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M. Elizabeth Walker and Jerimi J. Ullom have joined law firm Barnes & Thornburg's Indianpolis office as healthcare and public finance partners.

The deal is expected to be executed Dec. 14, putting four government-run tollways under Albertis Infraestructuras SA, which already runs Puerto Rico toll roads.

Munis are now following along with broader Treasury market weakness, and "at the same time are also attempting to manage some of the healthiest issuance that we've seen this year," said Morgan Stanley's Matthew Gastall.

Fishers, a suburb of Indianapolis, is selling $170 million of bonds for an arena to house the minor-league Indy Fuel and to host concerts and other events.

The hire by Missouri-based Stifel comes as some broker-dealers trim ranks amid weak issuance.

The commonwealth revamped its P3 law last year in the wake of a court ruling striking down a tolled bridge program.

The top five bond financings have an average dollar volume of more than $1.2 billion.

California received a negative outlook from the rating agency in May amid revenue uncertainty. The Public Works Board lease revenue bonds are rated Aa3.

They say the plan is unconfirmable in its current form and must be changed before any disclosure statement is approved.

The SEC's Examination Division will focus on solicitor municipal advisors' compliance with new MSRB Rule G-46, which goes into effect on Mar. 1, 2024.