Bonds

Puerto Rico bankruptcy Judge Laura Taylor Swain on Friday ordered the postponement of deadlines in the central government bankruptcy. The Puerto Rico Oversight Board, citing the impact of the COVID-19 virus on the island and involved lawyers, asked for the postponement on Sunday. Puerto Rico bankruptcy Judge Laura Taylor Swain has delayed some parts of
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The municipal market sold off again on Friday in dramatic fashion even after the Fed announcement that it would buy munis via collateral by financial institutions, a step aimed at calming the anxiety over the flight of money from tax-exempt money market funds. The Fed move did lessen the sell off on the short end
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The municipal market was imploding in real time as it sold off by at least half a percentage point across the curve and Lipper reported more than $12 billion of outflows — simply more sellers than buyers amid a chaotic reaction to the COVID-19 virus. The municipal market also completely decoupled from U.S. Treasuries in
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New York’s Metropolitan Transportation Authority, the nation’s largest mass-transit system and one of the largest issuers of municipal debt, has asked the federal government for a $4 billion bailout in light of plummeting revenue and ridership drops from the COVID-19 pandemic. “The stark reality is that as more people stay home following the advice of
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General obligation, essential public revenue bonds and even debt backed by tourism-related revenues may weather the COVID-19 outbreak with minimal to temporary impacts while senior living is more at risk, Nuveen says in a report that looks at risks in the municipal market, sector by sector. The liquidity-driven sell-off this week made all the more
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Squire Patton Boggs has added three junior partners in offices across the country building its bench in its Public & Infrastructure Finance practice. Thomas Bruder in Los Angeles; Lauren Trialonas in New York; and Jennifer Crosper in Phoenix were named principals in the firm’s Public & Infrastructure Finance practice. Thomas Bruder was promoted by Squire
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The collapse of oil prices will inflict “considerable strain” on the economies of oil-producing states, according to S&P Global Ratings, though no outlook changes are in effect. “While shock declines in commodity prices are not new, the timing of this latest rout has potential to upend recent fiscal and economic improvement,” S&P analysts led by
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Volatility continues to hang over financial markets due to COVID-19, and after a Monday that had all stocks down at least 6%, stocks rebounded Tuesday and muni yields were up as much as 16 basis points — today munis saw a correction. Munis were weaker on Tuesday on the MBIS benchmark scale, with yields rising
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Restructured Government Development Bank for Puerto Rico bonds, issued from the GDB Debt Restructuring Authority, didn’t make 46% of its latest payment in cash. Instead it gave payment in kind — a promise to make the payment later. The DRA’s trustee, Wilmington Trust announced the development in a posting to the MSRB’s Electronic Municipal Marketplace
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Illinois Gov. J.B. Pritzker’s proposed budget makes some modest progress in the right fiscal direction if voters allow the state to move to a progressive income tax structure, S&P Global Ratings said. S&P “considers the Illinois governor’s fiscal 2021 budget proposal a step toward improving structural balance, building liquidity, and addressing pension liabilities, although it
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Puerto Rico bankruptcy judge Laura Taylor Swain on Wednesday ordered what some participants said was an overly aggressive schedule for approving a central government debt restructuring plan. Swain ordered the schedule at the end of the first day of an omnibus Puerto Rico bankruptcy hearing in San Juan. At the hearing, attorneys for the Puerto
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A public housing authority concerned that it might have lost its eligibility to use tax-exempt private activity bonds as part of a project’s financing package has received a letter from the Internal Revenue Service allowing it to proceed. Although the recent IRS private letter ruling only involved a minor ministerial issue about filing deadlines, it
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The Securities and Exchange Commission has filed fraud charges against the investor-owned utility that partnered with South Carolina-owned Santee Cooper in the nuclear reactor project the two attempted to build but never completed. The six-count, 87-page lawsuit names Dominion Energy South Carolina Inc., formerly South Carolina Electric and Gas Co. SCE&G was owned by SCANA
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With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on for the seventh day on Friday. The biggest winners have and will continue to be muni issuers, as they can sell debt at historic lows and participants don’t see the movement slowing. COVID-19 has pushed benchmark muni yields down to record
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