Bonds

Texas is getting closer to producing a list of financial companies that it deems to be boycotting energy businesses — a move that could further diminish the number of big banks eligible to underwrite municipal bonds in the state. The looming list and a law barring banks that “discriminate” against the firearm industry from deals
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Municipals took a backseat as the Federal Open Market Committee announced its decision to implement a three-quarter point rate hike while U.S. Treasuries rallied into late afternoon following the news. Equities rallied. The move, prompted partly by hotter-than-expected inflation data Friday, is the largest rate hike since 1994. “Investors appear encouraged that the FOMC is
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Puerto Rico Gov. Pedro Pierluisi on Tuesday ordered a 45-day moratorium on a diesel and gasoline tax, which could trim $25 million that would normally go to the general fund. “With this measure we seek to relieve the people and the economic impact on our families due to the increase in fuel prices as a
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Municipals were weaker amid larger losses in U.S. Treasuries while equities ended mixed as markets were quieter ahead of the FOMC rate-hike decision Wednesday. Triple-A benchmark yields were cut five to eight basis points, depending on the scale, while USTs rose six to 11 basis points. Muni-to-UST ratios were at 66% in five years, 84%
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The Securities and Exchange Commission has charged the City of Rochester, New York, the Rochester City School District’s former finance director and the city’s former chief financial officer with misleading investors and providing outdated financial statements in connection with a $119 million bond offering in 2019. The Commission also charged municipal advisory firm Capital Markets
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Following a spate of cyberattacks against local government institutions in New Jersey this year, Democratic Assemblymember Shama Haider introduced legislation on May 16 to strengthen the state’s local capabilities.  Less than a month later, her own hometown of Tenafly faced a cyberattack after teachers accidentally discovered a ransomware attack in progress last week while working
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