Sparse secondary trading and the long holiday weekend allowed municipals to outperform U.S. Treasuries and corporates Friday as the dearth of primary issuance has kept investors engaged without demanding as much concession despite volatility. Triple-A yields were slightly cheaper on the short end while UST yields rose up to nine basis points on the short

The Financial Industry Regulatory Authority has censured and fined Morgan Stanley $1.6 million for failing to close out 239 inter-dealer transactions within twenty days, as well as for failing to obtain physical possession of 247 short positions. In doing so, the banking giant violated MSRB Rule G-12(h) on uniform industry practices, MSRB Rule G-27 on

Austin, Texas, officials are heading to court to seek validation for a controversial issuance of bonds to help fund a multi-billion-dollar light-rail project. The Austin City Council on Thursday authorized the move, as well as amendments to an agreement with the Austin Transit Partnership (ATP), a corporation created by the city and its Capital Metro

As the infrastructure law nears the halfway point of its life, the rollout of its expanded Buy America provision, a key part of President Joe Biden’s bid to strengthen American manufacturing, has been confusing and failed to address gaps in the domestic supply chain. That was the message from state transportation departments and construction experts

Paulina Woo was named senior director of treasury management in Western Alliance Bank’s corporate finance and public and nonprofit finance groups. In her new role, Woo, who is based in Phoenix, will lead teams that tailor banking solutions for municipalities, local governments, nonprofit organizations, corporations and institutional investors. “Western Alliance Bank provides a distinctive set

Tax incentives have long been a favored economic development tool of governments, but do we know how to actually use them ourselves? Well, we’re about to find out. The Inflation Reduction Act (IRA) deployed billions of dollars of tax incentives to fund clean energy and other green investments. In a history-making move, the bill opened

South Carolina Gov. Henry McMaster signed the ESG Pension Protection Act — which requires the state pension fund’s decisions be based on maximizing returns — in a ceremony at the governor’s office. The bill, H.3690, was officially signed by the Republican governor on Feb. 5 and went into effect on Feb. 9. The bill directs

Exceptions for manual trades and limited trading activity are crucial if the Municipal Securities Rulemaking Board’s amendments to Rule G-14, its controversial move to a one-minute reporting standard from the current fifteen minute window, is adopted by the Securities and Exchange Commission. That’s according to comments submitted to the SEC, which ranged from cautious acceptance

The secondary market was active and trading showed strong prints across the curve, pushing triple-A yields lower following a stronger U.S. Treasury market. Triple-A yields fell two to four basis points while UST yields fell two to three basis points. Municipal bond mutual funds saw the second week of outflows, with LSEG Lipper reporting $142.2

The Chicago Park District Board of Commissioners on Wednesday unanimously approved ordinances laying the groundwork to issue roughly $26 million of general obligation limited bonds and $11 million of alternate revenue bonds, and to refund up to $145.9 million outstanding of Series 2021A bonds through a tender that would convert the taxable bonds to tax-exempt

Munis were steady to a touch firmer in spots and new-issues fared well in the primary, while U.S. Treasury yields fell and equities ended the trading session up as markets further digested inflation data and its effects on future Fed moves. Triple-A yields fell a basis point or two, depending on the curve, while USTs

Beleaguered Kaweah Health Care District in central California had its rating outlook revised to stable from negative by Moody’s Investors Service, which cited significant traction by management on its financial turnaround plans. Moody’s also affirmed the health care district’s revenue bonds at below investment grade Ba1 on Monday affecting $220 million of debt. Kaweah Health