Bonds

Municipals were quiet and remained steady on Friday as U.S. Treasuries dipped slightly following President-elect Joe Biden’s address Thursday night that outlined plans for a $1.9 trillion relief package and the market prepared for a three-day weekend. In his speech, Biden called for a new round of stimulus checks and pandemic control measures. “Everyone was
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After a tumultuous year, the municipal market ends 2020 with strength, stability, and better-than-expected returns. The New Year begins with opportunity, but caution is warranted as credit concerns grow, municipal analysts said. From historically low yields amid a global pandemic and a controversial U.S. presidential election, the municipal market was punctuated with much uncertainty and
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Municipals finished out an abbreviated trading session little changed as market players eye the first week of 2021’s new-issue slate, which checks in at over $2 billion. Yields on top-rated munis were flat across AAA scales. Traders again saw an abbreviated trading session ahead of the long New Year’s holiday weekend. The books have been
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During 2020, our society has been faced with an economic crisis, health crisis, social justice crisis and environmental crisis. The pandemic has rapidly changed how banks engage with customers and employees; accelerating the shift from in-person interactions to digital engagements. Successfully leading a digital transformation requires much more than smart technology choices, culture is key.
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Municipal bonds were stable on Wednesday as the market remained mostly unchanged on the last full trading day of 2020. Thursday will see an early close with a full close on Friday. Trading will resume on Monday, Jan. 4, 2021. Residual position-squaring is about all that is happening this week — and much of last
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Sheila Patel, chairman of Goldman Sachs Group Inc.’s asset-management unit, is leaving the $1.8 trillion division after almost two decades at the firm. Patel, 51, is among the company’s most senior women and shepherded some of Goldman’s highest-profile relationships with investors around the world. She will step down from the partnership and become an advisory
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The public finance industry is in a particularly positive position to start 2020, with low rates and supply, aggressive demand here and abroad, an increased focus on climate and taxable issuance, and geopolitical uncertainty leading to a continued flight to quality. There is a general consensus that municipals are poised to perform well in 2020,
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Private-activity bonds backing the long-planned Purple line light rail system in Maryland received a credit boost following approval of a financial settlement that contains protections for bondholders of the beleaguered public-private partnership. Fitch Ratings upgraded Purple Line Transit Partners’ senior-lien revenue bonds issued through the Maryland Economic Development Corporation (MEDC) by one notch to BB-minus
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Municipal bonds were unchanged Monday as the new-issue calendar slipped into neutral for the next two holiday-shortened trading weeks. Yields on top-rated muni bonds were steady, remaining unchanged across the AAA scale. Treasury yields moved a bit lower as stocks traded little changed after Congress neared agreement on a $900 billion stimulus package and a
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Municipal bonds ended the last full week of trading of 2020 flat ahead of a mere $57 million new-issue calendar, leaving the secondary market to handle the market’s tone for the remainder of the year. Lipper late Thursday reported $915 million of inflows into municipal bond mutual funds for the week ending Dec. 16. Trading
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The Puerto Rico Oversight Board set out five goals for major changes in 2021 at Friday’s public meeting. Board Executive Director Natalie Jaresko said the board will work to advance audited financial statements, institute structural reforms in Puerto Rico laws and governance, enact fiscal measures, accelerate recovery from recent earthquakes and hurricanes, and respond to
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Municipal bond yields were little changed Thursday while the new-issue market, expecting a large taxable deal out of Texas, will see $1.2 billion less supply in an already supply-starved market as a Texas developer pulled the LBJ Infrastructure Group’s private-activity bond deal. “Based on their continuing evaluation of debt management alternatives for their U.S. toll
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