State of Washington

Lawmakers have until late this month to decide on a mix of cuts and taxes acceptable to the governor to close a $16 billion shortfall over the next two budgets.

Washington's latest official state revenue forecast lopped almost $900 million from projected collections over the next four years.

Issuance was led by a $2 billion retail pricing from the University of California in the negotiated market and a $1.2 billion competitive deal from Washington.

A spike in inflationary costs means a tough road ahead for Washington lawmakers as they take up the budget in the new year.

In Jim McIntire's two terms as state treasurer, he sought to broaden the retail reach of state bond sales and advocated a lower state debt limit.

The Washington state island hospital's financial turmoil brought rating downgrades from Moody's Ratings.

The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and as much as three to five elsewhere along the curve, despite stronger U.S. Treasuries. Short ratios rose as a result.

This week's new-issue calendar grows and includes some "common benchmark names like CA GO, NYC GO, and WA GO," Birch Creek strategists said.

The Washington refunding deal is built on an extraordinary optional redemption of Build America Bonds despite criticism from investors who hold them.

S&P's outlook revision to positive means there is a one-in-three chance the state could have its AA-plus rating upgraded to AAA over the next two years.