Investments

The WAPA board of directors says it is looking for a replacement who would start on July 1, when Andrew Smith says he will depart.

Recognizing the formidable construction challenges, the White House has created a Nuclear Power Project Management and Delivery working group "to help identify opportunities to proactively mitigate sources of cost and schedule overrun risk."

Source: LSEG

BofA Securities led the underwriting of healthcare issuance in 2023, with $3.3549 billion in total.

Healthcare issuance in 2023 was lower than usual, as many issuers were still using COVID-related federal aid. The largest issuances came from the Massachusetts Development Finance Agency.

Connecticut's GO deal is expected to benefit from its improving fiscal reputation, embodied in two rating outlook revisions to positive ahead of the pricing.

While particpants expect some pressure in the near-term with more than $16 billion on tap, they also say the current yield and ratio levels offer investors opportunity.

Texas' largest public school system would use the proceeds from its biggest-ever bond referendum to fix aging facilities and make other improvements.

May volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

The authority is refunding its 2014A bonds to gain debt service savings.

Despite losses, munis are "being set up nicely" as the summer season approaches, said Jeff Lipton, a research analyst and market strategist.

In its first report since 2017 on municipal issuer disclosure, the Municipal Securities Rulemaking Board found that the average audit time has risen slightly since 2018 to 209 days, its highest on record.

The new law was modeled after a North Carolina law and its use in Charlotte, said Matt Wiltshire, president of Pathway Affordable Housing Corporation, which works to develop affordable rental housing in Nashville.

The Metropolitan Washington Airports Authority plans to refund about $400 million and sell $429 million of new money for its capital construction program.

Muni yields rose up to 13 basis points Wednesday, depending on the curve, coming on the tailwind of a market correction, said Brad Libby, a fixed-income portfolio manager and credit analyst at Hartford Funds.

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.

The Senate WRDA measure asks the Army Corps to report on best practices and lessons learned with its 10-year-old pilot P3 program.