Several large new issues priced. Municipal yields were little changed, U.S. Treasuries were weaker on the short end and stocks ended in the red ahead of the much-anticipated July inflation figure.
The SEC is opposing municipal advisor Brandon Comer's request for a summary judgment in a case, where the Commission alleged Comer breached his fiduciary duty.
Weekly supply is holding below $5 billion, reinvestment needs are still in effect from large redemptions and fund flows are leaning more positive, noted FHN Financial's Kim Olsan.
The number of customer transactions completed through ATSs jumped from 161,436 in 2015 to upward of 500,000 in 2021. In the first half of this year alone, over 442,000 transactions were executed on an ATS.
Frank Hoadley retired in 2013 after 25 years as Wisconsin's capital finance director during which he built a reputation as a standard bearer of state debt management.
Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $5.941 billion, up from total sales of $1.700 billion.
Expected voter turnout for the midterm election will likely compel other cities to join Ontario, California, in placing tax and bond measures on November's ballot.
Oklahoma's first utility securitization bond deal related to 2021's Winter Storm Uri continued to attract criticism from a state regulator who called for an independent review.
Investors poured $1.094 billion into municipal bond mutual funds in the latest week, versus the $236.491 million of inflows the week prior. It marks only the second time this year inflows eclipsed $1 billion.
Officials are aiming by fall to finalize a bond exchange offer that would restructure general obligation bonds and resolve a legal dispute with bondholders.
The agency overseeing what has been called the country's most expensive infrastructure project hopes to secure $8 billion in federal dollars and $4.2 billion of state borrowing for the first leg of the bullet train.
The Investment Company Institute reported investors pulled $246 million out of muni bond mutual funds in the week ending July 27 compared to the $602 million of outflows in the previous week.
Fitch and S&P moved the district's outlook to stable as its balance sheet weathered the COVID-19 storm and pension overhaul legislation removes the threat of looming insolvency.
Alice Cheng, a 2018 Bond Buyer Rising Star, brings over 10 years of experience in the industry, covering muni credits across asset classes. Erin Ortiz is moving into Janney's Higher Education & Not-for-Profit Advisory Group.
Several states are holding sales tax holidays for school supplies and other items amid strong revenue collections, although critics say they will do little to ease the impact of high inflation.
Municipals will end July with positive returns across all sectors. The Bloomberg Municipal Index shows a 2.49% return in July, moving year-to-date losses lower to 6.71%.
A group of 20 muni bond investment firms have asked U.S. cities to disclose their environmental-related needs and risks, including infrastructure projects, to CDP, a global disclosure firm.
Investors added $236.491 million to municipal bond mutual funds, per Refinitiv Lipper data, versus the $698.782 million of outflows the week prior. High-yield saw inflows hit nearly $550 million.
MMA revised down its credit outlook for several sectors noting that looming credit trouble in the second half of the year may underpin a bleak credit and operating situation for certain issuers.
A proposal would prohibit fund managers at the State Board of Administration from considering ESG factors when investing the state?s money and require them to only consider maximizing returns on investment.
Municipals are poised to end July in the black. Demand for muni product has been strong this summer, with analysts expecting supportive market technicals through August with a likely continuation of positive performance.
The SEC?s Public Finance Abuse Unit has brought four enforcement cases against municipal issuers this year, which signals a shift from the usual focus on underwriters and municipal advisors.
The Louisiana Bond Commission approved $600 million of notes to help pay Hurricane Ida damage claims after several insurers went bankrupt and up to $1.1 billion to build a biorefinery.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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