Investments

The Oversight Board has given the local government until Tuesday to introduce a bill to revoke or amend a law that would reduce the Puerto Rico Electric Power Authority's revenues.

Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.

The $380 million request for the zoo to voters in three Portland-area counties is the largest bond measure on the May 21 statewide primary ballot.

The "historical runway" heading into Memorial Day is favorable, rolling into the summer redemption months of June through August, said James Pruskowski, chief investment officer at 16Rock Asset Management.

The Build America Bureau has $100 million in grants available over the next five years for public entities doing pre-development work to structure public private partnerships for transportation and transit-oriented development projects. 

The loan, which features a 2.5% interest rate, will finance nearly half of a community building in downtown Mount Vernon, Washington.

An amended bill that would clear the way for the Colorado Educational and Cultural Facilities Authority to issue bonds for its purchase of the Stanley Hotel, which inspired Stephen King's The Shining, advanced out of a Senate committee.

Proposed rulemaking on the FDTA is expected in June, but clarity on what exactly it means for the muni market is years down the line.

Healthcare issuance is up 122.2% year-over-year through April, rising to $9.062 billion through the first four months of 2024 from $4.078 billion over the same time period in 2023, LSEG data shows.

Issuance has increased, but financial performance and ratings are likely to stay volatile.

Strong and growing sales tax revenues support the bonds. Repayment isn't tied to ridership, which has declined.

Polk County, Iowa is issuing $113 million of general obligation capital loan notes, Series 2024A, for the Des Moines Airport Authority's new terminal project.

Munis posted losses in April, returning negative 1.24%. The asset class is also seeing losses of 1.62% year-to-date.

Alaska's efforts to manage its cyclical revenues brought an upgrade from S&P Global Ratings and positive outlook from Moody's Ratings.

Sen. Joe Manchin, D-W.Va., has already pledged to try to overturn the rule in Congress.

April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.

The deal, originally planned at $1.5 billion in three maturities, was downsized and restructured and then restructured again into one 10-year bullet maturity.

In the last few weeks projections from LUMA Energy indicate the authority can afford to pay more bond debt, opposing bond parties say.

While munis were steady Tuesday, yields have risen over the past several weeks as "larger supply is part of a strong [year-to-date] trend for tax-exempts," said Matt Fabian, a partner at Municipal Market Analytics.

Subcommittee Chair Rep. Steve Womack, R-Ark., asked Buttigieg if the $20 billion of federal commitments for transit projects over the next decade "might create a check we can't cash."