Posts Tagged ‘Public finance’
Munis close out ‘impressive’ month, poised to return over 6%
Triple-A yields have fallen up to 95 basis points on the month, supply is up 7.8% year-over-year for November and the month is posting positive returns, which has, in turn, led to well over 3.50% returns year-to-date.
Read MoreMunis rally hard in constructive secondary trading; issuers benefit in primary
The continued drop in yields has been “buoyed by a broad rate rally and intra-market fundamentals that simply have created more buyers than sellers,” noted Kim Olsan, senior vice president of municipal bond trading at FHN Financial.
Read MorePublic pension funding improvements on display in West Virginia
West Virginia reduced its pension debt burden by 90% from 2000 to 2021, according to a recent report from the Pew Charitable Trust.
Read MoreWatchdog warns of potential New York MTA budget gaps
The Metropolitan Transportation Authority’s potential budget gaps could widen to nearly $900 million in 2026, according to the Citizens Budget Commission.
Read MorePuerto Rico parties argue over bondholder suit assignment
Judge Swain says she’ll hear claims that the government has manipulated PREPA’s budgets to bondholders’ detriment.
Read MoreMunis improve ahead of holiday; issuance grows to $7B
“The market has had a solid tone to it recently even with the strong rally seen this month,” Roberto Roffo, managing director and portfolio manager at SWBC Investment Management, said of the Nov. 10 rally where municipal yields in 10 years fell by as much as 40 basis points.
Read MoreAt least a partial win for bondholders in Chester, Pennsylvania, Chapter 9
The bankrupt city challenged pledged revenues for 2017 bonds, but the bankruptcy court said the lien was secured, at least until the Chapter 9 was filed.
Read MoreFormer Sterlington, Louisiana, mayor agrees to pay $35,000 fine
Vern Breland has agreed to pay a $35,000 fine and is permanently barred from participating in future municipal securities offerings.
Read MoreAnother strong session for munis; FOMC minutes signal caution
The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them “permission to finally purchase the bonds they’ve been admiring,” said MMA’s Matt Fabian.
Read MoreA bullish view on munis sets in
BofA Global Research strategists said they believe peak muni yields in this Fed tightening cycle were attained in October 2023 and “the bull market for munis is underway.”
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