Markets

A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.

Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.

Bond attorneys are eyeballing the possibility of attaching a tax title to the surface transportation reauthorization that could include issues of great interest to the municipal bond community as the appropriations process remains stuck in first gear.

"This was a much-needed rally as the long end struggled throughout the year, but now has been pushed back into positive territory," said Jason Wong, vice president of municipals at AmeriVet Securities.

The authority's borrowing apparatus is maintaining a business-as-usual approach it embarks on a massive new capital program and fends off federal cuts.

Cook County, Illinois, plans to go to market Oct. 1 with $150 million of sales tax revenue bonds. The deal comes on the heels of a Moody's upgrade to Aa3.

Tax-exempt munis, supported by USTs, are having a very good month as MMD yields are down 30 to 35 basis points out long, and both the investment-grade and high-yield indices are seeing gains of more than 2% month-to-date, Barclays strategists led by Mikhail Foux said.

Central Texas Regional Mobility Authority's ratings were raised by Moody's, which, along with S&P, upgraded North East Texas Regional Mobility Authority's.

Investors added $2.183 billion to municipal bond mutual funds in the week ended Wednesday, following $623.3 million of inflows the prior week, according to LSEG Lipper data.