A quote from Municipal Market Advisors’ Matt Fabian in a story about auction-rate bonds yesterday mischaracterized the parties that historically have bought up bonds to prevent a failed auction. The broker-dealers have played this role in the past by buying bonds in an auction that appears likely either to fail or to reset at unreasonably higher yields.
North Carolina's triple-A ratings were affirmed ahead of plans to sell up to $506 million in general obligation and limited obligation bonds.
The tax-exempt market is expected to be "biased higher" in the coming weeks and months as the expected heavy pace of issuance this month will not be as "oppressive" as feared, said Pat Luby, head of municipal strategy at CreditSights.
The city is gearing up to sell $252 million of general obligation bonds this year and $1.5 billion of revenue bonds in 2026 for a convention center project.
The Cleveland City Council will decide whether to approve a deal struck by Mayor Justin Bibb with Haslam Sports Group, owners of the NFL's Cleveland Browns.
"Bond by bond, project by project the muni market has helped to build the spaces and places where American life unfolds," SEC Chairman Paul Atkins said in a speech delivered at the MSRB's 50th Anniversary Celebration Tuesday evening.
92% of the holders or insurers of Puerto Rico Electric Power Authority bonds reportedly now oppose the Oversight Board's proposed restructuring deal.
