Bonds

With inflation eroding real earnings, members of Puerto Rico’s House of Representatives want to reduce personal income taxes to give taxpayers some relief from inflation. The bill would require an annual adjustment for inflation to income levels required to trigger higher tax rates and the maximum amounts for certain deductions and exemptions, including for mortgage
0 Comments
Municipals were slightly firmer in spots, while U.S. Treasuries were weaker and equities ended up. The three-year muni-UST ratio was at 58%, the five-year at 61%, the 10-year at 66% and the 30-year at 89%, according to Refinitiv MMD’s final 3 p.m. ET read. ICE Data Services had the three at 58%, the five at
0 Comments
Texas is forecasting a record $32.7 billion budget surplus as a surge in sales taxes boosts the government’s revenue by billions more than what analysts had estimated.  The expected surplus, also called a cash carryover balance, is the largest on record for the Lone Star State and 21% more than the $27 billion forecast in July, Comptroller
0 Comments
Chicago sent a $242 million supplemental payment to its pension systems, making good on a funding policy adopted as part of the 2023 budget that helped lift its one junk rating back into investment-grade territory. Efforts to better align expenses with recurring revenues, shed one-time maneuvers like scoop-and-toss debt restructuring, and complete a move to
0 Comments
In her inaugural address, Massachusetts Gov. Maura Healey affirmed her administration’s commitment to overhauling the state’s public transportation infrastructure. “The state of our trains and roads and bridges today is unacceptable,” Healey said Thursday, adding there was an “urgency” for capital development of the state’s neglected transportation infrastructure as she took office. Her plan calls
0 Comments
Municipal yields fell Friday ahead of a heavier new-issue calendar while U.S. Treasuries and equities rallied after the latest jobs report offered signs that may suggest inflation will be cooling. Triple-A benchmark yields fell six to 15 basis points, depending on the scale, pushing the 10-year muni below 2.50% and the 30-year muni below 3.50%.
0 Comments
Chicago launched a tender offer this week as part of its upcoming Sales Tax Securitization Corp. transaction that will also debut the city’s first social bonds that target seven trackable Chicago Recovery Plan projects. The tender offer to holders of more than $2 billion of general obligation debt expires Tuesday at 5 p.m. EST, with
0 Comments
Eleven major financial firms have filed a motion to dismiss a Puerto Rico Oversight Board lawsuit seeking $1.42 billion from them for their work on past municipal bond and interest rate swaps. The constructive fraudulent transfer claims are barred under the Puerto Rico Oversight, Management, and Economic Stability Act, which provides a “safe harbor,” the
0 Comments
Municipals were firmer in spots to kick off the new year’s trading on Tuesday, underperforming a U.S. Treasury rally out long. Equities ended down. Triple-A benchmark yields were bumped up to seven basis points, depending on the scale, while U.S. Treasury yields fell 10 to 12 basis points 10 years and out. The three-year muni-UST
0 Comments
Republicans are set to challenge a controversial Federal Highway Administration memo outlining how states should spend their IIJA money after the Government Accountability Office ruled that the memo ventures into the realm of policy-making and is thus subject to Congressional review. Penned by former acting FHWA administrator, and current deputy director, Stephanie Pollack, the memo
0 Comments