Investments

The State Trunk Line Fund deal is the latest to fund the state's $3.5 billion bond authorization for highways. After this deal $700 million remains.

Continued pressure on the UST market coupled with the end of the summer reinvest may begin to test new issues as investors are able to be more selective.

Missouri's move to directly regulate asset managers on ESG-related matters marks a new front on the ESG battleground.

Gross underwriting spreads rose slightly for the first time in 2023 after both trending lower for nearly the last 15 years and hitting a 20-year low last year on increased competition, lower issuance and use of technology.

Healthcare and transportation had the biggest contraction in issuance volume.

Total volume in the first half of the year was $180.882 billion in 3,853 deals, down 17.1% from the $218.230 billion in 5,444 over the same period in 2022, according to Refinitiv data.

In comparison to the $17.689 billion of transactions completed in the first half of 2022, the top two municipal bond insurers wrapped $15.571 billion in 2023.

The eight-state region accounted for $38.5 billion in muni bond sales in the first half of 2023, with the lion's share coming from Texas.

A state-by-state review of first half 2023 issuance in the Northeast.

Issuer trepidation oer rates, volatility hold down bond volume

Florida led the nation in payroll growth in July, Wells Fargo said in a Friday report, which noted most of the upturn was in the healthcare and professional and the scientific and technical services sectors while leisure and hospitality shed jobs.

Peterson objected to the board's treatment of PREPA bondholders.

Tom Dundon, the owner of the Hurricanes, said the work would "transform PNC Arena into a year-round destination for residents."

"Bearish Treasury moves have kept some pressure on the muni market and prevented an attempt to rally during the summer season when large redemptions trump issuance," BofA Global Research said in a report.

GoldenTree Asset Management noted the judge in Sept. 29, 2022, had demanded "meaningful deadlines" in the bankruptcy.

The new California Housing Finance Agency credit pools multifamily housing loans.

Calls the save the tax exemption are sounding as rising U.S. debt to GDP ratios and increased interest rates could point to austerity measures in the near future.

New York deals dominated the top ranks of regional issuers in the first half of 2023 even as supply sank around the Northeast and around the country.

Refinitiv Lipper reported $264.046 million of outflows from municipal bond mutual funds for the week ending Wednesday after $278.559 million of inflows the previous week.

Ongoing strikes by actors and writers pose a risk for next year's Oscars ceremony, which generates significant revenue that helps pay off the bonds.