News and Information from Bond Buyer

The tobacco sector has been among the worst-performing in the muni market this year, but some say it's still overvalued.

"The upgrade recognizes two important factors: the strong operating performance of Vogtle Units 3 and 4 since entering commercial service and the strength of the project's contractual framework," said Ernest Libershteyn, MEAG director of finance and treasury.

For the first time since 2023, Georgia will bring its general obligation bonds to the municipal bond market, with a $1.57 billion competitive deal.

On the bright side, ridership and revenue were up 20% compared to last May.

Favorable conditions for munis helped the asset class stay afloat, despite a hawkish FOMC.

Ohio Gov. Mike DeWine on Monday signed the state's $3.7 billion FY2027-28 capital budget, lauding the budget's breadth and impact on ordinary Ohioans.

Market Intelligence analyst Jeff Lipton breaks down how security selection, sector allocation, curve positioning and carry can generate excess returns in high-yield munis, while warning that weak cash flow, a lack of economic viability, limited liquidity and thin disclosure can quickly undermine value.

Alexandria, Va. is moving forward with a $155 million plan to convert a former power plant into a 2.5 million square feet development by leveraging tax increment financing and bond sales.

The port processed 840,165 twenty-foot equivalent units in May compared to 716,618 a year ago.

Some shops have opted to build their own pricing systems, which provide customization and competitive advantages, although they carry hidden costs. Others have decided to buy to save time, upfront costs and get best built-in practices.

Kansas City, Missouri, is weighing $235 million in special obligation bonds to help fund the $1.4 billion expansion of the KC Current's two-year-old stadium.

Munis were little changed, but geopolitical and market conditions could bode well for the sector, MMA's Matt Fabian said.

The latest update for the project at the Southwest Airlines hub showed an estimated $2.54 billion price tag and plans to issue general airport revenue bonds.

As the Trump administration touts an end to the Iran war and the eventual opening of the Strait of Hormuz, oil prices are dropping which may push muni yields down and fuel demand.

Bondholders also waived an event of default for $22 million of senior debt that Brightline took on in May.

South Carolina — which just passed a law allowing tolls and public-private partnerships — won federal funding for a statewide asset scan focused on its major transportation corridors for potential P3s.

"I think generally there is an over-emphasis placed on the takedown at the expense of considering the overall cost of the transaction," Nikolai Sklaroff, capital finance director at the San Francisco Public Utilities Commission, said.

J.P. Morgan is ranked second among underwriters, accounting for $27.182 billion in par on 200 deals year-to-date, according to LSEG.

The Texas city's $115 million general obligation bond sale comes as a water supply emergency and potential further negative rating actions loom.

Investors want to see what happens with the Fed and the Iran peace deal before they react, said Schwab's Cooper Howard.