Municipals were steady throughout most of the curve, though the front end did see smaller cuts on Friday to close out week that saw a significant correction for the asset class, while U.S. Treasuries were weaker, and equities ended down. It was too-rich ratios, too much outperformance to taxables and too much supply this week
Many of the biggest names in British business quit the CBI on Friday after a second allegation of rape threatened the survival of the employers’ organisation. Groups ranging from insurer Aviva and car manufacturers Jaguar Land Rover and BMW to payments company Mastercard and retailer John Lewis said they were cancelling their memberships after the
In this article FDS Follow your favorite stocksCREATE FREE ACCOUNT Tide, a laundry detergent owned by the Procter & Gamble company, is seen on a store shelf on October 20, 2020 in Miami, Florida. Joe Raedle | Getty Images Check out the companies making headlines in midday trading. CSX – The transportation stock jumped 3.7%
New York State is heading to market with a sale of green bonds aimed at refunding some debt previously issued for special projects. Loop Capital Markets and Barclays Capital as lead managers plan to price the New York State Environmental Facilities Corp.’s $150.555 million of Series 2023A tax-exempt state revolving funds revenue green bonds on
Affordable housing development has never been without hurdles. The 3.8 million affordable homes deficit currently confronting the U.S. is ample proof. But some affordable housing sector veterans are labeling this current environment one of the toughest they have ever witnessed. It’s not hard to understand why. Ongoing inflation and the highest interest rates in decades,
Fresh off two ratings upgrades this month, Nassau County, New York, is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week. First, J.P. Morgan Securities will price the county’s $114.86 million of Series 2023B (Aa3/AA-minus/A-plus/NR) general improvement refunding GOs on Tuesday. On Thursday, the county will competitively
In this photo illustration a Procter and Gamble logo seen displayed on a smartphone with stock market percentages in the background. Omar Marques | Lightrocket | Getty Images Check out the companies making headlines before the bell: Procter & Gamble Company – Shares gained about 1.5% in the premarket after the consumer goods giant’s earnings
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The Florida Legislature has passed a bill that bans the issuance of municipal bonds using environmental, social or governance standards. The bill now heads to Gov. Ron DeSantis for his signature. House Bill 3 passed in the Senate by a 23 to 12 vote along party lines. It was approved last month by the House
Municipals were mixed Thursday, but the selloff appeared to subside, just as muni mutual funds saw the largest outflows year-to-date. U.S. Treasuries rallied and equities ended down. Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $2.876 billion was pulled from them as of Wednesday after $255.794 million of outflows the week prior.
Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023. Nathan Howard | Bloomberg | Getty Images Sales of previously owned homes declined 2.4% in March compared with February, according to a monthly report from the National Association of Realtors. At a seasonally adjusted, annualized rate, that amounts to 4.4 million units. Sales were 22%
The top two municipal bond insurers wrapped $5.735 billion in the first quarter of 2023, a 32% decrease from the $8.430 billion of deals done over the same period in 2022, according to Refinitiv data. The industry par amount for the top two issuers was achieved in 260 deals in 2023 versus 419 deals in
US Treasury secretary Janet Yellen has warned that any effort to decouple from China would be “disastrous” as she said that national security measures targeted at Beijing were not designed to “stifle” the Chinese economy. In a major speech on Thursday, Yellen called for a “constructive and fair” economic relationship between China and the US,
In this article LVS IBM TSLA ZION LRCX WYNN SLG Follow your favorite stocksCREATE FREE ACCOUNT Electric vehicles (EV) line up outside a Tesla dealership in Melbourne on April 19, 2023. William West | AFP | Getty Images Check out the companies making headlines after the bell. Tesla — Shares slid 3.6% after the electric
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Municipals continued to be hit hard on the front end of the curve in secondary trading as a $2 billion-plus deal from Illinois took focus in the primary. U.S. Treasuries were weaker, while equities ended mixed. Triple-A benchmark yields were cut 11 to 15 basis points, depending on the curve at one-year and nine to
With housing markets across the United States thrown into an odd limbo due to rising interest rates, dampening demand, but sticky unaffordability, it’s important to try and figure out what exactly is going on on-the-ground. While in past articles we focused on city housing markets, such as the Denver housing market in 2023, here we’re
The Municipal Securities Rulemaking Board’s upcoming quarterly meeting on April 26-27 will discuss its recent efforts in improving information and practices for dealers, including its recent proposed amendments to Rules G-47 on time of trade disclosures and D-15 on sophisticated municipal market professionals as well as a retrospective rule review for Rule G-12 on uniform
Morgan Stanley boss James Gorman has warned that investment banking revenues may not recover until next year after the Wall Street group’s net profits fell almost a fifth in the first quarter. A prolonged slowdown in investment banking activity has hit Morgan Stanley and its rivals as financial turmoil following the collapse of US regional
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Three parties filed arguments urging Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain to not certify a bondholder appeal of her ruling that the bondholders do not have perfected liens on PREPA’s revenues. The Puerto Rico Oversight Board, the Fiscal Agency and Financial Advisory Authority, and fuel line lenders filed separate objections Monday