Special Program Root Tag

The $4.5 billion of New York Transportation Development Corp. bonds sold for the P3 won the Northeast category of The Bond Buyer's 2024 Deal of the Year awards.

As headline risk swirls around the Fed and the transition to the Trump administration, municipals have largely stayed in their own lane. November finds the municipal market "in far better technical shape, with an attractive backdrop through at least year-end," J.P. Morgan's Peter DeGroot said. 

The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.

Donald Trump discussed various items related to the Fed and its independence and stated he would not nominate Jerome Powell for another term as chair. Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, discusses what a Trump presidency may mean for the Fed.

The Los Angeles school district was at the forefront of a Build America Bond refunding wave with its $2.9 billion deal.

New Senate Majority Leader John Thune, who played a key role in negotiations of the Tax Cuts and Jobs Act, noted at the time the "fierce support in both chambers" for tax-exempt private activity bonds.

The finance team burned the midnight oil to assemble and market one of the most complex deals in the municipal market this year.

Market reaction to inflation numbers was "tempered," said Richard Flax, chief investment officer at Moneyfarm. But should inflationary pressures hold in 2025, "markets may anticipate that further rate cuts could be limited in scope, suggesting a more cautious investment outlook."

Trump's proposed corporate tax cut, if enacted, would further concentrate the buyer base and increase the chance of volatility, said Wells Fargo head of municipal strategy Vikram Rai.

Omaha voters approved six general obligation bond measures totaling $333.4 million last week, none of which required a tax increase.

Numerous vital issues are on the docket for the new Trump administration.

The borrower is planning to use a convertible taxable "Cinderella" structure in the wake of a delay in securing tax exemption for a chunk of the deal.