Investments

Leases backing many of the bonds are scheduled to expire before the debt is fully repaid, Moody's warned.

The muni market will also receive $28 billion of principal and interest set to be paid to investors Thursday, according to CreditSights.

Reflection from Outgoing MSRB Chair Natasha Holiday

"Assured is going nowhere and will be here long after the Chapter 11 cases conclude," the attorney representing the bond insurer told the bankruptcy court.

Nuveen LLC offered up its entire position in bankrupt Brightline's senior uninsured bonds, according to people familiar with the matter.

The muni market is getting some relief from the new-issue calendar, as issuers have put deals on hold, according to Pat Luby, head of municipals and senior market municipal strategist for CreditSights.

The city delayed a $1.8 billion deal that was on the calendar this week, but the new money deal proceeds will be needed for a project tied to the 2028 Olympics.

Less supply coming to market lets "existing float get distributed," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

"This will be the largest economic development project in D.C. history," said Washington Mayor Muriel Bowser.

The advent of environmental sustainability projects in the past decade has introduced a new kind of uncertainty into municipal debt offerings.

A new state law in Arizona is designed to spur the use of land-secured municipal bond financing to increase housing development and lower its costs.

The end of September, which is also the end of the fiscal quarter, is a historically volatile time, according to James Pruskowski, managing director at Hennion & Walsh. That volatility, driven by shoring up unsettled positions and balance sheets, is exacerbating yields' upward climb in both munis and Treasuries.

Workers and machines are poised to begin digging the new tube for a $16 billion rail tunnel project under New York's Hudson River.

Illinois lawmakers are hammering out legislation to raise cybersecurity protections for local water utilities, a timely effort after cyberattacks this summer.

In the new role, one of Doryan Carlton's responsibilities will be overseeing the state's bond issuances. She replaces Bill Poole.

The current environment for state and local public finance is examined with special attention paid to the healthcare and higher education sectors.

The surge in yields has "crushed" bond prices and driven total returns well into negative territory, said CreditSights strategists.

Factors such as financial disclosure schedules are one reason big bond deals from New York City and the state have to share tight space in the bond calendar.

Munis are entering a negative feedback loop, according to J.P. Morgan analysts led by Peter DeGroot.

"In a few years, Brightline may have to consider going through something like this again," warned one investor.