The Puerto Rico Oversight Board voted to overrule the territory’s House of Representatives on spending for the privatization of the Puerto Rico Electric Power Authority transmission and distribution system. On Wednesday the House voted 43 to 0 with 2 abstentions against authorizing a revision to this year’s General Fund budget allocating $750 million for the
Municipal bonds faced some pressure in secondary trading making for a weaker tone as investors ignored the risk-off trade and U.S. Treasuries rose while equities lost ground, but new issues provided a distraction to outside volatility and priced to strong demand. Triple-A benchmark yields rose one basis point across the curve while municipal to UST
Municipal triple-A benchmarks firmed Friday after a less-than-stellar employment report while a lackluster new-issue calendar awaits investors, with strong underlying technicals keeping rates low. Volume is estimated at $6.569 billion for the week of May 10, up from total sales of $1.840 billion the week of May 3. The supply-demand imbalance, solid fund inflows and
Municipals were steady on Wednesday as the focus remained on the primary with secondary trading light and high-grade municipal scales and U.S. Treasury yields both unchanged while investors again poured in billions into municipal bond mutual funds. “Munis continue to rest comfortably in their range as bulge bracket deals hit the primary,” Jeffrey Lipton, head