Investments

Next week's issuance is slated to be "substantial" — an estimated $13.1 billion — although that is expected to be met with "solid" November reinvestment capital, J.P. Morgan strategists said.

The rating agency expects the school to post an operating deficit this year.

City Manager Oliver Chi unveiled a plan to invest $60 million to change the city's current trajectory.

"Illinois is just pure mismanagement," Ryan Frost, managing director of the Reason Foundation's Pension Integrity Project, said.

Issuance year-to-date is $493.063 billion, up 9.3% from $451.079 billion over the same period. With issuance estimated at $13.118 billion in the first week of November, 2024's $500-plus billion record should fall within the next week or two.

The school system, which has an AA underlying bond rating from S&P, was targeted by the Texas Education Agency for a takeover based on academic performance.

Municipal Capital Markets Group and CSG Advisors were new entrants to the top 10, kicking Caine Mitter and Estrada Hinojosa into the top 15.

The Los Angeles Department of Water and Power will sell $977.6 million of water revenue bonds as it grapples with the impacts of January's devastating wildfire.

Technicals are supposed to become slightly more favorable into year-end, said Jeremy Holtz, a portfolio manager at Income Research + Management.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

The one-notch upgrade to AA-minus for Oklahoma's flagship university was assigned to an upcoming approximately $160.7 million bond refunding.

Chicago Public Schools went to market this week with nearly $1.1 billion of refunding bonds in the largest municipal transaction the district ever completed.

Overall, the top underwriters saw minor shuffling in the first three quarters and no new firms entered the top 10.

The bankruptcy judge suggested Jackson Hospital and Clinic may be closed if it doesn't propose a plan of adjustment before the end of the calendar year.

"The knee-jerk reaction of the markets to the Fed meeting (and press conference) was to sell stocks and bonds, because [Fed] Chairman Jerome Powell said that an additional rate cut in December wasn't a sure thing," said Northlight Asset Management Chief Investment Officer Chris Zaccarelli.

Kutak Rock has added four veteran public finance attorneys and opened offices in Columbus and Cleveland, the firm said Tuesday.

The Virginia Governor's race could put Democrats in charge of all three branches in the Old Dominion, as Abigail Spanberger goes up against Winsome Earle-Sears who has floated tapping the state's rainy-day fund to prop up Medicaid.

Approval by Doña Ana County of $165 billion of industrial revenue bonds for a massive data center project is being challenged in state court.

New York boasts four of the top 10 issuers, followed by California and Alabama, each with two, and one apiece for Wisconsin and Massachusetts.