Markets

The risk Brightline Florida poses to the rest of the high-yield market may manifest in fund flows, investors said.

Over the past three trading sessions, MMD yields have been bumped nine to 12 basis points, while UST yields have fallen over 20 basis points on the front of the curve.

Some bondholders have retained legal counsel while others are in the dark about the company's plans.

"If the narrative takes hold that the Fed is behind the eight ball and will need to cut rates several times in the coming months to catch up to the realities of a weaker economy, we expect muni yields will drift lower alongside treasuries," Birch Creek strategists said.

The health network has struck up a partnership with the Dana-Farber Cancer Institute and is selling debt to finance the related infrastructure in Boston. 

Municipal yields fell four to seven basis points, depending on the curve, while UST yields rallied nine to 30 basis points, with the largest gains on the front end.

Moody's cited continued liquidity improvements in the ratings lift for the northern California clean energy aggregator.

Tax-exempt munis have underperformed year-to-date, said David Hammer, a managing director and portfolio manager at PIMCO.

Fitch said the train line's ridership and revenue ramp-up continue to lag projections.

The city has promised to contribute $625 million to the stadium project. The team, owned by billionaire Shahid Khan, is to come up with $625 million of its own.