Bonds

Minnesota expects a $7.7 billion surplus in its current two-year budget, a dramatic turnaround from a year ago when red ink driven by the pandemic’s anticipated tax blows loomed. The state’s November 2020 budgetary and economic forecast warned of a $1.3 billion gap in the fiscal 2022-2023 for Gov. Tim Walz and lawmakers to deal
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A Securities and Exchange Commission staff statement issued Tuesday reiterates disclosure and fiduciary obligations of issuers and underwriters in light of the forthcoming transition away from Libor. And while those obligations are important, some municipal industry practitioners point to an already existing trend away from Libor-linked transactions. Earlier this year, Libor’s regulator, the Financial Conduct
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The Municipal Securities Rulemaking Board is requesting information from issuers, investors, dealers and municipal advisors on environmental social and governance practices in the municipal securities market. The MSRB characterized the RFI as a fact-finding mission in an attempt to better understand and enhance issuer protection, investor protection, fairness and efficiency of the municipal securities market
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Municipal triple-A benchmarks were little changed Tuesday while primary deals saw bumps in repricings as U.S. Treasuries and equity markets were also little changed on light economic data. It was all about the primary in the municipal market Tuesday, with several large deals from various credits and structures priced and sold competitively to good demand.
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Puerto Rico’s government may soon adopt a 24% increase in the island’s minimum wage, with local observers saying it would raise costs for businesses and actually cut employment participation. On Tuesday the Puerto Rico Senate approved a bill raising the minimum wage to $9 per hour from the federal $7.25 per hour. The Puerto Rico
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Cook County, Illinois’ pandemic-driven fiscal wounds are on the mend with a surplus now expected this year and $121 million hole to close in 2022 that’s a shadow of last year’s $410 million gap. “It has been an exceptionally difficult last year but a combination of revenue bouncing back as the county opens up, federal
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Investors have baked in the idea that taxes will rise under the Biden administration, but bipartisan infrastructure talks have called that assumption into question in the near term. The proposed bipartisan Senate infrastructure package does not include higher taxes for either individuals or corporations — one of the larger reasons for the muni rally this
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With very few trades to point to any movement, municipal benchmarks were little changed Monday, even as U.S. Treasuries rose from Friday’s lows and the stock market was on fire with the Dow up 500-plus points near the close. Triple-A benchmarks were little changed while municipal-to-UST ratios fell slightly as Treasury yields rose Monday. Long
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Illinois spread penalties narrowed this month to levels in line with its ratings for the first time in years as the state reaps the benefits of swelling tax revenues, federal cash and a market looking for scarce yield. The state’s 10-year spread currently stands at 63 basis points higher than Refinitiv Municipal Market Data’s AAA
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A new opinion issued by the Justice Department says Puerto Rico’s admission as a state could legally include a transition period to temporarily continue the special bankruptcy provisions under PROMESA. That’s good news for the ongoing restructuring of the territory’s debt because it provides an assurance that statehood would not necessarily involve an abrupt dissolution
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Los Angeles received an improved outlook from Kroll Bond Rating Agency to stable based on the waning impact of the pandemic on city finances and substantial federal relief. The $639.5 million of federal aid the city received in May from the America Rescue Plan Act helped it dig out of a pandemic-induced budget hole, according
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As the market for ESG-certified bonds grows, Oregon-based Kestrel Verifiers is growing along with it. The eight-person women-owned firm has added two new employees this year and gained marquee clients like Stanford University, the American Museum of Natural History in New York City and the cities of Boston and Seattle, the latter a joint project
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