Finance

The Texas Transportation Finance Corp. leads the new-issue calendar with $1.739 billion of subordinate tier toll revenue and refunding bonds, followed by New York City with $1.5 billion of general obligation bonds.

Fitch revised its outlook on the AAA-rated southern California to negative. The city is grappling with child sexual abuse claims from hundreds of people against one former employee.

Raymond James has added four senior public finance professionals — two to its Chicago office, and two to a new office it is opening in Naperville.

"While the shutdown will eventually be resolved, present circumstances may catalyze tactical investment opportunities as a way to capture even more compelling yield and income opportunities," said Jeff Lipton, municipal market intelligence analyst for The Bond Buyer.

The rating agency cited narrowing reserves and the expectation that the city will experience declining revenues next year.

The Baa3 rated government will now have more trouble supporting the struggling Guam Memorial Hospital, Moody's Ratings said.

If the shutdown lingers, disruption to key economic data releases could increase market uncertainty, said Tom Kozlik of HilltopSecurities.

Summit Utilities Oklahoma used reserve funds to help cover an Oct. 1 payment on taxable bonds sold in 2022 through the Oklahoma Development Finance Authority.

October has historically not been "particularly kind to the municipal market, as it tends to be one of the heavier supply months of the year," said Daryl Clements, a portfolio manager at AllianceBernstein.

The muni market may be shaken by a government shutdown, driving short-term volatility and wider spreads, said James Pruskowski, a public finance strategist.