California

Brightline, a high-profile name in the speculative muni market, is set to come to market next week to remarket $675 million of 2020 bonds.

A California Department of Water Resources spokeswoman said the department is considering an appeal of the Superior Court judge's decision.

Growing new-issue supply is "adding to bidders' 'wait-and-see' mentality with a variety of credits coming to market at favorable spreads," said FHN Financial's Kim Olsan. Next week's calendar hits $8.4 billion.

VTA's auditor general dinged project managers for misleading communications and a "breach of transparency" regarding cost overruns and delays on the $12.2 billion San Jose extension of a Bay Area Rapid Transit line.

Altadena, California-based Episcopal Communities & Services for Seniors was able to sell bonds through a treasurer's conduit thanks to the new state law.

The top five bond financings have an average dollar volume of more than $917 million.

In its take on the governor's proposed budget, the Legislative Analyst's Office lowered its own deficit projection, but called the governor's revenue projections "optimistic."

The shortfall Gavin Newsom says his budget must close is $30 billion less than the deficit forecast by the Legislative Analyst's Office in November.

Marina Wiant was named to head California treasurer committees that set the debt limit, determine how the private-activity capacity is deployed and play a critical role in financing the construction of affordable rental housing in the state.

Red state-blue state battles have complicated ESG issuance even as the muni market strives to make it an accepted asset class. The Bond Buyer's Lynne Funk, Karen Pierog, Chip Barnett and Keeley Webster discuss how it's playing out nationally and regionally.

Since November, 10-year munis have fallen 130 basis points, according to Refinitiv MMD. This has pushed ratios to near-record lows, said Jason Wong, vice president of municipals at AmeriVet Securities.

The Alameda Corridor Transportation Authority announced a tender offer as part of a restructuring plan that could culminate in $1.36 billion of bonds.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

Fitch Ratings upgraded the Riverside County Interstate 15 managed lane project two notches, affecting $152.2 million in debt.

The $68 billion deficit reported for California's budget is an eye-opening figure but the revenue trends are less dramatic when viewed over multiple years.

The issuer is set to come to market with general revenue bonds the week of Jan. 21, according to its investor website.

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

A gain of more than 4,000 residents came amid population gains in much of the Bay Area and as a counterpoint to a "doom loop" narrative about San Francisco.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.