Cap Markets

The Swiss bank's municipal-underwriting subsidiary lost out on a bond deal after the state comptroller included the parent company on a list of firms he deems "boycott" the fossil fuels industry.

The Fed chair said actively selling securities will become necessary as it looks to reduce its balance sheet, but not anytime soon.

A Texas city declined to award a bond deal this week to Citigroup even though the bank submitted the most competitive bid, showing how Wall Street is still contending with a Republican-backed state law that punishes financial firms for taking on gun policies.

JPMorgan Chase, which has mostly been absent from the business of underwriting Texas municipal bonds for the past year, plans to revive its work with the state and its local governments soon.

JPMorgan Chase led U.S. banks increasing direct loans to states and local governments last quarter as the firms filled a void left by mutual fund investors who fled the traditional municipal bond market amid soaring inflation and surging yields.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

Federal Reserve Chair Jerome Powell recently sold more than $1 million of municipal bonds issued by various entities across the U.S. as tough new ethics rules took effect for central bank officials in the wake of a trading scandal last year.

The Department of Justice is prosecuting ex-JPMorgan Chase bankers under federal racketeering law, a move public interest advocates hope could lead to more accountability for financial firms.

Amid reduced M&A activity, U.S. middle-market borrowers and investors in asset-backed securities are trying to reset and figure out where the right valuations levels are, says Sengal Selassie, CEO of Brightwood Capital Advisors, a lender and issuer of CLOs.

Data as of Mar. 31, 2022. Dollars in thousands.