Bonds

Municipal yields increased for a second day and issuers prepared to continue a deluge of deals, signaling they aren’t worried about the Federal Open Market Committee’s meeting with the expected quarter point cut in interest rates priced in. IHS Markit Ipreo forecasts weekly bond volume will increase to $10.32 billion from a revised total of
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Veronique “Ronnie” Hakim, a top official at New York’s Metropolitan Transportation Authority, is resigning as managing director by the end of February. “With the MTA on the rebound and service improving across all agencies, I feel I can move on,” Hakim said in a statement. “With the MTA on the rebound and service improving across
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The turnaround of Long Island Power Authority under the leadership of former Morgan Stanley banker Tom Falcone entered a new chapter last week with three rating upgrades. LIPA’s bonds are carry the highest ratings in the public utility’s 33-year history following one-notch upgrades from Moody’s Investors Service, S&P Global Ratings and Fitch Ratings ahead of
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Peter Clarke, a 40-year veteran of the municipal bond industry, has joined the Advisory Board of Academy Securities, a military and disabled veteran-owned investment bank. Clarke, who retired from JPMorgan Securities in 2017, spent his entire municipal career there after graduating from the University of Virginia in 1974. During his tenure at JPMorgan, he served
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Puerto Rico’s Unsecured Creditors Committee this week filed an objection in court in an effort to block successors of the Government Development Bank from making $578 million in claims against the island’s central government. The Unsecured Creditors group in the territory’s historic bankruptcy are battling with bondholders to recover debt owed by the government. Puerto
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Six weeks after Puerto Rico’s bankruptcy judge ordered mediation to resolve bondholder disputes over almost $25 billion of island government debt, the mediator has yet to address core legal issues. A bondholder source familiar with the process said mediators and participants are trying to establish a “base” around which to negotiate. Participants are focusing on
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HFAs have been quite active in the secondary and are now originating more mortgages to retain on their balance sheets, according to Florence Zeman, associate managing director, Moody’s Investors Service. Down payment assistance is a common feature of these mortgages. Spread is all important. Delinquencies have been manageable. Learn about RAD. John Hallacy hosts.
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A former Wells Fargo Clearing Services trader has agreed to be barred from the industry and to pay a $25,000 monetary penalty to settle Securities and Exchange Commission charges that he submitted fraudulent retail orders to evade the restrictions put in place by issuers. Muldoon agreed to settle the administrative proceeding without either admitting or
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Savannah’s funds shrunk a bit with the approval of several pricey items on the regular city council agenda Thursday. Aldermen approved about $49 million in expenditures, plus $55 million in bonds. RCraig09 [CC BY-SA 3.0] Aldermen voted to allow the Downtown Savannah Authority to issue $10 million in general obligation bonds for the fund the
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Newark, New Jersey, would receive expedited funding to replace pipes that have caused elevated lead levels in drinking water under a new bonding agreement with Essex County. Essex County Executive Joseph DiVincenzo announced Monday a plan to issue $120 million of refunding bonds on behalf of Newark to fund the complete replacement of lead pipes
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Washington scored an upgrade to Aaa Friday. Moody’s Investors Service upgraded the state’s general obligation bond rating from Aa1. It’s the first Moody’s upgrade since 1997 for the state, which has never had a triple-A rating from Moody’s, according to a spokesman. The upgrade to the highest investment grade rating affects roughly $18.4 billion in
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Puerto Rico Gov. Wanda Vázquez Garced named Puerto Rico Senator Zoé Laboy Wednesday to fill the open position of chief of staff and Elí Díaz Atienza to fill the role as governor’s representative to the Oversight Board. “I’m proud to have Zoé Laboy and Elí Díaz Atienza as part of our team,” the governor said.
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Traders and financial professionals work ahead of the opening bell on the floor of the New York Stock Exchange, June 19, 2018 in New York City. Photo: Drew Angerer/Getty In recent years, it’s been understandably tempting to focus on holding just stocks in your portfolio. After all, the S&P 500 is up four-fold from the lows
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Municipal bond volume is 2% ahead of last year, as volume sans advance refundings is starting to level out and normalize. Halfway through the year, total volume stands at $168.99 billion over 4,901 deals, compared with $165.68 billion in 4,812 transactions, according to data from Refinitiv. “The first half of 2019 was strong for municipals
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