Michigan

Sterling Heights, Michigan, plans to issue $45 million of bonds to help finance a $1.06 billion redevelopment of Lakeside Mall, which closed at the end of June.

Detroit-based international law firm Miller Canfield has hired five public finance attorneys from Ice Miller. All five will join the firm's Chicago office.

The $82.5 billion fiscal 2025 budget includes the final tranche of Rebuilding Michigan Plan bonds.

Brodie Killian has moved to PFM from Stifel Nicholas & Co., joining its Ann Arbor office as a director.

S&P's upgrade to BBB from BB-plus follows a March upgrade from Moody's Ratings, bringing the city to investment grade a decade after its historic bankruptcy.

"What we saw in 2023 was a large surge of issuers coming back into the single-family bond market," said Kurt van Kuller of Sit Investment Associates.

The loan is part of an Inflation Reduction Act program that finances the restart of renewable energy projects that have ceased operations.

Moody's Ratings hiked Detroit's issuer and general obligation unlimited tax bond ratings to Baa2 from Ba1, a milestone for the formerly bankrupt city.

Larger deals, fewer issues: those were the overarching municipal bond sale trends, along with a surge in tax-exempt deals, across the Midwest in 2023.

Lansing's Board of Water and Light is issuing $350 million of tax-exempt bonds in a deal that would fund a tender offer for $232.6 million of outstanding debt.