Finance

The airport was heavily exposed to the now-defunct JetBlue airline, but Southwest has filled the gap.

Despite compelling yields and ratios, buyers continue to be selective. Even if rates stabilize, municipal investors will likely be cautious for some time, waiting for fund outflows to abate, strategists said.

The Regional Transportation Authority, Chicago Transit Authority and many state universities have drawn positive rating actions as the state's ratings improved.

Fitch Ratings revised its outlook on the city's AA-minus rating to positive ahead of a $1.08 billion general obligation bond sale.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.446 billion of outflows, though that was down from $2.669 billion of outflows in the previous week.

An MSRB analysis finds that trading volumes have fallen dramatically since the Great Recession, led by a drop in short-term paper, while trading surged at certain times of uncertainty and market dislocation.

The Illinois Sports Facilities Authority's hotel taxes are on the rebound but Chicago is on the hook for a $28 million debt service gap this year.

Outflows continue with the Investment Company Institute reporting $6.167 billion pulled from muni bond mutual funds in the week ending May 4, up from $5.371 billion of outflows in the previous week. 

New York Dormitory Authority school bonds and Northwell Health priced and upsized, while Wisconsin and Oregon offered general obligation bonds. Analysts say municipal curves are oversold, creating a buying opportunity.

The Metropolitan Pier and Exposition Authority will take higher ratings linked to the state's recent upgrades when it returns to the market to refinance debt.

The special district formed for the Walt Disney Company in Florida is to be dissolved under a new state law driven by Gov. Ron DeSantis.

How technology, data and transparency can aid in rough markets. Lynne Funk talks with Stephanie Sparvero of Bloomberg BVAL. (21 minutes)

Despite outsized volatility and liquidity challenges ahead, the possibility of relief for munis is not too far off, analysts say, but USTs lead the way for exempts.

Despite the pandemic, operating revenues increased 7.6% from 2019 to 2020 and 8.25% from 2020 to 2021.

S&P followed Fitch and Moody's in raising the state's ratings but the upgrades so far haven't halted the state's spread widening amid market turmoil.

Munis again outperformed U.S. Treasuries. Participants note that municipal to Treasury ratios and nominal yield levels are “extremely attractive,” which is generating some renewed interest among the retail crowd.

Shorter-dated and high-yield credit will be more likely to succeed in the current volatile environment.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.669 billion of outflows, though down from $2.875 billion of outflows in the previous week.

Illinois' latest upgrade is its fourth over the last year and moves its general obligation rating three notches away from the cusp of junk, where it once sat.

Outflows continue with the Investment Company Institute reporting $5.371 billion pulled from muni bond mutual funds in the week ending April 27. Exchange-traded funds saw inflows at $1 billion.