Markets

Potential buyers besides Emory University include Georgia-based health systems, other proton therapy operators and private equity firms.

While fixed-spread tenders may be a novelty for tax-exempt bonds, they have been around for over 40 years for corporate bonds.

Supply should be "well-received, given strong inflows and the increase in reinvestment capital for the new month," said Chris Brigati, managing director and CIO at SWBC, and Ryan Riffe, senior vice president of capital markets at the firm.

Market Intelligence analyst Jeff Lipton analyzes how varied state funding priorities and overall charter school support, shifting enrollment patterns, policy uncertainty, charter renewal risk,  and varied pension practices affect charter school bond security—and outlines what issuers, advisors and investors should be communicating to the market.

The push for a Railroad Rehabilitation and Improvement Financing loan comes as opponents call for a full review of the railway over concerns about oil spills.

Moody's Ratings downgraded Parkview Health System's revenue bond rating one notch, to A1 from Aa3, on Friday. It also revised the outlook to stable.

The market is well-positioned for February, after January's near-record tax-exempt supply, said J.P. Morgan strategists led by Peter DeGroot.

Issuance was $34.308 billion in 471 issues, down 7.2% year-over-year from $36.982 billion across 536 transactions in 2025. However, this was the third-highest monthly figure for January and above the month's 10-year average of $29.699 billion

Munis were largely unchanged this week and tax-exempts continue to be "quite unattractive" at current levels, said Barclays strategists led by Mikhail Foux.

Wells Fargo Securities will price for the Chicago Transit Authority $575 million of first and second lien sales tax receipts bonds on Thursday, Feb. 5.