Walrath will support BAM's underwriting and credit departments in executing every credit BAM insures and advise the bond insurer on other legal matters.
The short-lived federal funding freeze from President Donald Trump and jeopardy of tax-exempt status are just the latest issues plaguing the muni bond industry.
Muni yields were bumped one to eight basis points, depending on the scale, while UST yields fell three to 10 basis points, with the greatest gains out long.
A recent Texas Supreme Court decision will force the city to increase the amount of property tax revenue allocated to a dedicated drainage and street fund.
Connecticut's governor proposed a new public finance tool as part of a broad plan to improve the state's resiliency against extreme weather and climate change.
As Chicago Public Schools tries to get its fiscal house in order, it faces management turmoil, risks to federal funding and threatened immigration raids.
Tax exemption concerns ? though an elimination is unlikely ? and the loss of federal stimulus will "most assuredly pull forward delayed issuance, with the first half of 2025 volume to exceed second half volume," said James Welch, a municipal portfolio manager at Principal Asset Management.
S&P Global Ratings revised the outlook on Southern California Edison and its parent company citing the potential depletion of the state's bond wildfire fund.
To close out the day, USTs remained mixed, with yields rising on the short end and falling out long, while munis were changed up to a basis point, depending on the curve.
The San Joaquin Hills Transportation Corridor Agency tapped reserves to make early bond payments saving $203 million. It's parent agency, the Transportation Corridor Agencies, hopes to save $1.79 billion with additional early pay downs by 2030.
Issuers, trade organizations, and investors team up to fight the threat to the tax-exempt status of municipal bonds by laying out its effect on borrowing, the housing market, and infrastructure costs.
January's municipal bond supply "will end up being heavier compared with the normally slow start of the year, but the pipeline should remain quite robust," Barclays (JJCTF) said.
The offering document for a White Lake Township bond sale sheds more light on the hack criminals used to intercept funds between the underwriter and borrower.
Investors added $741.7 million to municipal bond mutual funds in the week ending Wednesday, following?$2.078 billion of inflows the prior week, according to LSEG Lipper data.
The legislation would change which state official enforces 2022's Energy Discrimination Elimination Act and remove bond and note sales from a contract ban.
The Dallas-based firm, which was acquired last year by Texas Regional Bank, is expanding its underwriting reach in Texas and other states aided by new hires.
Even with the possibility of inflation and fiscal policy-induced headwinds, there is much to be optimistic about in the muni market, despite some possible near-term turbulence, said GW&K strategists.
U.S. District Court Judge Laura Taylor Swain extended the bankruptcy's litigation stay to March 24 as mediators expressed hope about progress on a deal.
Two public electric utilities in Los Angeles County received negative outlooks from S&P citing costs, liabilities, and litigation stemming from wildfires.
The ruling came as the White House issued follow-up guidance saying only affect a portion of federal funds would be affected and that the pause could be as brief as a day.
Bond proposals are included in recent budget proposals from the Minnesota and North Dakota governors, as the region's 2026 spending plans begin to take shape.
The Fed meets this week, but the probability of another cut at Wednesday's meeting seems low amid elevated inflation and growth data, said Matt Fabian, a partner at Municipal Market Analytics.
The turnpike authority brings a $1.3 billion new and refunding bond deal to market this week after a toll hike sparked a spate of bills to rein in its powers.
"There are a lot of moving parts here with the potential to either help or hinder the Fed's quest for price stability and maximum employment" this year, noted BMO Deputy Chief Economist Michael Gregory, who says the Fed will "stand pat."
Tech stocks suffered on "worries that Beijing is becoming increasingly competitive in the high-stakes artificial intelligence race," said Jos? Torres, senior economist at Interactive Brokers.
As state and local governments are charged with funding 3/4ths of the country's infrastructure, the catastrophic wildfires in Los Angeles highlight even more the municipal?bond market's vital role in keeping the U.S. competitive globally and maintaining the heart of fiscal federalism at home.
The Massachusetts Clean Water Trust has seen higher demand from local utilities for loans because of climate change threats and clean water regulations.?
Kroll Bond Rating Agency downgraded Chicago's general obligation bonds to A-minus from A, citing high fixed costs and one-time fixes. The outlook is negative.
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.