Puerto Rico Secretary of the Treasury and Chief Financial Officer Francisco Parés Alicea will resign effective Jan. 31. Gov. Pedro Pierluisi announced the resignation and said Nelson Pérez Méndez will serve as the interim Secretary of the Treasury. Pérez Méndez was deputy director of the Fiscal Agency and Financial Advisory Authority, focusing on the central

Municipals were little changed ahead of a holiday-shortened week, while U.S. Treasuries were firmer 10 years and in and equities were mixed near the close. The muni market, as expected, has “remained in a sideways mode” so far in this year with muni-UST ratios grinding lower, said BofA Securities strategists in a weekly report. While

First Eagle Investments has hired John Suh and Andrew Belsky as credit analysts as the firm continues to build out its high-yield team under Chief Investment Officer and high-yield manager John Miller. Suh, based in New York, previously was a trader/analyst on the high yield desk in JPMorgan’s public finance division. He was at JPMorgan

UBS has settled charges with the Financial Industry Regulatory Authority, agreeing to a censure and a $100,000 fine for failing to include the Non-Transaction Based Compensation indicator when reporting 91,059 municipal securities transactions to the Municipal Securities Rulemaking Board. For this, UBS violated MSRB Rule G-14 on customer transaction reporting, which requires firms to report

In September 2015, then Bank of England Governor Mark Carney gave a speech in which he famously referred to the “Tragedy of the Horizon.” He was referring to the fact that financial markets tend to mis-price climate risk because the perceived timing for such risk lies far into the future, beyond the normal investment horizon

Municipal bond insurance grew 10.4% year-over-year in 2023 leading to the highest market penetration rate since 2008, despite a drop in overall bond volume. While municipal issuance ended 2023 slightly down, demand for bond insurance continued to grow as market participants turned to it for investor confidence, increased market liquidity and enhanced credit ratings. The

The Chicago Board of Education on Wednesday saw its issuer rating and debt ratings from Moody’s Investors Service upgraded a notch, to Ba1 from Ba2 — still speculative grade, but one level below investment-grade status. The rating outlook remains positive after the upgrade. Moody’s cited improvements in Chicago Public Schools’ operating fund net cash balance,

The U.S. Virgin Islands government is short on cash for its operations and its governor is asking the legislature to borrow $55 million to cover them. Gov. Albert Bryan Jr. will send his financial team to a Virgin Islands Senate hearing next week to argue for a change in usage for a letter of credit

The Biden administration Wednesday announced $623 million for cities and states to help build a national electric vehicle charging station network, a prominent piece of the president’s infrastructure agenda that so far has been off to a slow start. The grants mark the first round of funding from the Infrastructure Investment and Jobs Act’s $2.5

Municipals continued to experience a short-end correction Wednesday amid a busy day in the primary market which saw Jefferson County, Alabama’s, mega sewer refunding deal price along with a billion-plus of Massachusetts GOs offered to retail. U.S. Treasuries were slightly weaker out long and equities were in the black near the close. The municipal AAA

The Oklahoma Turnpike Authority, which is undertaking a $5 billion, bond-financed expansion project, will challenge the constitutionality of a 2023 state law that altered its governance structure.  The OTA board voted Tuesday to seek judicial review of the law, which stripped the governor of his sole ability to appoint the six-member board, giving two appointments