Puerto Rico Gov. Pedro Pierluisi told lawmakers he would not support a PREPA debt settlement that would cause "extraordinary increases in the cost of electricity."
Municipals improved again Thursday, pushing the 10-year yield firmly below 3%, while Refinitiv Lipper reported $604.704 million of inflows into municipal bond mutual funds for the week ending Wednesday.
The deal has until the end of Friday to clear the Texas Bond Review Board, whose members had no questions about the transaction when it was presented at a Thursday meeting.
Knotts has almost 15 years of experience in state government and will advise clients in public finance and on economic development matters across Tennessee.
The Kentucky Bankers Association is seeking to halt Attorney General Daniel Cameron's investigation into climate commitments made by six large banks. The suit alleges that the AG overstepped his authority by seeking to compel the banks to turn over certain documents and communications.
As market participants navigate through the remaining weeks of 2022, Jeff Lipton, managing director of credit research at Oppenheimer Inc., expects munis to maintain their outperformance over USTs
The merger talks between South Dakota-based Sanford Health and Minnesota-based Fairview Health are the not-for-profit sector's latest consolidation attempt.
Along with Goldberg and Ninan, a dozen other honorees from the public and private sectors were chosen by the Northeast Women in Public Finance as Trailblazing Women in Public Finance.
The Securities and Exchange Commission's FY 2022 results show the Commission filed 760 enforcement actions and recovered $6.4 billion in penalties and disgorgement, a 9% increase from FY 2021.
Triple-A yields fell five to eight basis points while UST saw yields fall up to nine out long, moving the 30-year UST below 4% for the first time since mid-October.
Illinois raised its fiscal 2023 revenue estimates by $3.69 billion, giving Gov. J.B. Pritzker enough to propose doubling the state's $1 billion rainy day fund.
If it passes legal muster, Wisconsin counties will decide whether to participate in what would likely be the first securitization of opioid settlement payments.
Munis were in their own lane while broader markets were mixed Monday as participants digested various Fed officials' comments on inflation and rate hike schedules.
The City of Rochester, New York, and its former finance director appear set in fighting SEC charges that they defrauded investors in connection with a 2019 bond offering.
Rising property values will help keep the $3.56 billion of new bonds manageable, particularly if issuance is spread over multiple years, rating analysts said.
A job tip from a former Little League coach helped lead Heather Litzebauer to a fruitful career at municipal underwriting and advisory firm NW Financial Group.
"The muni market was a calling for me," Vernon Lewis said. "It was something where I can finally give my expertise and help my city as a whole, as well as the taxpayers."
"Having the team infrastructure and everybody looking to be on the same page and work together, that's something that has been really fun," Christopher Flosi said.
"Since I started in this industry, it's been a constant series of new issues, new questions of change, new transactions and creative ways to deal with the shifting legal and economic climate," Helen Pennock said.
"I've always found public finance very intellectually engaging. The business and regulatory landscapes are constantly shifting, so there's always something new to learn," Tyler Cobb said.
"Every credit has its quirks," Peter Scherer said. "I enjoy the challenge of putting them in context while delivering thoughtful and punchy credit opinions that inform investors and inspire confidence in the municipal market."
"There's always a new issue you might not be aware of; with 50 states you are constantly learning something new," Cooper Howard said. "It's not a homogenized market."
In a fuel line lenders' motion, they requested information about the actual terms of the agreement between the board and Vitol, including the circumstances under which Vitol's commitment to vote in favor of the plan arose.
The city has estimated liabilities of between $100 million and $500 million and assets of only between $10 million and $50 million, according to the filing.
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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