Bonds

With Memorial Day and the unofficial start to the summer approaching, the municipal bond market continues to dance to the same old song. The asset class of muni bonds just seemingly keeps chugging along, and three constants are fueling the fire — huge inflows, super strong demand and insignificant issuance, according to Jim Colby, senior
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The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, dropped to 3.75% from 3.78% the week before. The Bond Buyer’s 20-bond GO Index of 20-year general obligation yields sank six basis points to 3.57% from 3.63% the week before. It is at its
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The municipal market kept rolling along as billions of new paper came and went just as quickly. With yields down yet again, most of the bigger transactions saw big bumps from preliminary to final pricing levels. RBC Capital Markets priced the Allegheny County Hospital Development Authority’s (A1/A+/A+) $725.295 million of revenue bonds for the University
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WASHINGTON — Government-owned ports and airports are expected to benefit from a recently released Internal Revenue Service Private Letter Ruling supporting a simplified method of calculating a safe harbor for private leases of tax-exempt bond-financed facilities. A recently released Internal Revenue Service Private Letter Ruling supports a simplified method of calculating a safe harbor for
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Jennie Huang Bennett, the chief financial officer for the Chicago Public Schools, has emerged as the top candidate to lead Chicago’s finances under Mayor-elect Lori Lightfoot. who takes the reins in two weeks, public finance sources said. Sources cautioned Monday that the selection of a chief financial officer or that person’s acceptance was not final.
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WASHINGTON — Public power companies, electric cooperatives and local governments would be authorized to sell Clean Energy Bonds as part of a far-reaching proposal by Senate Democrats that also would give private energy producers new tax incentives to produce clean energy. The proposed Clean Energy Act for America would become the template for all federal
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The Florida legislature’s “persistent political interference” in the operations of the Miami-Dade County Expressway Authority resulted in a one-notch downgrade of the authority’s bonds. State lawmakers underscored the point a day later by passing a bill to dissolve the authority. Florida Sen. Manny Diaz, R-Hialeah Gardens, said there are “guardrails” in the expressway authority legislation
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CHICAGO — Veteran-owned Multi-Bank Securities Inc. has hired its first public finance banker — Chicago-based professional Frank Paul — as it seeks to expand its municipal business by moving into negotiated sales. Paul joined the Southfield, Michigan-based firm last month as a senior vice president. He is charged with tapping his long-standing relationships and experience
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Annual underfunding of Birmingham, Alabama’s pension plan led a second rating agency to downgrade the city’s bonds. Moody’s Investors Service lowered the city’s issuer and general obligation limited tax bond ratings to Aa3 from Aa2 on Monday. Also downgraded to Aa3 from Aa3 were the Birmingham-Jefferson Civic Center Authority’s 2018D revenue bonds and the Birmingham
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In the week ended April 25, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 3.87% from 3.89% the previous week. The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields dropped seven basis point to 3.79% from 3.86% the
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Next week’s calendar should benefit from timing and availability of paper coming on the heels of both the income tax deadline and the holiday-shortened week. Munis will be very much on the minds of lots of people who paid larger bills due to the state and local tax changes, which may increase demand for next
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