Markets

Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019.

Build America Mutual insured the majority of the maturities in the West Contra Costa Unified School District GO deal.

The downgrade affects $2.1 billion in bond debt and extends to its utility debt.

While fundamentals remain strong — with credit upgrades outpacing downgrades by 3.5 times so far in 2024 — technical factors have been "less supportive," Principal Asset Management strategists said in a report.

San Francisco's slow recovery from the pandemic and continued financial pressures drove the downgrade, Moody's analysts said.

The state lacks the money to widen the traffic-clogged highway on its own, officials said.

The Chicago City Council this week approved a plan to refinance $1.5 billion of the city's debt. The city expects to issue the bonds in the fourth quarter.

The event went on as scheduled Tuesday against a backdrop of escalating conflict between the mayor and controller, with each requesting a probe of the other.

"Coming off rich muni-Treasury ratios, the market has swiftly repriced," said 16Rock Asset Management's James Pruskowski. "With now cheaper benchmark yields and wider credit spreads, fresh capital is flowing in, and a strong bottoming opportunity looks to be emerging."

More project finance deals are part of FHN Financial's plans to grow its municipal finance business.