Investments

Muni bond issuers cut their median audit times from 2023 to 2024, with issuers in all governmental bond and most revenue bond sectors reducing audit timelines.

While the city projects a water emergency, capital costs in the state's latest water plan skyrocket and demand exceeds capacity in a state financing program.

Issuance continues to drive performance in the muni market. Despite Friday's run-up in USTs, muni yields adjusted "less dramatically," said Ajay Thomas, head of public finance at FHN Financial.

The developer faces no penalties from the missed interest payment.

The House Appropriations Committee approved the fiscal year 2027 Transportation, Housing and Urban Development and Related Agencies last week by a vote of 34 to 27.

The $1.2 billion deal, issued by the California Community Choice Financing Authority and underwritten by Goldman Sachs, saw Alphabet as its funding recipient.

While muni primary supply falls this week, it is still robust. Issuance is an estimated $11.541 billion this week, with $8.501 billion of negotiated deals on tap, according to LSEG.

In need of revenue, some state legislatures are turning to their wealthiest residents for additional monies.

The muni market's strong performance in May and so far in June has been in line with historical trends, Mikhail Foux wrote for Barclays — but historical trends suggest the market will lose steam soon as supply builds.

The letter from officials in Democrat strongholds asked the rating agencies to maintain their focus on financial analytics in viewing energy-dependence, rather than being swayed by the political winds.

The rating agency gave the city a negative outlook in November 2024, following voter approval of a ballot measure requiring more public safety funding.

A county tax collector said the ballot measure, if passed, would endanger outstanding local bonds throughout the state.

Market Intelligence analyst Jeff Lipton recaps May's muni outperformance versus Treasuries and broad fixed income, highlighting how carry, reinvestment demand and spread compression drove strong returns and helped A3 and Baa credits lead the market.

On the primary market, some deals are oversubscribed and others sent back to the drawing board.

West Sacramento's baseball expansion plan would provide funding to two Yolo County school districts, backers say.

"On a broad level, sentiment appears to reflect long-range optimism, though with some expected bumps along the way," NewSquare Capital's Kim Olsan wrote.

A federal appeals court panel stayed a lower court decision that found the 2021 state law to be unconstitutional.

The bond parties want the U.S. Court of Appeals for the First Circuit in Boston to overturn the U.S. District Court's rulings on their efforts to gain control of PREPA.

The Nassau County Tobacco Settlement Corp's ability to continue as a going concern depends on restructuring its tobacco debt, the county's audit said.

The Quincy, Massachusetts, mayor wants the city to issue debt to buy the former Eastern Nazarene campus. There is concern about the city's high debt load.