Bonds

An Oklahoma law prohibiting state and local government contracts with companies that “boycott” the fossil fuel industry is the target of a lawsuit, claiming the measure prevents public employee pension funds from performing their constitutional duty to operate for the exclusive benefit of their beneficiaries. The case filed in Oklahoma County District Court this week

Citi’s municipal division appears to have been spared from initial reorganization efforts at the firm, according to market sources. Citigroup informed its employees Monday of an upcoming round of job cuts and managerial changes — the next large step in CEO Jane Fraser’s push to create a simpler, flatter company. Citi did not say how many positions

Wisconsin has released a request for qualifications from firms willing to serve as bond underwriters in either a senior manager or co-manager capacity. The state Capital Finance Office will set up pools of qualified investment banking firms, which it will use to designate underwriting syndicates effective through Dec. 31, 2026. Clarifications are due by noon

A delegation from Miami-Dade County, Florida, will visit Japan from Nov. 25 to Dec. 6 in a bid to deepen trade and commerce ties and establish business connections between the two regions. Miami-Dade County Mayor Daniella Levine Cava and Oliver Gilbert III, Chairman of the Board of County Commissioners, will lead a delegation from the

Municipals were firmer Tuesday as U.S. Treasury yields fell slightly, following the release of the Federal Open Market Committee meeting minutes that said officials will remain cautious about future interest rate hikes. Equities ended down. Muni triple-A yield curves were bumped two to six basis points Tuesday, depending on the curve, as municipals continued to

The current municipal rally has led to an increase in tax loss harvesting as more investors leverage the strength and pre-holiday liquidity to consider repositioning their portfolios. This year has seen an increase in and an earlier start to tax loss harvesting after rapidly rising, and then subsequently falling, interest rates and stronger equity market

SK Battery America, a subsidiary of South Korean firm SK On, one of the world’s largest battery makers, is scaling back production on several fronts in response to a changing market for the vehicles. As an EV market turbocharged by federal incentives and high-set expectations cools off and major producers weigh cost-saving measures, SK said

Municipals were bumped up to a basis point or two Monday, while U.S. Treasuries were firmer out long and equities rallied near the close. For the third consecutive week, muni yields continued to fall. The 10-year note fell by 21.6 basis points last week to end the week at 3.05%, said Jason Wong, vice president

Municipals improved Friday to close out a week of more gains despite some U.S. Treasury volatility, positioning the asset class to see historically high returns for the month. Equities ended up near the end of the trading session. Triple-A yields fell up to four basis points, depending on the curve, outperforming a mixed UST market,

While pursuing his doctorate in economics at Columbia University, Oliver Giesecke came across several challenges as he was researching and collecting data on the muni market. Either it wasn’t available or it was incomplete or at times, misleading. In an effort to provide more and clearer data on certain attributes of the muni market, Giesecke,

With the acceleration of technology in all markets, firms are trying to create solutions to process data — from issuer offering documents and continuing disclosures to trades and pricing and evaluations — and turn it into digestible, usable forms. For an illiquid, over-the-counter market with more than 50,000 issuers and a million securities outstanding, challenges

Moody’s Investors Service affirmed its negative outlook on mass transit, highlighting Bay Area Rapid Transit as an example, even after the San Francisco rapid transit system announced it had received state funding. BART, a San Francisco Bay Area rapid transit system, announced on Wednesday that it would receive $352 million from the Metropolitan Transportation Commission

The Biden administration’s Build America Bureau expects to close on $19.5 billion worth of transportation infrastructure projects in the next 18 months, executive director Morteza Farajian said Tuesday at the American Association of State Highway and Transportation Officials annual meeting in Indianapolis. “There’s a huge increase in the number of projects that we have in

While New York City’s $110.5 billion fiscal 2024 budget remains balanced, the costs associated with dealing with the influx of migrants will soar over the next several fiscal years, according to the November financial plan update released Thursday. So far, the city has already spent $1.45 billion in fiscal 2023 to provide food, shelter and

Municipals were firmer Thursday as a billion-plus dollar deal from the New Jersey Transportation Trust Fund Authority priced in the primary market and outflows continued. U.S. Treasury yields fell and equities ended down. Triple-A yields fell one to five basis points, depending on the scale, while UST were better by six to 10. The two-year

The Senate has passed a continuing resolution measure 87-11 that will keep the lights on until Jan. 19 and Feb. 2, avoiding a government shutdown this year, but increasing the stakes significantly for further funding discussions after the holiday season. The measure will give Congress room to breathe as it deals with pressing concerns of

Municipals were mostly steady Wednesday as investors worked through more new-issue paper in the primary while U.S. Treasuries lost ground after Tuesday’s rally. Equities were mixed near the close. The dust settled Wednesday following Tuesday’s rally, as municipals were flat, according to a New York trader.  “Everyone is reevaluating and taking a breather after the

The company responsible for meeting obligations on $250 million of green bonds issued in Alabama in 2022 may not be able to do so by December, it said in a recent disclosure filing. The Industrial Development Authority of Sumter County issued the exempt facilities revenue bonds to bankroll a production plant for wood pellet maker

Municipals were firmer across the curve, but underperformed a U.S. Treasury rally after a lower consumer price index report indicated the Federal Reserve may soon be done hiking rates. Equities also rallied. “The Fed looks smart for effectively ending its tightening cycle as inflation continues to slow,” said Bryce Doty, senior vice president and senior

A tranche of economic development revenue refinancing bonds issued by the Arkansas Development Finance Authority has been found to be taxable by the Internal Revenue Service. The ruling affects $5.43 million of paper issued by the ADFA in 2016.   The issuer has received notice from the IRS via form 5701-B that includes a proposed adverse determination,