A big burst of federal aid for U.S. states and local governments in Democratic President-elect Joe Biden's massive fiscal stimulus plan helped higher-yielding debt from lower-rated issuers in the U.S. municipal bond market on Friday.
Friday?s data showed economic weakness. Consumers, the drivers of the economy, pulled back during the holiday season and have exhibited weakening sentiment.
The New York mayor rolled out his $92.3 billion preliminary spending plan with warnings about federal and state variables, more pronounced amid the COVID-19 crisis.
A decline in property tax revenue related to the ongoing coronavirus pandemic has punched a bigger hole in the upcoming budget for New York City, which needs Democrats in control of the White House and the U.S. Congress to deliver major fiscal stimulus, Mayor Bill de Blasio said on Thursday.
Former Michigan Gov. Rick Snyder and two former Flint emergency managers entered not guilty pleas Thursday on criminal charges tied to their alleged roles in the Flint water contamination crisis
Powell, speaking on a livestreamed event, said interest rates will be raised "no time soon" and there will be plenty of notice "well in advance of active consideration."
The group specifically revised six of its model disclosure documents for risk disclosure including floating rate notes, fixed-rate bonds, interest rate swaps, forward delivery bonds, tender offer bonds and variable rate demand obligations.
The Foothill-Eastern Transportation Corridor Agency in California has slated a tender offering exchange for Jan. 21 ahead of a Jan. 25 advance refunding.
Expectations that more fiscal stimulus is coming under a Democratic-controlled White House and U.S. Congress are further eroding the historically close correlation between U.S. Treasury yields and those on municipal bonds.
Expectations that more fiscal stimulus is coming under a Democratic-controlled White House and U.S. Congress are further eroding the historically close correlation between U.S. Treasury yields and those on municipal bonds.
Municipal bonds continue to ignore UST and ICI reports $2.67 billion of inflows. While CPI should stay soft through the first quarter, expectations for future inflation should be considered.
The SEC's Office of Municipal Securities is moving ahead on the Libor transition and issued a detailed advisory Friday to the municipal securities market.
Prepaid gas deals were notably absent from 2020's record-breaking municipal market as COVID-19 caused market disruptions for banks that provide credit support.
A new policy framework supports ?enhanced bond financing incentives that can be used to improve water quality and reduce other environmental stressors.?
The Muni New Issue Upload Form was created to expand access to additional deal participants and streamline the submission process for the forward calendar.
The companies said the new offering combines ICE Data Services? expertise in municipal bond pricing and reference data alongside ADP?s aggregated, anonymized and timely HR and compensation data.
PRINCETON, N.J., Jan. 12, 2021 ?MacKay Municipal Managers?, the municipal bond team of fixed income and equity investment management firm MacKay Shields LLC, today published its top five insights for the municipal bond market in 2021.
Automatic Data Processing Inc (ADP): * INTERCONTINENTAL EXCHANGE INC (ICE) - CO, ADP ANNOUNCED PLANS TO LAUNCH A NEW ALTERNATIVE DATA OFFERING FOR U.S. MUNICIPAL BOND MARKET Source text for Eikon: Further company coverage:
Intercontinental Exchange, Inc. (ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, and ADP, a leading global technology company providing human capital management solutions, announced plans today to launch a new alternative data offering for the U.S. municipal bond market.
Municipal bond issuance in 2020 was the highest in a decade, reflecting the collapse of interest rates and the increased costs cities and state governments are facing from Covid-19 shutdowns. Bonds for new projects reached $252 billion last year, according to Refinitiv, a small increase from the previous year. The new borrowing drove the total amount of outstanding muni debt above $3.9 trillion for the first time since 2013, according to the Federal Reserve data from the third...
Municipals were little changed Monday as participants await the larger new-issue calendar while equities and U.S. Treasuries react to news out of Washington and COVID-19 ravages the globe.
S&P said the upgrade reflected the stability and resiliency of pledge revenues while it also looked closely at environmental, social and governance factors.
A judge said that the lawsuit filed on behalf of California accusing major banks of colluding to inflate VRDO interest rates did not allege the means of the conspiracy.
The new corporate tax incentive legislation includes an annual cap for a key component, in an effort not to repeat the mistakes of its predecessor program.
It was inevitable that muni yields would need to rise somewhat as the UST 10-year broke above 1%, however participants said the supply/demand imbalance will keep munis from rising as quickly as Treasuries. More than $1 billion inflows reported.
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.
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