Bonds

Municipal bond investors saw little supply price into a strong market on Tuesday ahead of Wednesday’s early session close before the Fourth of July holiday. Janney: 1H was strong for munisThe first half of 2019 was good for municipal bond investors, Alan Schankel, managing director and municipal strategist at Janney, writes in a monthly market
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Puerto Rico bankruptcy Judge Laura Taylor Swain has ruled that holders of Employees Retirement System bonds are not entitled to continued payment in bankruptcy, saying among other things that the bonds’ revenues weren’t protected “special revenues.” Swain issued her ruling in an adversary proceeding on Thursday. It affects $3.2 billion of ERS bonds in default
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Puerto Rico’s May revenue was the highest of any May on record. The net revenue of $922 million was 19.9% above the November 23 projection for May revenues. The November projection was itself an increase from the Puerto Rico Oversight Board’s projections associated with its June 28, 2018-approved fiscal 2019 budget. The government is now
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Chicago will terminate $1.4 billion of short-term borrowing programs, saving the city about $22 million in fiscal year 2020, Mayor Lori Lightfoot said Thursday. The termination of the lines of credit and commercial paper programs resulted from improved cash flow forecasting and reporting done by the city, the mayor said. The $22 million in savings
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Citi is losing another top-tier employee to retirement, as Ward Marsh announced his intentions to call it quits after 45 years of service, effective at a later date this summer. The current Chairman of Global Spread Products, which includes Munis, Securitized Products and Credit. Marsh got started at the firm’s predecessor company Smith Barney in
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While political debate over Connecticut highway tolling remains at a standstill, Gov. Ned Lamont’s administration warned about federal backlash over a state-of-good-repair backlog. Washington has a bull’s-eye on the state, according to the governor and his transportation secretary, Joseph Giulietti. “The warning light’s on the dashboard,” Lamont said in Hartford at a press conference laced
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Amid a continuing population surge, local government sales tax allocations in Texas for June rose more than 10% over the same month last year to $782.1 million, state Comptroller Glenn Hegar said. Cities, counties and special districts such as hospital districts and municipal utility districts rely on sales taxes along with property taxes for their
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CHICAGO — Local Illinois governments came out on the winning side in the new state budget, capital package, gambling expansion, and legalization of recreational cannabis adopted during a whirlwind 2019 spring legislative session. That’s the general assessment from Moody’s Investors Service, though it comes with some caveats, as the rating company calls gambling and cannabis-related
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Michigan’s attorney general dismissed all pending criminal cases related to the Flint water crisis, two of which were against former state-appointed city emergency managers. Solicitor General Fadwa Hammoud and the special prosecutor, Kym Worthy, made the announcement Thursday that all pending criminal cases brought by the former Office of Special Counsel had been dismissed without
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A third-straight increase in weekly jobless claims added to evidence that the labor market is cooling as analysts weighed the likelihood that the Federal Reserve will cut interest rates. Initial jobless claims rose 3,000 to 222,000 in the week ended June 8, the Labor Department reported Thursday. Economists polled by IFR Markets had expected 217,000
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Wells Fargo banker Peter Cannava, who continued his legal fight against the Securities and Exchange Commission even as fellow defendants settled in the 38 Studios enforcement action, has won that battle. Rhode Island U.S. District Judge John J. McConnell, Jr. ruled Tuesday for Cannava, putting an end to the SEC’s litigation against him and effectively
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The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, slipped to 3.71% from 3.74% the week before. The Bond Buyer’s 20-bond GO Index of 20-year general obligation yields fell to 3.48% from 3.51% the previous week. It is at its lowest level since
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Los Angeles County received a one-notch upgrade of its issuer default rating to AA-plus by Fitch Ratings, affecting more than $2 billion in outstanding debt. Fitch also upgraded the rating on the county’s certificates of appreciation and lease revenue bonds to AA from AA-minus. “Our budget continues to strike a balance between programmatic priorities and
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California lawmakers are weighing decisions on the $214 billion budget this year without the benefit of the state’s audited financial documents. California Controller Betty Yee said the state’s comprehensive annual financial report for the fiscal year ended June 30, 2018 won’t be released until Wednesday. It was due out April 1. “When I was a
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