Bonds

Seton Hall University plans to sell $103 million of bonds as it grapples with near-term fiscal challenges that triggered a rating downgrade. Moody’s Investors Service lowered the South Orange, New Jersey-based school to Baa1 from A3 Wednesday, citing the school’s constrained financial flexibility because of a rising debt burden. The outlook is stable. The Catholic
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The municipal market saw yields fall by five to six basis points across the curve and strong secondary high-grade trades showed it. Municipals are poised to gain well over 2.5% for the month and return to positive territory for the year after being pummeled at the start of the coronavirus-led sell-off in March. According to
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Municipal bonds continued their descent to lower yields Thursday, declining at least five basis points across the curve while the short end continued its rally. The one- to three-year yields are reaching near-record lows, calling into question how far they can drop before investors start backing off. A decent crossover trade from taxable bond sectors
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The municipal market continued its short-end rally Tuesday with yields falling by as much as seven basis points, amid a well-functioning new-issue market that saw deals re-priced to lower yields. Amid an otherwise quiet tone that was characterized by some firmness and strong demand for a large Connecticut pricing and a steepening yield curve, there
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The municipal market closed the week with lower yields again on triple-A benchmarks while the search for high-grade bonds spurred a more active secondary than a typical Friday. Short-term yields continued to drop to record low levels and long-term bonds also rallied. Triple-A benchmark yields were about four basis points lower. In the secondary market,
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U.S. Speaker of the House Nancy Pelosi rolled out its HEROES Act on Tuesday without the promised innovative municipal bonds. By the afternoon, Larry Kudlow, the Director of the White House National Economic Council, was on Fox News telling Sean Hannity that President Donald Trump was going to take the legislation under consideration, however the
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Colorado needs to cut $3.3 billion from the budget for fiscal year 2021 after the largest revenue drop in the state’s history, officials said. “This pandemic is affecting the global economy, and Colorado is not immune to this economic crisis,” said Gov. Jared Polis. “This is a challenging budgetary environment, and everyone is working hard
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Puerto Rico bankruptcy Judge Laura Taylor Swain has postponed to June 4 from May 13 a hearing concerning a lift stay motion for more than $5.5 billion in Puerto Rico Highways and Transportation Authority, Puerto Rico Infrastructure Authority, and Convention Center District Authority bonds. U.S. District Judge Laura Taylor Swain ordered a lift stay hearing
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California could face budget deficits until at least 2023-24, with multi-year deficits totaling between $64 billion in a U-shaped recession or $126 billion if the country experiences an L-shaped recession, according to a report released Friday by the state Legislative Analyst’s Office. “There is an unusually high level of uncertainty at this point,” Legislative Analyst
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Illinois backed away from a Wednesday pricing of $1.2 billion in one-year general obligation certificates, moving the competitive sale to the day-to-day calendar as fiscal headwinds threaten to impose steep yield penalties. “They need the money but at what price?” said Brian Battle, director of trading at Performance Trust Capital Partners. “There’s going to be
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The coronavirus pandemic could do lasting harm to U.S. productivity unless the nation adapts to the realities of living with COVID-19, says Federal Reserve Bank of Richmond President Thomas Barkin. “Increased debt loads, reduced bank lending capacity and diminished confidence surely will have a meaningful impact on investment, through which much productivity enhancement occurs,” Barkin
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Bond insurers and other involved parties filed three replies Thursday defending their claims to revenues from the Puerto Rico Highways and Transportation Authority, Puerto Rico Infrastructure and Finance Authority, and Convention Center District Authority that pay off more than $5.5 billion of outstanding bonds. The filings come in advance of a “lift stay” hearing May
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