Markets

The restructuring is on track to occur March 15, officials said.

The 18-member group will be headed by Eric Scroggins, co-head of debt advisory and restructuring, and Bill Reisner, head of public finance investment banking.

The Investment Company Institute on Wednesday reported $2.637 billion of outflows in the week ending Feb. 23, down from $3.120 billion of outflows in the previous week.

Moody's said the upgrade reflects continuing strong revenue and liquidity trends, completion of a debt-reduction program and increased pension contributions.

The Russian invasion of Ukraine could slow interest rate hikes and has led the market to pull back on the chances of a 50-basis-point liftoff.

North Carolina Treasurer Dale Folwell talks with The Bond Buyer's Chip Barnett about how the state's economy has remained in financially good health despite dealing with the COVID-19 pandemic as well how the state deals with troubled municipalities. As chair of the debt affordability commission, he chats about bond issuance. He also discusses the ways to reform healthcare and increase transparency. (15 minutes)

All markets, but particularly municipals, are in uncharted territory once again, with volatility amplified by the crisis in Ukraine and a still somewhat uncertain path for the Federal Reserve and inflation.

February volume was $26.481 billion in 594 deals versus $37.052 billion in 981 issues a year earlier, bringing total volume for the first two months of the year to $51.426 billion, or 20% less than 2021.

The new-issue calendar is $5.45 billion while 30-day visible supply sits at $11.14 billion. The largest deal of the week comes from the New York City Municipal Water Finance Authority with $793.83 million.

Soaring inflation could pressure the ratings of utilities if they bring rate hikes that spark customer and political opposition, S&P Global Ratings said.