Capital markets

S&P analyst Anne Cosgrove cited "Kentucky's commitment and execution to strengthen its budgetary flexibility and long-term financial stability."

Ted Damutz and Lina Santoro have joined Kroll Bond Rating Agency as directors in the public finance department in New York City.

David Fields, Rob Whitlock and Naomi O'Dell have been hired from RBC Capital Markets and will work out of the firm's Philadelphia and Chicago offices.

Some in the industry already use AI to help determine fair bid and offer prices and to summarize new-issue offering statements, but full integration into all aspects of the market is a ways away.

The $6.9 billion new-issue calendar features high-grade deals from Georgia, Washington and Massachusetts, among other frequently traded credits, which should provide direction for scales.

Municipal bond mutual fund inflows returned as Refinitiv Lipper reported investors added $672.288 million for the week ending Wednesday following $256.532 million of outflows the week prior.

The upgrades brought the Orange County Transportation Authority managed lanes toll credit to double-A levels across the board.

"The state has not issued general obligation debt since July 2022 and will be able to take advantage of strong summer redemption money," said Mary Garver, director of bond financing at the Georgia State Financing and Investment Commission.

"We're looking to grow our team in various parts of municipal practice and it was time to really add a banker in the Midwest," Janney's head of public finance, Vivian Altman said. "We see a lot of potential in the Midwest."

Federal Reserve data shows that retail ownership of municipals rose $58.8 billion, or 3.7% quarter-over-quarter, to $1.67 trillion. Bank ownership fell in the first quarter by $13.3 billion.

Molloy will be leaving the banking giant for the nonprofit sector. Dan Tomson and Paul Creedon, co-heads of public finance, will be taking over his responsibilities.

Weekday ridership on the farebox-dependent regional transit system is below 40% of pre-pandemic levels. Some lawmakers are pushing a state transit rescue package.

The upgrade lifts $1 billion of the Jacksonville system's water and sewer system senior revenue bonds to AA-plus from AA.

Gambone, who has 30 years of experience in the municipal finance industry, replaced retiring head of public finance Eileen Solla-Diaz.

Suzanne Shank has been chosen as chair of the 2024 Mackinac Policy Conference, the Detroit Regional Chamber announced.

State legislation that increases Milwaukee's revenue prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said.

Municipal Market Analytics questioned Moody's swift revision of California's outlook to negative after Gov. Newsom's May budget revisions posted.

The work from home environment will reduce city property tax collections in coming months and years, analysts say, creating financial issues.

"Ultimately, the case for fixed income generally, and munis specifically, is much stronger today than it was a year ago," said Nick Vendetti, municipal bond fund portfolio manager with Allspring Global Investments.

Kroll Bond Rating Agency upgraded Connecticut's general obligation bonds to AA-plus, citing improved finances and a recent package of fiscal guardrails.