Commercial banking

The ever-rising cost of projects is the number one financial challenge for municipalities, according to the latest survey from the National League of Cities.

Chicago is returning to market with a $375 million deal for O'Hare Airport, according to multiple rating reports, with more on the way.

The U.S. Department of Transportation announced it has achieved a hiring goal for new air traffic controllers as the threat of a government shutdown looms in the background.

The outlook revision to negative for the Texas Biomedical Research Institute cited weakened liquidity and reliance on federal grants, the rating agency said.

The nearly-complete offshore wind power generation project can resume construction while it fights a stop-work order from the Trump administration.

Two triple-A bond deals from the Lone Star State to finance water-related projects are scheduled to price this week in the municipal market.

Daily report for September 23, 2025

"On a month-to-date basis, AAA munis have outperformed Treasuries across the entire curve. … This outperformance can be attributable to an improvement in market technicals," said Daryl Clements, a portfolio manager at AllianceBernstein.

The Pennsylvania government is still kicking the can down the road on public transit funding. This time, it's using capital funds to plug operating gaps. 

A bill to provide state credit support for housing finance and another to create an infrastructure bank were placed in the legislature's suspense file.

Advocates have floated similar measures repeatedly over the course of several administrations with no luck.

The college's most recent annual comprehensive financial report is for the fiscal year ending June 30, 2023, and S&P is concerned by the lack of timely reporting.

Gordon Bava is a senior partner in the Los Angeles office of Manatt, Phelps & Phillips, LLP. His practice focuses on mergers and acquisitions, special committee representation, private and underwritten securities offerings and general corporate representation of clients in a variety of industries. Manatt, Phelps & Phillips is a multidisciplinary, integrated national professional services firm.

The administration wants the project "to be a model of how to build quickly and cost effectively," Transportation Secretary Sean Duffy said.

Doña Ana County taxable industrial revenue bonds, which will be sold to participants in the project, will enable the project to access a variety of tax breaks.

Justin Pulgrano, CPA, is the senior vice president of strategic growth at Crunchafi, with a 15+-year career spanning Big Four audit, transaction advisory and technology leadership. Pulgrano helps CPA firms harness technology to simplify complex workflows and free up more time for insight and client impact.

The state government is holding back school aid while it waits for lawmakers to pass a budget. That's hurting some schools more than others. 

Daily report for September 22, 2025