Markets

Wells Fargo Head of Municipal Markets Strategy Vikram Rai said on Monday that Illinois' bonds are underappreciated as he released a report on the state.

The district plans to price about $100 million of bonds Thursday, the first since Gov. Ron DeSantis took over control of it by appointing its board of supervisors.

The proposed sale size has grown to $1.5 billion and the city claims it will bring $90 million in savings this year.

The University of Arizona, which was hit with negative rating outlooks earlier this year, scheduled a debt refunding led by Morgan Stanley for Wednesday.

The rating is a new milestone in the state's long road out of legislative dysfunction.

City Comptroller Brad Lander said he's optimistic about the deal, congestion pricing lawsuits and his mayoral campaign.

Muni yields were cut up two to five basis points, depending on the curve, while UST yields rose five to seven basis points, pushing the 10-year UST yields above 4%.

Cleveland returns to market Wednesday in the first of two bond deals this month. That $64.4 million GO deal funds public parks, bridges and road improvements.

Congress has created recovery bonds for specific disasters in the past, and the CDFA wants the tool to become a permanent private activity bond category.

Municipal investors can expect just shy of $10 billion of new issues from which to choose the first full week of October and the fourth quarter, led by a $1.5 billion taxable general obligation bond offering from New York City. Connecticut is bringing $935 million of general obligation bonds.