Markets

The restructuring would reportedly target the taxable corporate bonds, which are subordinate to the muni debt.

The recent short-end correction stems from last week's Fed rate hike, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.

A finance committee vote teed up a debate by the full Chicago City Council Wednesday on whether to require more aldermen votes for new borrowing.

Bondholders agreed to extend the lender longstop date, giving developers more time to test the LAX SkyLink project and avoiding an imminent technical default.

The long end of the curve has stabilized at very attractive yields, according to CreditSights' Pat Luby, inviting insurance companies and banks into the negotiated market.

New Jersey's Transportation Trust Fund Authority, once in a "spiral of debt," is now fiscally stable. Its most recent bond deal offered investors attractive yields.

Federal Reserve guidance will likely continue to support the long end, MMD's Kevin McGuigan said, but "investors need to be cautious about extending duration right now, given that a lot of the pressure on the long end has been the result of supply concerns."

Burton brings 35 years of municipal sales experience, most recently at Cantor Fitzgerald.

The front-end cheapening follows Wednesday's bear flattening of the UST curve in response to the Federal Reserve hiking rates and a median 2026 dot that implied another hike before yearend, said Kevin McGuigan, director at Municipal Market Analytics.

Despite the approval, ongoing litigation is attempting to stop the incentives to the plant.