Capital markets

Marty Mannion and Matt Schrager, managing directors and co-heads at TD Securities Automated trading division, discuss how automation and electronic trading are creating more opportunities and better outcomes for municipal market participants, including making muni bonds more accessible to a broader range of investors.

The majority of the debt sold for the state's community choice aggregators came through CCCFA, a conduit issuer that ranked third among all issuers nationwide for volume issued in 2023.

Mayor Brandon Johnson and Chicago's finance team talked up the Windy City's economy and talked up bond sale plans at an event for municipal bond investors.

Fitch raised its rating on about $260 million of municipal bonds, backed by payments-in-lieu-of-taxes, from C — the lowest category before default — to CC.

"The industry is built on relationships, and it's powered by technology," said Josh Rosenblum, head of algorithmic trading at Brownstone.

The $684 million turnpike deal is one of a spate of recent forward delivery deals driven by interest rate uncertainties. 

The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing portions if the attraction.

Fitch Ratings cited new rating criteria and increases in state funding in giving Milwaukee a three-notch bond rating boost. The outlook is stable.

Catch up on our recent coverage of the various legal issues and considerations impacting BAB redemptions.

A $327 million competitive bond deal, including $35 million of taxables, will fund renovations to the stadium and a new football operations building.

The rating agency revised the outlook on the state's AA general obligation rating to positive from stable and said there is a one-in-three chance of a future rating upgrade.

Alaska's efforts to manage its cyclical revenues brought an upgrade from S&P Global Ratings and positive outlook from Moody's Ratings.

Bonds from the authorization will likely be broken over three separate sales.

The Virginia Resources Authority and the Virginia Housing Development Authority have deals on tap while gilt-edged Delaware is selling its GO debt.

UBS' Head of Municipal Trading Doug Vissicchio joins Bond Buyer's Lynne Funk to talk muni shop.

S&P Global Ratings joined Moody's in assigning a negative outlook to its triple-A rating, but a criteria change pushed Fitch's rating of the city up to AAA.

"Each party in this deal benefits in some way," said Seema Mohanty, founder of Mohanty Gargiulo.

Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.

Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.

"The rating action reflects our view of MIA's substantial demand, which surpasses pre-pandemic activity, and its leadership in enplanement growth for large hub airports since the fiscal 2019 peak," said S&P's Nora Wittstruck.