Citi's muni division appears to be unscathed in latest cuts

Citi's municipal division appears to have been spared from initial reorganization efforts at the firm, according to market sources. There had been speculation of layoffs in Citi's municipal division as several high-profile employees had been let go from the firm over the last year.

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Former Sterlington, Louisiana, Mayor Vern Breland has, without admitting or denying the findings, agreed to pay a $35,000 civil penalty in addition to a permanent bar from future municipal securities offerings following his role in providing false projections to the Louisiana State Bond Commission in connection with two offerings worth $5.8 million.

Read the newest research from The Bond Buyer on how environmental, social and governance factors fit into the municipal bond landscape.?

Wisconsin released a request for qualifications from firms willing to serve as bond underwriters in either a senior manager or co-manager capacity. The state Capital Finance Office will set up pools of qualified investment banking firms, which it will use to designate underwriting syndicates effective through 2026.

Click to see the first half’s top issuers, underwriters, and financial advisors.

A firm tone and hearty appetite from investors were evident Wednesday as the municipal market concluded for a shortened week due to the Thanksgiving holiday. Municipal mutual fund losses continued last week as the Investment Company Institute Wednesday reported investors pulled $1.116 billion from the funds in the week ending Nov. 15 after $1.531 billion of outflows the previous week.

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A bankruptcy court recently ruled for the most part in favor of Chester, Pennsylvania, bondholders in an adversary proceeding filed by the city challenging liens on revenues for bonds issued in 2017 as part of a financial recovery plan for the city.

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