The agencies are overstepping their statutory authority in trying to force the market to adopt a new securities identifier, says the American Bankers Association.
A report by the Securities Industry and Financial Markets Association shows that the move to a T+1 settlement cycle has struck the right balance between increasing efficiencies and mitigating risk.
Clean Power Alliance, California?s largest Community Choice Aggregator serving more than three million residents and businesses throughout Los Angeles and Ventura counties, has issued its third municipal non-recourse Clean Energy Project Revenue Bond through the California Community Choice Financing Authority.
The New York region's beleaguered transportation agency could need up to $92 billion for its next capital plan, said State Comptroller Thomas DiNapoli.?
The August consumer price index showed inflation remains above the Federal Reserve's target level and makes a 50-basis-point?rate cut next week?unlikely, economists said. Further, many expect the market will be disappointed going forward, as future cuts will likely be shallower than expected.
The candidates touched on muni-adjacent issues like energy policy, housing and tariffs but offered little new information on infrastructure proposals or tax policies.
Issuance as of Wednesday is at $345.327 billion, a 32.7% increase over 2023. The Bond Buyer 30-day visible calendar on Monday was at $20.02 billion, the largest in nearly four years.
When Ohio's Community Memorial Hospital shuttered on Aug. 31, it became the latest small-town Midwest hospital to hit insurmountable financial troubles.
Municipals lagged the UST moves again, cheapening ratios and creating a valuable entry point for investors looking for compelling taxable equivalent yields, particularly 10-years and out.
Fitch also upgraded the city's Georgia Municipal Association certificates of participation (city of Atlanta public safety projects) to AA-plus from AA.
"Investment banking has a variety of?personalities working in it, depending on where you are," Rice said. "The M&A business, the trading business, private equity ? all of those things fall into investment banking ? but public finance is the one area where?you're doing things that help provide?for?the public good."?
Actively managed fund combines three sources of potential return: muni bond coupons, active muni bond trading & option-writing income Simplify Asset Management, an innovative provider of Exchange Traded Funds, is today adding a distinct actively managed municipal bond ETF to its growing lineup of income-focused strategies with the launch of the Simplify National Muni Bond ETF.
Stagnant per-pupil state funding amid rising costs led to budget deficits, lower reserves, and ballot proposals to raise property tax rates for some districts.
The group, which has grown to more than 100 individuals since its inception in 2019, will host an event featuring Connecticut Treasurer, Erick Russell.
"Despite the underperformance of tax-exempt yields last week, we could see some more pressure on both spreads and ratios due to the heavy supply calendar," said Vikram Rai, head of municipal markets strategy at Wells Fargo.
AM Best has affirmed the Performance Assessment of PA-3 of First Indemnity Insurance Agency, Inc.. The outlook of the assessment is stable. The assessment reflects First Indemnity?s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.
Piper Sandler (PIPR) has hired Joe Kinder and Brent Blevins as managing directors on its public finance team. Both will focus on Missouri school districts and issuers.
Municipal supply continues to grow as Bond Buyer 30-day visible supply sits at $20.02 billion and the municipal market will see one of the largest weeks of new-issuance at an estimated $13.35 billion, led by three billion-plus deals from Washington, D.C. ($1.6 billion), the New York City Transitional Finance Authority ($1.5 billion) and Illinois ($1 billion).
Ciraolo, who spent more than 17 years at Goldman Sachs (GS), has been brought on as a senior vice president in corporate and municipal short-term securities to help expand SWS' taxable muni franchise through commercial paper trading.
Municipal bond mutual funds saw inflows as investors added $956 million to funds after $1.047 billion of inflows the week prior, according to LSEG Lipper.
Few in the municipal bond industry have had as far reaching an impact on the institutions, best practices and local developments the way Kenneth Lind, the longtime point man for the Metropolitan Transit Authority, has both as in house and outside counsel.
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) today announced a distribution of $0.0300 per share of common stock, payable on October 1, 2024 to shareholders of record at the close of business on September 19, 2024. The Fund intends to make regular monthly distributions to its common shareholders at a level rate based on its projected performance.
Most weeks in September are expected to see around $10 billion of issuance, which could easily grow if a prepaid gas deal is thrown into the mix, said Jason Appleson, head of municipal bonds at PGIM Fixed Income. Bond Buyer 30-day visible supply sits at $16.46 billion.
House Republicans are hoping to jam through a voter eligibility bill as part of the upcoming continuing resolution in order to avert a shutdown before Sept. 30.
Illinois will sell up to $1.1 billion of general obligation refunding bonds and $600 million of taxable and tax-exempt GO bonds by the end of September.
Blackrock Taxable Municipal Bond
Trust (BBN): * DISTRIBUTION DATES AND AMOUNTS ANNOUNCED FOR CERTAIN BLACKROCK CLOSED-END FUNDS Source text for Eikon: Further company coverage:
Today, Bank of Hawai?i announces that it has become the fund sponsor for Hawaiian Tax-Free Trust, taking over from New York-based Aquila Management Corporation, founder and sponsor of the Aquila? Group of Funds, Aquila Investment Management LLC and Aquila Distributors LLC, which recently announced its intention to discontinue providing administrative/business management and distribution service...
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.