News and Information from Bond Buyer

Budget battles in the new administration will lean toward further cuts to the IRS budget.

Tax-exempt money market funds reached a 2024 high of assets under management at $136.84 billion for the week ending Wednesday, according to the Investment Company Institute.

Lawyers are beginning to flesh out what the specifics of what a second Trump administration may look like, and what we can expect before Biden passes the baton.

"A sharply lower new-issuance calendar, peak yields, large redemption money and mutual funds inflows are all positive performance factors for the market," BofA strategists said.

The former Goldman Sachs and Wells Fargo banker will seek to expand the firm's structured finance products.

The Central Ohio Transit Authority's half-cent sales tax increase will back up to $500 million of revenue bonds.

Voters approved at least 168 local school bond measures for $42.8 billion, according to preliminary tallies, but dozens of bond requests will fall short.

Nashville, Tennessee, voters approved a $2 billion bond measure, while Lancaster County, South Carolina, and Cary, North Carolina, opposed the bond referendums.

Despite the post-election selloff, inflows continued this week as LSEG Lipper reported investors added $1.263 billion to municipal bond mutual funds for the week ending Wednesday, compared to $658.5 million of inflows the prior week. High-yield inflows returned.

The turnpike plans to sell $1 billion of revenue bonds in 2025's first quarter to continue funding for an expansion project now estimated to cost $8.2 billion.

States, cities, trade groups look toward uncertain future

The Bond Buyer's Deal of the Year awards will mark the 23rd year it has recognized outstanding achievement in municipal finance. The event, to be held Dec. 3 in New York City, will also include the presentation of the Freda Johnson Awards for Trailblazing Women in Public Finance.

Unless the state government makes changes to taxes or spending, there will be deficits of $587 million to more than $800 million starting in the next fiscal year.

The red wave that took the presidency and the Senate — along with increased odds of a Republican victory in the House — was hanging heavily over fixed income markets Wednesday, with munis and UST yields rising up to 17 basis points, with the largest losses out long.

The University of Texas at Austin's Center on Municipal Capital Markets will provide graduate and continuing education programs, research reports, and public outreach.

"If the GOP wins the House, the specter of risk to the municipal bond tax-exemption will increase," said Edwin Oswald, a tax partner at Orrick Herrington & Sutcliffe in Washington D.C.

With the rollout of a new final EPA rule, Midwest municipalities are seeking ways to finance lead pipe replacement efforts, including through revenue bonds.

Voters were asked to consider at least $148.912 billion of bonds this year in 908 ballot referendums, according to data compiled by Bond Buyer.

It was still unclear early Wednesday whether Democrats would take control of the House.

"A victory for former President Trump is likely to be viewed as ushering in a more inflationary environment, whereas a win for Vice President Harris will probably be seen as closer to the status quo," said Erik Weisman, chief economist and portfolio manager at MFS Investment Management."