Washington

Washington Gov. Jay Inslee announced the state would use better-than-expected carbon-pricing revenues to accelerate the state's climate change efforts.

The downgrade of Issaquah School District 411 to Aa1 affects $670 million in debt.

The state asked the U.S. Supreme Court to deny a request to hear arguments seeking to overturn a capital gains tax expected to bring in $500 million annually.

California and Washington sold four large refunding GO deals in the competitive market while several deals of size priced in the negotiated market led by a $650 million for Arizona's Salt River Project. A constructive secondary led yields to fall three to five basis points.

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%.

The top five bond financings have an average dollar volume of more than $1.2 billion.

Municipal bond issuance in the Far West was down 2.3% in a first half that saw volume drop 17.1% nationally.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

The offered side "has continued to pack the primary market with value to manage their (and the market's) potential downside if disruption did occur; this also helps the context for muni buyers headed into the Fed," said Matt Fabian, partner at Municipal Market Analytics.

Most top 10 issuers for 1H are from New York and California, with three from New York and three from California.