Chemung Financial Corporation (CHMG), the parent company of Chemung Canal Trust Company, today reported net income of $6.0 million, or $1.26 per share, for the first quarter of 2025, compared to $5.9 million, or $1.24 per share, for the fourth quarter of 2024, and $7.1 million, or $1.48 per share, for the first quarter of 2024.
KBRA assigns a AA, Stable Outlook to University of North Texas System Board of Regents Revenue Financing System Refunding and Improvement Bonds Series 2025A and RFS Taxable Refunding and Improvement Bonds Series 2025B. Key Credit Considerations The rating was assigned because of the following key credit considerations: Credit Positives. Credit Challenges. Rating Sensitivities For Upgrade.
Responses to an MSRB request for comment indicated broad support for an option designed to modernize delivery of municipal fund securities disclosure documents, but there was less unanimity regarding the need for a stand-alone time of trade disclosure rule.
The lawsuit argues the International Emergency Economic Powers Act that Trump invoked to impose tariffs does not grant the president the ability to unilaterally adopt tariffs on goods imported to the U.S.
Investors pulled $1.258 billion from municipal bond mutual funds in the week ending Wednesday, following?$3.302 billion of outflows the prior week, according to LSEG Lipper data.
With the threat to tax exempt municipal bonds looming in a Congress searching for pay-fors, private activity bonds supporting hospitals and higher education are high on the list of potential first targets.
The Investment Company Institute reported larger outflows for the week ending April 9 of $3.714 billion, following $1.15 billion of outflows the previous week.
KBRA resolves the Watch Downgrade placed on the rating of the Department of Water and Power of the City of Los Angeles Power System Revenue Bonds on January 16, 2025 and assigns a long-term rating of AA to the Power System Revenue Bonds, 2025 Series A, and Power System Revenue Bonds, 2025 Series B. The rating on outstanding Power System Revenue Bonds is affirmed at AA.
S&P Global Ratings cited longer-term concerns on Palisades wildfire-related liabilities in shifting its CreditWatch on Los Angeles Department of Water and Power to a negative outlook.
Citi's exit may have aggravated illiquidity last week, but even the traditional leader in times of stress wouldn't have been able to calm the wild market moves.
Housing advocates concerned about the fate of private activity bonds are working on strategies for getting PABs and tax-exempt munis off the table while Congress searches for ways to pay for tax cut extensions.
CUSIP Global Services today announced the release of its CUSIP Issuance Trends Report for March 2025. North American corporate CUSIP requests totaled 8,447 in March, which is up 4.2% on a monthly basis. The aggregate total of identifier requests for new municipal securities ? including municipal bonds, long-term and short-term notes, and commercial paper ? fell 1.1% versus February totals.
Both states' governors said they will appeal the FEMA denials, which comes amid concern the Trump adminstration is hobbling the emergency response agency.
The Senate's move to rely on an untested accounting method for the reconciliation bill contributes to the lack of clarity around future deficits, the ratings agency said.
European credit ratings agency Scope has warned that the United States could be downgraded if a lengthy trade war erodes long-term trust in the dollar, or if President Donald Trump implements even more extreme measures such as capital controls.
European credit ratings agency Scope has warned that the United States could be downgraded if a lengthy trade war erodes long-term trust in the dollar, or if President Donald Trump implements even more extreme measures such as capital controls.
The firmness in the market Monday came from a "settling down" after one of its most volatile weeks since the pandemic, said Cooper Howard of Charles Schwab.
Chris Hollins, the city's chief financial officer, said Texas anti-ESG laws are raising costs at the same time the city faces a structural budget deficit.
TORRANCE, Calif., April 14, 2025 -- Virco Mfg. Revenue for the full year ended January 31, 2025 declined 1.1% to $266,240,000 from $269,117,000 in the prior year. For the full fiscal year, gross margin held steady at 43.1%, exactly the same as the prior year.
New York's capital needs mean the city cannot afford to be picky about market timing for bond deals, said Jay Olson, deputy comptroller for public finance.?
Draft reconciliation bill text could be released within the next few weeks, said Brett Bolton, vice president of federal legislative and regulatory policy at the Bond Dealers of America.
"Anytime you get a market off 50 basis points in a day, the bulk of that move is being driven by fast money and the fast money is in ETFs," said Michael Pietronico, CEO at Miller Tabak Asset Management.
Yields rose significantly for the fourth time this week as the aftereffects of President Donald Trump's tariffs continue to plague the financial markets.
"The discussion about policies regarding tariffs will drive performance in bonds over the next three to six months," said Michael Pietronico, CEO of Miller Tabak Asset Management.
Speaking live at The Bond Buyer's Texas Public Finance Conference in Austin, leading muni voices broke down the historic rate swings that rocked the market this week, the growing impact of investor behavior, and the uncertain path ahead for tax policy ? offering candid assessments, sharp data points, and diverging views on what investors and other market participants should expect next.
Triple-A muni yields plummeted up to 50 basis points Thursday in a dramatic reversal from the week's earlier collapse. Speaking live at The Bond Buyer's Texas Public Finance event, market leaders painted a picture of extreme volatility, impaired liquidity, and an uncertain path forward.
The state, which has cut income taxes with more cuts scheduled, is on a path to a greater than 10% budget deficit in three years, say the legislature's analysts.
The Bond Buyer took the pulse of municipal bond market pros to see what they are doing and advising in the midst of the volatility driven by President Trump's shifting tariff policies.
"The equity market is looking at this more positively, but bonds are still thinking, 'Well, these tariffs still have to be resolved,'" said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.
The top 25 state and local pension funds alone have seen the value of their public equities investments drop by a total of nearly a quarter of a trillion dollars in 2025, with roughly $169 billion of those losses coming during the four trading days that followed the Trump administration's April 2 announcement on global tariffs, a think tank said Wednesday.
The district was created to finance the redevelopment of the Delta Center, home to professional basketball and hockey, as well as other downtown projects.
Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.
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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