Ongoing work to potentially simplify the new issue disclosure submission process and discussion of dealer supervisory obligations will be among topics on deck at the Municipal Securities Rulemaking Board's upcoming quarterly board meeting.
Bondholders say the Puerto Rico Energy Bureau is legally required to set rates to cover all bond principal and pre- and post-petition interest due. The board disagrees.
The municipal bond market's initial negative reaction to this month's Southern California wildfires has eased, with secondary spreads starting to tighten.
Investors added $2.028 billion to municipal bond mutual funds in the week ending Wednesday, following?$251.7 million of outflows the prior week, according to LSEG Lipper data.
Chicago plans to sell roughly $830 million of general obligation bonds to finance its 2024-28 capital improvement plan, according to the city's finance team.
The bill, which would enact on the federal level similar pro-gun legislation adopted by many Republican states, has gained 21 co-sponsors, including Senate Finance Chair Mike Crapo, R-Idaho.
Some observers say Jenniffer Gonz?lez Col?n, who took office in January, may be more open to compromise with Puerto Rico Electric Power Authority bondholders.
The state House and Senate announced their spending plans for the upcoming biennium, including funding to continue and increase 2023's state-funded tax cut.
Issuance was led by a $2 billion retail pricing from the University of California in the negotiated market and a $1.2 billion competitive deal from Washington.
The Municipal Securities Rulemaking Board reported total net assets of $67 million for its fiscal year ended Sept. 30, 2024, up 14% from a year earlier.
There are eight municipal bond interval funds, three of which launched last year, promising fewer liquidity constraints and the potential for higher returns.
The county would hold a special election for a sales tax to provide more funds to build and operate a bond-financed jail project that faces rising costs.
A record-breaking year for bond issuance will likely be followed by another strong year for munis even as the threat of ending the tax-exempt status appears in writing within the halls of Congress.
From threats to the tax exemption to state budget challenges and tariffs to insurance risks, this year is already shaping up to be the previous one's equal in sheer excitement.
Underperforming since the calendar turned, "munis have continued to cheapen over the past three weeks as Treasury returns are about flat for the year while munis are down 0.31%," said Jason Wong, vice president of municipals at AmeriVet Securities.
Unfortunately, a vocal minority believes eliminating the longstanding tax exemption on local, state, and municipal bonds is one way to pay for extending tax cuts.
While the new tax policies should address the state's projected deficit, rating agencies are cautious about the projected revenues and federal spending on Medicaid, which could impact Louisiana.
Data-driven local governments and other public agencies might sound like a complex subject or something difficult to attain, but that could not be further from the truth.
Munis "responded in part to a better UST session [Wednesday] but weren't in a position from a supply standpoint to attempt to match the 10-15 basis point rally in taxables," said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.
Treasury Secretary nominee Scott Bessent sparred with the Senate Finance Committee over the future direction of fiscal policy in the Trump administration that will be trying to tackle major tax legislation.
Municipals are underperforming USTs month-to-date, with the Bloomberg Municipal Index showing losses of 1.02% versus 0.92% for USTs as of Tuesday, but both are outperforming losses in corporates that are seeing 1.23% losses in January.
The Goldwater Institute took aim at another Arizona municipality, filing a lawsuit against tax rate hikes approved by the Gilbert Town Council in October.
Ohio is facing steeper than projected declines in cigarette smoking, and thus in tobacco settlement revenues, and disputes from tobacco giants over payments.
Lawsuits surrounding everything from unethical sponsorships to the sale of refunding bonds swept across markets last year, creating a municipal battleground.
"Even though it will be priced to sell, such large supply in one week may be a struggle for the asset class," said Anders S. Persson, Nuveen's chief investment officer for global fixed income, and Daniel J. Close, Nuveen's head of municipals.
The House Ways and Means Committee has kicked off debate on the Tax Cuts and Jobs Act that is scheduled to sunset at the end of the year, with much at stake for the municipal market.
Wish lists for new or improved professional sports venues are piling up with Oklahoma City poised to vet financing proposals for a downtown basketball arena.
Williams, a former salesman and founder of A. H. Williams & Co., became a "giant" in the Pennsylvania muni world through relationships built on trust.?
The muni market also faces an elevated new-issue calendar, which may put additional pressure on muni yields. Bond Buyer 30-day visible supply sits at $17.57 billion.
The Florida-based mining company failed to make $10 million in principal and interest payments due on Jan. 1. Florida had the largest number of defaults in 2024 at nine, per Municipal Market Analytics, Inc.
Tom Greene is retiring after 10 years at Wintrust Wealth Management. He left retirement to work for Wintrust; he also spent 40 years at William Blair and Co.
The legislative reconciliation process will move fast and cutting the budget is in vogue. As such, we must recalibrate our goals as an industry to reflect the new political paradigm.
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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