Bonds

The Puerto Rico Oversight Board’s proposed central government debt adjustment faces several obstacles, most prominently bond insurers’ possible withdrawal of support and local government opposition. Puerto Rico bankruptcy Judge Laura Taylor Swain gave the board until the end of Monday to submit a plan of adjustment for bonds, pensions, and unsecured debts. The board reached
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It was a quiet and uneventful Friday as the municipal market viewed the higher-than-expected growth in the jobs report as an indicator of economic recovery ahead and it prepared for the coming of more than $9 billion of tax-exempt and taxable supply combined next week. California will dominate the primary market with its $1.8 billion
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New issues repriced to lower yields Wednesday while secondary trading showed firmer trades leading triple-A benchmarks to strengthen on the short end even as U.S. Treasuries saw more losses and equities improved. Primary pricings showed investors comfortable moving in at higher yields with competitive deals from gilt-edged Baltimore County, Maryland, at or through triple-A benchmarks.
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Puerto Rico’s leader of its debt oversight agency on Monday told high-yield investors that Puerto Rico’s central government was on the way to be able to sell new bonds. Puerto Rico Fiscal Agency and Financial Advisory Authority Executive Director Omar Marrero made his pitch to participants at the JPMorgan 2021 Global High Yield and Leveraged
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The Puerto Rico Oversight Board took steps to advance the territory’s overdue audited financial statements Friday. Board members have said current comprehensive annual financial reports are aimportant for Puerto Rico to ultimately sell bonds again. The Puerto Rico Oversight, Management, and Economic Stability Act indicates that Puerto Rico should have current financial information. Puerto Rico
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Municipal yields rose on Thursday by as much as six basis points as the correction to higher yields continues, but if inflows are any indication, the technicals (low supply, high demand) surrounding munis won’t allow rates to rise much higher in the near-term. Those inflows keep coming as Refinitiv Lipper reported $1.955 billion into municipal
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Municipals ended the week steady in quiet trading ahead of the Presidents Day weekend, even as U.S. 30-year Treasuries broke past 2.00%. Investors will see a light $5.67 billion of new issues next week, led by the Regional Transportation District of Colorado’s tax-exempt and taxable green bond deal. Rising U.S. Treasuries moved municipal to UST
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Investors looking for yield pounced on Detroit’s speculative grade paper Thursday, sending the city’s yield penalties to the lowest levels since it imposed losses on bondholders in Chapter 9 bankruptcy. The junk-rated city’s $135 million stand-alone, tax-exempt general obligation tranche landed at yields of 1.91% to 2.51% and spreads of 100 bps to 128 bps
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