Michigan

Some Midwest states, notably Michigan and Ohio, dipped well below a national average that saw roughly two of every three school bond measures approved in November.

The Michigan Finance Authority closed on $79.5 million of distributable state aid fifth lien and LTGO financial recovery refunding bonds issued for Detroit.

As federal funding dries up, cites are searching for new funding sources.

Xavier University in Ohio is the latest private Midwest college to face bad financial news -- downgrades from two bond rating agencies -- but it's not alone.

Months after the SEC approved several spot bitcoin exchange-traded product shares, a number of Midwest public pension funds are dabbling in crypto investments.

Detroit-based Wayne State University will return to market with $31.7 million of general revenue refunding bonds, with proceeds refunding outstanding bonds.

States may need to look to Florida's catastrophe fund example as extreme weather increases, FEMA denies more requests and insurance becomes unprofitable in much of the Midwest.

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.

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

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.

Michigan is paying down debts of six local school districts – two of which have closed or merged with neighbors – including outstanding bond balances.