Investments

Gorab, president and managing director of New Jersey's Wilentz, Goldman and Spitzer, died in June at age 61.

"Demand for low-duration tax-exempts has been so strong that short maturity benchmark yields are now lower than the after-tax yields for comparably rated benchmark taxable muni and corporate bonds," said CreditSights strategists Pat Luby and John Ceffalio.

Inflation and material shortages are accelerating the P3 trend of bringing in a private team before price is finalized, which could expose investors to cost-escalation risk.

Vern Breland is representing himself, and told a court he relied on his municipal advisor.

Funding transit infrastructure is one of the county's key initiatives and also reinforces its policy to reduce carbon emissions, increase mobility equity and promote transit-oriented development, says Fitch's Michael Rinaldi.

Spreads on underwriting municipal bonds dipped to below $4 per $1,000 on issues in the first half of 2022 due to heavy competition and a shrinking volume of deals — the lowest figures reported in two decades.

Total volume in the first half of the year was at $209.718 billion in 5,153 deals, down 11.2% from the $235.836 billion in 6,793 over the same period in 2021, according to Refinitiv data.

The two main insurers, Assured Guaranty Municipal Corp. and Build America Mutual, accounted for $17.132 billion of deals in the first two quarters compared to $18.794 billion a year earlier.

Environmental facilities and public facilities saw the largest contraction in issuance.

New-issue volume grows to $10.7 billion led by a $2.7 billion taxable Massachusetts ESG deal, $1.35 billion of Oklahoma natural gas taxables, $1.25 billion from the Regents of the University of California and $1.1 billion from New York City.

Illinois laid out updated six-year transportation packages allocating more than $30 billion in spending.

The training camps will focus on 30 grant programs in the infrastructure law that carry the biggest bang for their buck and allow cities to apply directly to the feds.

A court-ordered modification of the plan is more likely than outright rejection, sources say.

"I think this deal is kind of like football in the pre-season," says County Comptroller Kevin Hardwick. "We're looking at this new issue as a run-up to next year — the big event — when we hope to be bonding for our new stadium for the Buffalo Bills."

Massachusetts had temporarily delayed the $2.7 billion sale as state lawmakers debated additional funding for the state's unemployment trust fund.

Pressure on the short end of the muni curve is being exacerbated by a 3.24% two-year Treasury note, from a correction to floating rate notes and dealer positions.

The bulging surpluses are a result of $5 trillion in economic stimulus from the federal government including American Rescue Plan Act (ARPA) funds which boosted economic activity and tax revenues.

Friedman is remembered for her devotion to clients, social justice, and family. She spent her career at Borge and Pitt and then Katten Muchin after they merged.

The debt issued through conduit Gallatin County, Montana, benefits an aerial firefighting company that went public through a SPAC weeks after the bonds sold.

The $2.2 billion will be divided evenly between urban and rural communities, with 75% going to projects in poor or disadvantaged areas.