Washington

Issuers in five Far West states increased their borrowing the first half of the year, while four saw sizable decreases.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

Demand for the increased supply has been "solid" if nearly largely reliant on income-oriented small lot buyers, noted Municipal Market Analytics, Inc. Partner Matt Fabian. Through last week, buyers continued to be separately managed account/retail in size.

More funding went to oil and gas subsidies than into green energy projects in recent years, according to panelists at Milken Institute's Global Conference.

The pace of the issuance and the increase of refundings, surging 59.6% in the first quarter of 2024, have also led some firms to up their overall 2024 issuance projections.

The eight-year, $1.35 billion property tax levy would have to be approved by the City Council before going to voters in November.

The Washington state island hospital's financial turmoil brought rating downgrades from Moody's Ratings.

The calendar is led by several high-profile deals, including $2.7 billion of GOs from California, $1.5 billion from New York City and $1.1 billion from Washington. High-yield gets another dose of unrated project finance debt from Miami Worldcenter Project tax increment revenue bonds. The Bond Buyer 30-day visible supply sits at $12.06 billion.

The Washington refunding deal is built on an extraordinary optional redemption of Build America Bonds despite criticism from investors who hold them.

Raymond James' 10 hires include six senior bankers and an entire Citi public finance team focused on California.