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Daily report for January 18, 2022

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.

The investment could repair 15,000 bridges across the country and requires states to set aside at least 15% for local bridges.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.

BofA Securities led with $62.01 billion of deals. Out of the top five, only Morgan Stanley increased its market share year-over-year.

Newly released transcripts of Federal Reserve policy meetings in 2016 show then-Governors Jerome Powell and Lael Brainard were quick to pivot away from planned interest-rate hikes in the face of risks posed by a stumbling Chinese economy.

“Compromised systems can directly affect public finance entities in the near term,” says Fitch's Omid Rahmani, citing ransomware risks.

For investors in the municipal bond market, 2021 proved to be a year of hurdles. This is likely to change, particularly for investors in the municipal bond market.

Daily report for January 14, 2022

President Biden will nominate Sarah Bloom Raskin to be the Federal Reserve’s vice chair for Supervision and Lisa Cook and Philip Jefferson to be governors. The selections keep a Biden promise to improve diversity at the Fed.

The primary led Thursday's firmer tone while Chicago schools faced 10 to 20 bp penalties compared to price talk, signifying investors are being more selective and demanding more in the new higher-yield range.

COVID-19 hit the Lombard, Illinois, Westin hotel and conference center hard, knocking repayment of bonds restructured in a 2018 bankruptcy off track.

The latest round of federal aid is not enough to move the needle over the long term.

The city’s financial status was so distressed after the 2008 economic crash that there was talk of insolvency.

The Internal Revenue Service has released guidance providing temporary relief for low-income housing tax credit and private activity bond-financed properties due to the ongoing threat of COVID-19.

The new water resources act comes as the Army Corps of Engineers' civil works program is set to see the largest influx of funding in its history.

The project will put an equity lens on investment practices that fund infrastructure.

California officials blame a new electronic records system for reporting delays that worsen every year, though other states don't have the same problem.

Mayor Eric Adams’s proposal to ask the state to raise the Transitional Finance Authority’s bonding authority by $19 billion is being opposed by Comptroller Brad Lander.