Bonds

Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local

Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years

Chicago O’Hare International Airport’s $1.77 billion sale drew about 39 new investors to the table Tuesday as healthy demand for the upgraded bonds made for a soft landing despite market volatility and a flood of airport bonds this year. With $6.3 billion in orders from 107 investors, the city shaved yields in a repricing that

Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum

Federal Reserve officials, picking up where they left off over the weekend in Jackson Hole, stressed their commitment to defeating inflation while remaining vague on how big their policy move will be next month. Three regional Fed presidents reiterated in separate remarks on Tuesday that curbing the hottest prices in almost 40 years was their

Municipals were steady to weaker in spots Tuesday, while U.S. Treasuries were mixed and equities ended down. The two- and three-year muni-UST ratios are around 65% to 67%. The five-year was at 71%, the 10-year at 83% and the 30-year at 102%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five

Major pension legislation was cited as Vermont’s rating outlook was raised to stable from negative by S&P Global Ratings. In a report that also affirmed the state’s AA-plus general obligation bond rating, the rating agency said Vermont currently ranked sixth highest in the nation for unfunded retiree health care benefits and eighth highest for unfunded

Outside a few pockets of buying, there was a dull tone to start the last week of summer in the municipal market, as triple-A benchmarks were weaker Monday. U.S. Treasuries yields rose and equities ended down. “The market is obviously weaker today and I think it is still digesting what happened … with the Fed

Federal authorities Thursday gave final environmental approval to Maryland’s plan to add four toll lanes to the Capital Beltway. Gov. Larry Hogan’s signature project, which he hopes to deliver as a public private partnership, can now move toward finalizing a 50-year contract with Accelerate Maryland Partners, a consortium that’s led by Australian firms Transurban and

Former Stifel banker James Cervantes was appointed chair of the California Housing Finance Agency’s board of directors by Gov. Gavin Newsom. Cervantes, who joined the board earlier this year, retired from Stifel in October 2020. He was a Stifel California managing director and, for a time, ran Stone & Youngberg, acquired by Stifel in 2011.

U.S. Virgin Islands Water and Power Authority CEO Andrew Smith said he expects a court will order WAPA to repay employee pension contributions over time despite the pension organization’s suit demanding immediate repayment. The repayment plan would be to pay off the $2.2 million in past due employee contributions to the system that WAPA owes.

The New York Metropolitan Transportation Authority is running out of money as federal aid declines and many riders have not returned to the mass transit system in the wake of the COVID-19 pandemic. By the end of fiscal 2024, the MTA estimates federal pandemic relief funds will be exhausted and projects budget gaps of up

UBS voluntarily resigned as a co-manager from a Texas city bond issue that priced this week in the wake of the company’s placement on the state comptroller’s list of fossil fuel industry boycotters. Kerrville, Texas, Finance Director Julie Behrens confirmed on Friday that UBS had “voluntarily withdrawn” from the city’s $44.4 million general obligation bond

Municipals were steady Friday, while U.S. Treasuries were mixed and equities sold off in the aftermath of Federal Reserve Chair Jerome Powell’s promise the Fed will keep raising interest rates to combat inflation. In light of the market’s concern over Powell’s speech at Jackson Hole, BofA strategists Yingchen Li and Ian Rogow “continue to view the Fed’s hawkishness as a better

New York-based Ramirez & Co. has renewed its efforts to grow in California since hiring a key public finance banker last year. The half-century-old firm is no stranger to California, with an almost three-decade history in the Golden State. But its California footprint has grown since hiring Raul Amezcua in 2021 to work in its

Municipals were mixed Thursday as the market took a breather ahead of Fed Chair Jerome Powell’s Jackson Hole speech, while U.S. Treasuries improved five years and out and equities ended in the black. Outflows from municipal bond mutual funds intensified as investors pulled $1.180 billion out of funds in the latest week, versus the $229.263

UBS Group is the only bank that underwrites municipal bonds on the list the Texas comptroller released Wednesday of 10 financial companies determined to be boycotting the fossil fuel industry under a 2021 law aimed at protecting the state’s oil and natural gas businesses. Placement on the list could jeopardize UBS’ participation as a co-manager

Long-end munis were much weaker Wednesday while a large new-issue from the New York City Transitional Finance Authority took focus in the primary. U.S. Treasuries were saw losses along the curve and equities made gains ahead of the Jackson Hole event that starts Thursday. Triple-A municipal yields rose two to 10 basis points with the

Municipals were a touch weaker Tuesday, but the focus was on a large new-issue day with airport revenue bonds from Minneapolis-St. Paul and transportation revenue bonds from Delaware leading the calendar. Treasuries saw smaller losses out longer with the 10-year closing above 3% again while equities ended in the red as economic data disappointed. Triple-A

Directors at two of the Federal Reserve’s 12 regional branches favored a 100-basis-point increase in the discount rate in July, minutes of discount-rate meetings show. The boards of the St. Louis and Minneapolis banks voted for a bigger move on July 14, the Fed said in a statement released Tuesday. A day earlier, a report