Bonds

Municipals saw one to three basis point bumps to benchmark yield curves while new issues repriced by as much as 10 basis points lower into a stronger, issuer-friendly market, as the 10-year fell below 1% on most scales. The Investment Company Institute reported $1.27 billion of inflows into municipal bond mutual funds, marking the 11th
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Municipals improved Tuesday on the backs of a strong primary led by the Washington Metropolitan Area Transit Authority’s $788 million green bonds and gilt-edged Loudoun County, Virginia, and the New Jersey Infrastructure Bank, which sold competitively with tight spreads. Triple-A municipal benchmark yield curves were bumped one to two basis points, lagging a four basis
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Red flags waved as Providence Mayor Jorge Elorza proposed issuing $704 million in pension obligation bonds to deal with a pestering unfunded liability problem in Rhode Island’s capital city. The amount exceeds the city’s annual operating budget. Bond markets often frown on such borrowing and sentiment among state officials who must sign off is uncertain.
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Illinois will dip into its growing pot of tax revenues to pay off the remaining $2.175 billion of outstanding debt borrowed through the Federal Reserve’s Municipal Liquidity Facility to manage last year’s COVID-19 tax blows. The Treasury Department’s interim guidance, released May 10, barring debt repayment as an eligible use of American Rescue Plan dollars
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Puerto Rico Oversight Board Executive Director Natalie Jaresko said the board’s financial plans include executing the central government plan of adjustment in fiscal 2022, including debt service payments. The board’s proposed General Fund budget, submitted to the Puerto Rico legislature on May 10, has no money allocated for debt service. However, Jaresko said Thursday that
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Trinity Health named Daniel Isacksen Jr. to replace retiring interim chief financial officer Cynthia Clemence. Isacksen will take over the post of executive vice president and CFO in July. He currently serves as an executive vice president and regional CFO from his base at Loyola Medicine in Maywood, Illinois, which is one of Trinity’s regional
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