News and Information from Bond Buyer

The bondholders say they are owed $8.3 billion of principal and billions more of unpaid interest.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.

Levels fell back to pre-pandemic levels, state comptroller Thomas DiNapoli said, "so the notion that it's crashing and it's all gloom-and-doom is not a fair observation."

The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021.

The top bond counsel firms combined for a total of $292.177 billion in 6,406 transactions during the first three quarters of the year, down from the $343,709 billion in 9,139 deals over the same period in 2021.

Keeley Webster, a Bond Buyer senior reporter, hosts a discussion with Raul Amezcua, a Ramirez & Co. managing director, on a California committee's efforts to craft ESG disclosure guidelines to encourage greater issuance of green bonds and provide more transparency for investors. (20 minutes)

"Municipal market performance has improved, but the bumpy road continues as investors remain uncertain about the interest rate environment," said Nuveen's Head of Municipals John Miller.

Municipal issuers are learning the ropes of ESG disclosure and marketing.

The zoo's parent received double-A-level ratings with the bonds rated one to two notches lower as a result of appropriation risks.

The workers say federal law bars the impairment of their wages.

In its analysis of primary market data from 2019 to 2021, the MSRB showed that market participants fled competitive offerings during the COVID period and preferred private placements.

Population growth is fueling bond proposals in Texas, particularly for schools; K-12 districts there are asking voters for $15 billion of bond authority.

Selling pressure was on the rise again this week. Thursday's $2.919 billion of bonds out for the bid was only surpassed on March 19, 2020, when they hit $4.115 billion. A larger calendar closes out October.

The upgrade reflects the city's improving pension funding practices, commitment to a sound reserve position and ability to institute structural budget measures, Fitch said.

Massive mutual fund selloffs this year have returned the market to a pre-1976 investor landscape, when portfolios focused on individual demand, said MMA's Tom Doe.

At 2.5%, Florida's September unemployment rate is the second lowest in the state's history and the lowest since October 2006.

Corporate CUSIPs can reach a different, broader set of investors than even taxable munis and offer more issuing flexibility for well-known universities.