Markets

The twin Transportation Corridor Agencies issuers in Orange County, California, received Fitch Ratings upgrades for fiscal prudence and bond buydowns.

The Delta Center hockey and basketball venue will be renovated with proceeds from the $900 million Downtown Revitalization Public Infrastructure District deal.

Issuance this week soars to nearly $17 billion, and investors are "bracing for another hefty serving the following week," said Birch Creek strategists.

"These are the types of products that financial advisors are asking to see from us," said First Eagle's John Miller.

Primary bond market volume was up 3.6% year-over-year to $49.9 billion, according to LSEG data.

The Indiana Financing Authority is the biggest entry on 2025's largest negotiated calendar with $1.5 billion of Indiana University Health system revenue bonds.

The $44 million of unrated bonds, placed only with qualified investors, feature 9.5% coupons.

With higher yields and ratios, many participants say investors should be taking advantage of current levels.

The high court reversed a lower-court ruling that yanked federal approval for the Uinta Basin Railway; backers hope to finance it with private activity bonds.

Chicago goes to market next week with $517.95 million of taxable and tax-exempt general obligation bonds following a downward outlook revision from Fitch.