Michigan

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.

The deal has new-money and refunding components and is expected to hit the market in a negotiated sale the week of Nov. 13.

October's total volume rose 29.3% to $37.156 billion in 661 issues from $28.738 billion in 614 issues a year earlier. New-money grew more than 30% while refundings were up by nearly 75%.

Gov. Gretchen Whitmer chose Jen Flood, her deputy chief of staff, to replace Chris Harkins who is leaving state government later this year.

Although the strike shouldn't "have significant adverse revenue consequences for Michigan or its local governments, it nevertheless highlights longer-term challenges for a state that is still disproportionately exposed to the domestic auto and auto parts industries," Moody's says.

The city cites stronger tax collections, continued economic growth and stability, and revenue sharing increases provided in the state budget.

The EPA failed to follow an escalation policy that was crafted in the wake of the water crisis in Flint, Michigan.

Despite this, August saw the largest monthly volume of 2023, helped by several billion-dollar deals and multiple Texas school district deals.

Issuers in the Midwest sold $32.6 billion of debt spread over 1,223 deals in the first half, down from $40.5 billion a year earlier.

The State Trunk Line Fund deal is the latest to fund the state's $3.5 billion bond authorization for highways. After this deal $700 million remains.

"Bearish Treasury moves have kept some pressure on the muni market and prevented an attempt to rally during the summer season when large redemptions trump issuance," BofA Global Research said in a report.

Transactions announced for the second quarter rose to 20 involving $13.3 billion of revenues from 15 in the first quarter and hit a milestone in more closely resembling pre-COVID-19 mergers and acquisition activity, according to Kaufman Hall's quarterly review.

The ruling striking down affirmative action may bring a fresh headwind to the higher education space, which already faces soft enrollment trends.

More than 80% of Michigan's larger cities said they are using ARPA funds for capital improvements like buildings and parks.

A $100 million offering of voter-authorized general obligation bonds will speed up blight removal and fund parks and transportation projects.

The Police and Fire Retirement System lacks authority to shift to a 20-year amortization of unfunded legacy liabilities from the 30-year term laid out in the city's bankruptcy exit plan, according to a judge's ruling that eases one fiscal pressure point for the city.

Suzanne Shank has been chosen as chair of the 2024 Mackinac Policy Conference, the Detroit Regional Chamber announced.

With a healthy surplus built over several years, the state adopted a series of tax relief measures. Those actions, along with robust growth in fiscal 2022 that triggered an automatic tax cut, are driving revenue projections lower.