Markets

The dramatic downgrade projects a default by January 2027 on bonds issued to finance the Miami-to-Orlando passenger train service.

Supply for the final two weeks of the year will be virtually nonexistent, with only one deal, $24.46 million of taxable multi-family/project bonds from the Colorado Housing and Finance Authority, on the calendar for next week.

The Equitable School Revolving Fund, which has more deals in the works, has maintained its strong credit profile even as the sector has experienced headwinds.

Muni yields were bumped a basis point, while UST yields fell two to four basis points.

The House Finance Committee is making good on a promise to address housing affordability by advancing a bill that increases the public welfare investment cap to 20% from 15%.

Two student housing developments in Orlando and Tampa, Florida, financed by speculative-grade bonds in 2024, have shown signs of strain.

"Once this week is done, that's it for the year. The following week is Christmas, and then after that, the new year," said Jeff Timlin, a partner at Sage Advisory.

Palomar Health's bond rating remains stuck at junk, but UCSD partnership offers a glimmer of hope.

The company has the option to defer interest payments three times without triggering a formal default.

The Ohio State University went to market Tuesday with a $560 million deal to refund taxable Build America Bonds into tax-exempt debt.