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds that Mayor Brandon Johnson has urged the City Council to approve. But no vote will take place on the bonds as of yet. The Johnson administration is reportedly aiming to pass the bond measure
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The municipal primary market was active Tuesday while triple-A scales were little moved despite U.S. Treasury gains ahead of the Federal Open Market Committee meeting conclusion Wednesday. Various large new-issues were well-received and cleared the market Tuesday, with several repricing to lower yields. Despite several larger deals entering the primary, the large amounts of cash
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