Washington

Relative cheapness, wider spreads and underperformance in munis are providing better value, all set against a very solid and resilient credit background, analysts say, but supply is testing investor sentiment amid volatility.

Fitch and S&P have now joined Moody’s in downgrading the Renton, Washington-based healthcare system’s $6 billion of bonds.

The spending plan includes $2 billion toward a 16-year transportation package.

Washington state's future highway bonds would be bolstered by an additional revenue stream if the governor signs a bill approved by lawmakers.

A controversial tax on fuel exported to other states from Washington refineries was cut by the plan's author after neighboring governors cried foul.

Issuers in California sold more than $86 billion of municipal bonds in 2021.

A selloff in Treasuries didn't throw Washington's deal off course, according to the treasurer's office.

The state of Washington sold $743 million of general obligation bonds in the competitive market at similar spreads to its November sale while some issuers have moved to the day-to-day calendar.

Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.

Washington plans to sell the GOs by competitive bid on Feb. 8 to fund various projects.

Utilities in Texas and eastern Washington see the benefit of serving the power hungry operations.

The FOMC will likely take the opportunity to profess its reliance on data to decide liftoff and reiterate the threshold for a rate hike remains higher than for taper.

New money volume in the Far West was up 31.9% to $29.5 billion, while refunding volume rose a more modest 11%.

Washington GOs came at tighter spreads than a spring sale in the competitive market while sizable negotiated deals saw bumps in repricings. Refinitiv Lipper reported $1.4 billion of inflows in the 21st consecutive week.

The rating agencies affirmed two AA-plus and one triple-A rating ahead of the deal.

Recovering air passenger numbers were one factor Fitch Ratings cited in revising the Port of Seattle's outlook to stable from negative.

The bulk of $743 billion in improvements needed to alleviate climate risk and aging infrastructure would be borne by the utilities, a rating agency says.

Rates, ratios and credit spreads have munis entering May on solid footing, though some pressures due to tax season and rising U.S. Treasuries remain.

Forward delivery sales, a replacement for tax-exempt advance refundings, could grow in 2021.

Mike Pellicciotti, a Democratic state representative, unseated incumbent Duane Davidson. Both say they are working on a smooth transition.