News and Information from Bond Buyer

Illinois' $2.45 billion GO sale should attract a wider investor audience with the higher ratings as the state seeks to raise new money for capital projects, fund ongoing pension buyout programs, and refund some debt for present value savings.

The MSRB's proposed amendments to Rule G-47 on time of trade disclosures codifies existing guidance and is being welcomed by dealer groups despite some minor objections.

Neal Pandozzi, a partner at the law firm of Bowditch & Dewey, talks with Chip Barnett about what environmental social and governance really means for public finance, separating politics from policy, polemics from principles. (34 minutes)

The bill follows the same lines as Gov. Maura Healey's tax relief package proposed in February, but comes with a smaller price tag.

Muni yields were cut four to eight basis points, depending on the scale, while UST yields rose seven to nine basis points. Muni outperformance and rich ratios continue.

Two ratings agencies expect AES Puerto Rico to default on Puerto Rico municipal conduit bonds.

The House Republicans proposal to avoid a debt limit default relies on spending cuts and "capturing" unspent COVID aid.

Participants in the Texas municipal market raised concerns over bills that would constrain debt issuance.

S&P raised Massachusetts' general obligation long-term credit rating to AA-plus from AA.

For long-term muni bonds, BofA strategists noted that macro market and supply/demand conditions "are dominating the picture, pushing the high-grade muni market to a relatively rich valuation versus Treasuries."

Swain set a deadline ahead of what was requested by the Oversight Board.

A New York judge ordered an affiliate of the owner of the mall to pay $389 million to junior lenders on a construction loan.

Lawmakers are re-introducing legislation to repeal the deduction cap on state and local taxes

Attorney General Rob Bonta faces criticism for restrictions that caused the collapse of a proposed buyout of a troubled Central Valley hospital.

Texas, Virginia, Idaho, Mississippi, Montana, Nebraska, New Hampshire, South Dakota and Utah, have all signed briefs urging the Court to take on the case.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

A John Miller-less speculative bond market may mean more diversification and price transparency, say some investors.

For the week ending Wednesday, outflows intensified as Refinitiv Lipper reported $255.794 million was pulled from municipal bond mutual funds after $91.713 million of outflows the week prior. High-yield saw inflows.

Several Midwest hospital mergers that are in the works will contribute to the 2023 numbers while one announced in 2022 just closed.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.