The Supreme Court?s ruling stripped the EPA of its ability to regulate greenhouse gas emissions, but analysts say utilities are unlikely to feel immediate credit impacts; in some cases, it may ease credit pressures.
The Federal Reserve System is facing increasing demands from the Senate to revamp the process for granting master accounts, disclose more information to the public and pick more diverse leaders. That pressure makes executive searches at the Kansas City and Chicago Fed banks more complicated.
Siebert's Suzanne Shank and Bill Thompson have joined with NBA veteran player Chris Webber in a new program launched by New York State to fund the growth of the cannabis industry that eliminates barriers for equitable participation.
Denver International Airport returns to the municipal market boosted by a rating upgrade as it recovers from passenger and revenue losses in the pandemic.
Elizabeth Funk is the new managing director of institutional sales and trading in the municipal underwriting group amid a wave of recent new additions. Natalie A. Brown has taken over as CEO.
S&P Global Ratings says that without funding reform, New Jersey's pension system may continue to negatively impact the state's credit outlook for decades.
Investors pulled more from municipal bond mutual funds, with Refinitiv Lipper reporting $1.3 billion of outflows, down from the $1.6 billion the week prior and bringing the total to $47 billion year-to-date.
Justices said criminal indictments against the former governor and other officials didn't pass legal muster. The attorney general's solicitor general says the case is not over.
For the first half of 2022, total issuance sits at $201.556 billion, down 14.5% from $235.836 billion in 2021. Taxables are down 46.8% to $31.024 billion from $58.338 billion.
Puerto Rico-based Ocean Capital is trying to gain control of several local tax-free income funds by electing members to the funds' board of directors, but current board members have refused to give up their seats.
The Investment Company Institute reported investors pulled $4.590 billion from muni bond mutual funds in the week ending June 22, down from $6.243 billion of outflows in the previous week.
The federal lawsuit brought by Philadelphia, San Diego and Baltimore on behalf of thousands of issuers is similar to a series of closely watched state whistleblower cases that claim banks manipulated interest rates on variable-rate bonds.
Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.
The next generation of Senate Banking Committee Republicans has signed on to the latest salvo by Patrick Toomey ? who will soon leave Congress ? against the Federal Reserve Bank of Kansas City. That means the master accounts issue will live on.
Disclosure around ESG-related risk factors to credit as well as for ESG-labeled bonds remains a mixed landscape that reflects the heterogenous nature of the muni market itself.
A Delaware Superior Court judge found PHC failed to show it suffered reputational loss from Nuveen's alleged defamation to go to trial. PHC will appeal.
A new-issue supply-focused buy-side had their sights on the $8 billion-plus flowing into the primary market this week, while municipal traders remained cautious, keeping an eye on bid-wanted lists in the secondary market.
Muni asset managers are seeking more data from issuers on ESG, yet no agreed-upon set of standards exists, complicating the industry?s relationship with the growing sector.
A bearish market sentiment and elevated muni to UST ratios often represent a buy signal. Taxable equivalent yields are compelling for buy-and-hold investors, analysts say.
Karl K. Klessig provided a fraudulent loan document and forged a signature in an application last year to acquire control of Golden Pacific Bancorp, according to the Federal Reserve.
Municipal governments have become a target for online criminals. Experts warn their neglect of cybersecurity puts finances, services and vital records at risk.
Most municipal securities trades are reported to the MSRB well under the current 15-minute rule, and it's unclear how a one-minute mandate would "benefit investors or increase transparency," the ASA said.
Refinitiv Lipper reported smaller outflows at $1.6 billion, down from the $5.6 billion the week prior. It brings the total outflows to $45.7 billion year-to-date.
The state made "unprecedented additions" to its reserves, protecting its triple-A bond rating, said state Sen. Janet Howell,?Finance and Appropriations Committee Chair.
Construction material costs, which often rise faster than the consumer price index, have surged over the last year while a shortage of skilled construction workers has plagued the industry.
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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