Markets

Dustin Avey and Jeremy Garber were named co-heads of public finance; Fairman, a 40-year veteran of the firm, will remain in an advisory capacity into 2024.

The last time muni mutual funds saw outflows top $1 billion was the week ending May 31 when they were $1.345 billion.

CEO Andrew Smith says authority is taking steps toward settling its outstanding debt.

Bonds tied to Destiny USA in Syracuse were cut deeper into junk by Moody's Investors Service on doubts about its ability to extend an outstanding loan.

California priced $625 million in State Public Works Board lease revenue bonds this week.

"The market has taken to heart the [Federal Open Market Committee] actions from last week," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

Fitch Ratings affirmed the city's AA-plus GO rating while bumping the outlook on certificates of participation sold for its city courthouse.

Yields have "risen substantially over the last week as the market seeks to find at least a minor level of balance or equilibrium," said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

Data for the second quarter show the face amount of munis outstanding rose 0.4% quarter-over-quarter, or $15.5 billion, to $4.043 trillion.

The district plans an aggressive capital program in the next few years to meet rising demand and transition away from coal-fired plants.