Markets

The Metropolitan Pier and Exposition Authority will restructure a portion of fiscal 2023 debt service amid tax collections still recovering from the pandemic.

South Carolina-based Jasper Pellets borrowed $12.5 million in private activity bonds in 2018. A deal to settle the firm's Chapter 11 bankruptcy pays the debt.

While muni performance has turned negative for October, "the asset class is significantly outperforming UST," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.

"Municipal market performance has improved, but the bumpy road continues as investors remain uncertain about the interest rate environment," said Nuveen's Head of Municipals John Miller.

The zoo's parent received double-A-level ratings with the bonds rated one to two notches lower as a result of appropriation risks.

In its analysis of primary market data from 2019 to 2021, the MSRB showed that market participants fled competitive offerings during the COVID period and preferred private placements.

Treasury Secretary Janet Yellen said that while the U.S. financial system remains resilient, the current backdrop has created the conditions where risks to its stability could appear.