Municipal bond analysts say climate change increases risk to electric utility bonds.
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Securities issued by Hawaiian Electric – including tax-exempt revenue bonds guaranteed by the company – have been in freefall since the Lahaina fire.
Following Fitch Ratings’ downgrade of the U.S. sovereign rating to AA-plus from AAA, the rating agency has downgraded certain municipal bonds tied directly to the creditworthiness of the federal government….
Municipals were steady to start off the week, awaiting an outsized new-issue calendar, while U.S. Treasuries were slightly firmer 10 years and in and equities ended mixed. Despite the slow…
Municipals were little changed ahead of the Fourth of July, while U.S. Treasuries were weaker and equities ended up. Triple-A yields were steady, while UST yields rose three to eight…
Volatility of the broad fixed-income indices continues to exceed “pre-pandemic levels, making it more expensive for dealers to hedge their inventories, adding to the incentive for them to take a…
CreditSights said the bonds should be considered largely an LADWP credit given that it is the biggest power user among the 30 entities that have entered into 50-year take-or-pay power sales…
CreditSights strategists Pat Luby and John Ceffalio said as municipal bond yields climbed last week, spreads for the ICE municipal credit indices widened. The single-A, triple-B, and high-yield indexes all widened…
CreditSights senior municipal strategists Pat Luby and John Ceffalio said after last week’s outperformance of munis relative to corporates, the advantage of tax-exempts over comparably rated corporate bond after-tax yields has…
Institutional bids wanted volume on Bloomberg was the heaviest since the week ended April 3, 2020. The total par amount out for the bid was $6.3 billion, more than double…