Higher education bonds

A preliminary forecast showed the school's days cash on hand falling below the Board of Regents' 140 days minimum requirement for a third straight fiscal year.

Orrick, Herrington & Sutcliffe take the top spot with a 10.29% market share.

RBC Capital Markets took the top spot for total education issuance, underwriting more than $10 billion in 2023.

Two California issuers take first and third spots on the list. The Regents of the University of California top the list with $2.875 billion in six deals while Los Angeles Unified School District lands at third with $1.189 billion in two deals.

Overall education issuance, including higher ed, K-12 and student loan debt, in 2023 totaled $94.9619 billion, or 3.6% more than 2022's totals.

Like many higher education institutions, the university's financial woes started when enrollment dropped thanks to the COVID-19 pandemic.

Its state university systems face a funding freeze for noncompliance with a 2023 state law banning diversity, equity, and inclusion offices.

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

Goddard College became the latest small liberal arts school to close, citing long-term enrollment declines.

Muni to UST ratios also continue to rise across the curve, inching closer to more normal averages.