Investors in the municipal bond market have been focused on the primary market this past week, as the secondary market has taken a backseat. With up to $13 billion of supply on tap, there is ample opportunity to buy paper, according to experts like Chris Brigati from SWBC and Anders S. Persson and Daniel J.
Bonds
Rockefeller Asset Management has recently made a significant announcement regarding the addition of three new portfolio managers to enhance its municipal investment strategies within the fixed income division. This move aims to strengthen the firm’s position in the market and provide investors with opportunities for growth and diversification. The three new portfolio managers, Scott Cottier,
Florida’s Brightline passenger train has recently taken steps to restructure its debt by adding a substantial amount of unrated tax-exempt paper to the mix. This move comes as the company looks to price the new debt in the near future, with initial price talks ranging between 11% and 15%. The bonds in question are subject
The year 2024 has brought significant challenges for municipal bond mutual funds, as they experienced a notable outflow of $1.47 billion. This trend was largely attributed to tax-deadline selling pressure, coinciding with the rise in interest rates and volatile movements in the U.S. Treasury market. Both exchange-traded funds and open-end funds saw outflows due to
The municipal bond market experienced little change on Wednesday as the supply of bonds slowed down and small inflows into muni mutual funds returned. This shift occurred amidst falling U.S. Treasury yields and losses in the equities market. The Investment Company Institute reported a slight increase in municipal bond mutual funds for the week ending
The State Board of Administration Finance Corp. in Florida is gearing up for a $1.5 billion taxable bond sale to bolster the state’s Hurricane Catastrophe Fund. Initially planning to issue five-, seven-, and 10-year maturities with $500 million in each tranche, the decision was made to only offer $500 million in five-year bonds and $1
The New York City Municipal Water Finance Authority is set to make its second issuance of the year in the municipal bond market. This issuance is valued at $450 million, with $400 million allocated for system improvements and $50 million for refunding. According to Andrew Rothbaum, who manages investor relations for the authority, the funds
The first quarter of 2024 saw a significant uptick in the bond insurance industry, with municipal bond insurance growing by 24.4% year-over-year. The top two municipal bond insurers wrapped a total of $7.132 billion in deals during this period, compared to $5.735 billion in the first quarter of 2023. Assured Guaranty, a major player in
The recent announcement by the Dormitory Authority of the State of New York (DASNY) Board of Directors named Robert J. Rodriguez as its acting president and chief executive officer has sparked conversations within the state. Rodriguez, currently serving as New York’s Secretary of State, is set to begin his new role on May 8, pending
Florida’s Brightline passenger train is making waves in the municipal market with its investment-grade debut. The company is gearing up for a $2 billion deal that marks a significant milestone in its debt strategy. Additionally, there is an additional $1 billion in subordinate high-yield bonds in the works, showcasing the company’s ambitious plans for the