Markets

The New York Power Authority created a new in-state conduit issuer to maximize savings and benefits for New Yorkers on a prepaid electricity deal.

The new-issue calendar falls to an estimated $1.154 billion, with $939.1 million negotiated deals on tap and $214.8 million of competitives.

The deal would give the company time to seek additional equity, debt and federal funds.

The long-awaited jobs report paints a mixed picture for market participants: nonfarm payrolls increased by a greater-than-expected119,000 in September, but the unemployment rate rose to 4.4%.

Flows into high-yield muni mutual funds had slowed over the past several weeks, and the past two weeks have seen outflows.

The project was the Georgia's first revenue-risk P3 and lays the groundwork for future express lane P3s.

The market is in a bit of a lull right now as it braces for a deluge of economic data, which could spark volatility, said Jeff Timlin, a partner at Sage Advisory.

The rating agency lowered the outlook to stable on its A-plus rating, saying Pennsylvania didn't do itself many favors in its fiscal 2026 budget season. 

The muni market has "demonstrated more conviction with steady demand and appealing relative yields weighing on the long-end while shifting dynamics on the short-end have led to municipals selling-off," said Tim Iltz, fixed income credit and market analyst at HJ Sims.

Chicago Mayor Brandon Johnson is seeking City Council approval of $1.8 billion in new money general obligation bonds and $2 billion in refunding authority.