Higher education bonds

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.

S&P Global Ratings revised its outlook on the university's debt to negative a month after Moody's Ratings took similar action as the school faces financial difficulties and management changes.

Gyliane Morgan alleges the company retaliated against her in 2020 after she pointed to the firm's oversight failings — including not flagging defaults by borrowers — stemming from its role in a U.S. Department of Education program that helps finance campus projects, according to a wrongful termination lawsuit she filed March 27 in a New York federal court.

With a dearth of taxable muni supply and Build America Bond refundings, the university should see strong demand for this week's $500 million taxable corporate CUSIP bonds.

The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.