Markets

Fitch raised Michigan's general obligation rating one notch to AA-plus.

As passengers return and revenues climb toward pre-pandemic norms, the Port Authority of New York and New Jersey has billions of capital construction on tap at the region's largest airports.

The bank in recent months shuttered its muni proprietary trading unit — which used the firm’s own cash to trade and invest — as part of a push to focus on providing more of its balance sheet to larger, institutional clients, according to people familiar with the matter.

Genesee County and Flint supported the bonds issued to finance construction of a pipeline with the county ultimately on the hook.

Investors pulled $698.782 million out of municipal bond mutual funds, per Refinitiv Lipper data, versus the $206.127 million of inflows the week prior. High-yield saw small inflows.

The top two bond insurers — Assured Guaranty and Build America Mutual — accounted for $17.132 billion of deals in the first two quarters.

The Investment Company Institute reported investors added $543 million to muni bond mutual funds in the week ending July 13 compared to the $1.061 billion of outflows in the previous week.

Bond premiums decrease when a city facing flood risk adopts measures that will reduce those risks, according to a recent study.

Looking forward, a myriad of factors, including spiking fuel prices, fallout from the Russian invasion of Ukraine and the heat wave, “will facilitate recessionary(ish) economic outcomes by year end," noted an MMA report.

Issuers come to market more often and with larger deals when muni bond funds are enjoying inflows, a new paper contends. But not all market participants agree.