Public finance

With class certification now in hand, the cities that brought the lawsuit have two weeks to outline how other municipalities will be provided notice of the chance to join.

The Attorney General's office found the firm complies with a 2021 state law banning contracts with companies that "discriminate" against the firearm industry.

While it's still relatively early to tell how much — if at all — the muni market will be impacted, Kara South, portfolio manager at GW&K Investment Management, said downgrades of certain municipal bonds are likely to follow.

The Federal Reserve said that banks reported tighter standards and continued weak demand for loans in the second quarter, extending a trend that began before recent stresses in the banking sector emerged.

As ESG issuance has grown around the globe, so have investor demands, international standards for it and regulatory rulemaking around it. Citi's Aoiffe McGarry and Fitch's Megan Neuburger discuss with The Bond Buyer's Lynne Funk.

The group of banks would pay $68 million to settle the lawsuit, which originally estimated damages at $340 million.

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

Molloy will be leaving the banking giant for the nonprofit sector. Dan Tomson and Paul Creedon, co-heads of public finance, will be taking over his responsibilities.

The Federal Reserve meeting May 2-3 will be closely watched for hints about what the FOMC's next move is. Join BNP Pariba U.S. Economist Yelena Shulyatyeva at 11 a.m. May 4 as she takes a look at the meeting and Chair Powell's press conference.