Commercial banking

The asset class extended its selloff last week as concerns regarding the tax-exempt status of munis continued to mount, combined with a heavy new-issue calendar and tax season selling by investors, said Jason Wong, vice president of municipals at AmeriVet Securities.

Closing is scheduled for White Lake Township, Michigan's second try at a GO bond sale after the first was interrupted by the cybertheft of bond proceeds.

The Maine Turnpike Authority is navigating a rocky road back to the market. 

Notable deals include a $600 million refunding deal by the New York City Municipal Water Authority and almost $400 million from Rochester, Minnesota.

Foothill Gold Line Construction Authority had to rethink the final leg of a 60.2-mile light rail line when the contractor's final bid came in 50% higher than its estimated project costs.

Tim Spence is the chairman, CEO and president of Fifth Third Bancorp.

"It seems like hitting last year's volumes should be within the strike zone for the marketplace," said Kyle Javes, a managing director and head of municipal fixed income at Piper Sandler.

Higher borrowing costs without the tax exemption could force public water, sewer and power providers to raise rates, neglect infrastructure, or sell systems.

Daily report for March 31, 2025