Southwest

J.P. Morgan held a one-day retail order for $1.65 billion of revenue bonds from the Dormitory Authority of the State of New York, while Minnesota sold $1.02 billion of GOs in the competitive market in five deals.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

The state-created agency has a plan to finally tap hitherto unused proceeds from a 2021 bond issue.

For the coming week, investors will be greeted with a larger new-issue calendar led by large New York and Texas ISD issuers, along with gilt-edged Minnesota selling competitively.

The second largest Texas city could be headed to a trifecta of triple-A ratings after Fitch revised the outlook on the city's AA-plus rating to positive.

Mayor David Holt says the city and its NBA team can replace the Paycom Center with a bigger facility without raising taxes.

Energy-producing states are riding out oil and natural gas price swings that affect severance tax collections.

Bondholders, other creditors, and the venue's owner argued the U.S. trustee's move would be detrimental for a plan to sell the facility to maximize recoveries.

Utilities paid sky-high prices for natural gas and power during Winter Storm Uri, leading to the issuance last year of nearly $2.9 billion of bonds to cover those costs.

The one-notch upgrade to AA reflects growth in Kansas Department of Transportation available fund balances and the state's improved credit quality, Fitch said.