Higher education bonds

The Phoenix-based school's debt was rated a notch above junk — to BBB-minus by Fitch Ratings ahead of a refinancing of bonds from a 2021 issue.

Rider University, a small private college outside of Trenton, New Jersey, is trying to raise additional funds to help an ongoing liquidity crunch. 

Two universities at opposite ends of the state received Moody's downgrades this week.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.

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.