Bonds

Municipals were stronger as the New York Urban Development Corp. led the primary with $1.76 billion of taxable and exempt sales tax bonds in the competitive market while Refinitiv Lipper reported a rebound in fund inflows. Triple-A benchmarks were bumped a basis point in spots along the yield curve, but the asset class has underperformed
0 Comments
We sell a short competitive refunding. The financial advisor informs us of the low bid, and we make the award. Then, the FA resizes the maturities for the coupons on the winning bid. Because it is a competitive bid, we know we got the best deal available, the only problem is, we didn’t. What went
0 Comments
Municipals were steady in light secondary trading while new issues were repriced to lower yields and U.S. Treasuries made gains after a rollercoaster day. Triple-A benchmark yields were little changed while the UST 10-year fell four basis points to 1.541% and the 30 fell six to 2.035% near the close. Ratios rose as a result,
0 Comments
Municipal advisors considering disclosure of conflicts of interest would do well to tread carefully, particularly given recent enforcement activity by the Securities and Exchange Commission. That was a key takeaway from an expert panel at the 2021 Compliance Outreach Program for Municipal Advisors sponsored jointly by the SEC, Municipal Securities Rulemaking Board and the Financial
0 Comments
Pension cuts and spending measures remain an obstacle to restructuring Puerto Rico’s debt, with the president of the Puerto Rico House of Representatives asking the Oversight Board to provide written commitment to support no pension cuts and a slew of spending measures before he would sign off on a bond restructuring. “Until some accommodation can
0 Comments
The municipal 10-year triple-A bond hit a high for the year Friday at 1.18%, beating the yield reached in the March selloff. Municipals were weaker Friday, playing catch-up to another day of U.S. Treasury losses as participants await an $8 billion calendar and a more uncertain market sentiment with the pullback from mutual funds hanging
0 Comments
Municipal advisors’ most common examination deficiencies are maintaining books and records, travel and entertainment expenses, and service contracts, officials from the Securities and Exchange Commission said in a virtual conference on Thursday. Karla Serna, a senior staff accountant at the SEC’s Chicago regional office said that one of the largest problems municipal advisors face in
0 Comments
Municipals were mostly steady on a day when U.S. Treasuries sold off and equities rallied in a risk-on trade from debt-ceiling news in Washington while Refinitiv Lipper reported a mere $37 million of fund inflows and a near half-billion of high-yield outflows. Triple-A benchmarks were little changed on the day with Refinitiv MMD cutting the
0 Comments
Municipals were a touch weaker as U.S. Treasuries and equities seesawed throughout the day on debt ceiling news out of Washington while new issues in the primary were in high demand and repriced to lower yields. Triple-A benchmarks saw cuts of one to two basis points. Refinitiv MMD cut two on the 10-year and one
0 Comments
The Puerto Rico Oversight Board objected to a Puerto Rico bondholder request to further extend the retail bondholder Plan of Adjustment voting deadline. In response to requests by the Retirees Committee, Unsecured Creditors Committee, and bondholder Peter Hein, Puerto Rico bankruptcy Judge Laura Taylor Swain on Sept. 27 extended the voting deadline on the plan
0 Comments