Investments

Selling pressure was on the rise again this week. Thursday's $2.919 billion of bonds out for the bid was only surpassed on March 19, 2020, when they hit $4.115 billion. A larger calendar closes out October.

Massive mutual fund selloffs this year have returned the market to a pre-1976 investor landscape, when portfolios focused on individual demand, said MMA's Tom Doe.

Corporate CUSIPs can reach a different, broader set of investors than even taxable munis and offer more issuing flexibility for well-known universities.

There is chatter about a restructuring of UPR bonds, which have been paid throughout the territory's bankruptcy; the university's accreditation is a factor.

The operator of the South Terminal said it expects to prove hundreds of millions of dollars in damages caused by the city of Austin's "unlawful actions."

The sale will fund improvements and repairs to public parks, waterfronts, and roads across the double-A-plus rated city.

"The curve slope has undergone a massive flattening this year and recent trends suggest demand pockets are developing in specific ranges," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

If the IRA's tax credits prove popular for building clean energy projects, they may be expanded into basic infrastructure financing, said University of Chicago professor Justin Marlowe.

Between them, the California State University trustees and University of California regents have sold more than $23 billion of bonds since 2017.

Variable-rate debt, tender option bonds and even prepaid gas bonds may stage a comeback in the current market, panelists at a GFOA conference said.

They say the Oversight Board's argument restricting their claims just to money in the sinking fund is wrong.

Outflows continued as investors pulled $4.532 billion from mutual funds in the week ending Oct. 12 after $5.172 billion of outflows the previous week, according to the Investment Company Institute.

CommonSpirit Health priced more than $1 billion of debt on schedule Tuesday after disclosing a ransomware attack that has impacted some IT operations.

Cybercrime, inflation and more severe storms are among the increased risk factors confronting colleges and universities in the Southeast.

Any new legislation should fit the "unique" nature of the municipal bond market, Sanchez said.

The Internal Revenue Service has closed its examination of Burlington's taxable Qualified School Construction Bonds with no change after requesting a use of proceeds earlier this year

Triple-A curves were a touch firmer in spots as secondary trading took a backseat to the larger primary activity with Connecticut and Massachusetts pricing general obligation bonds, a large CommonSpirit healthcare and several competitive issues led by Rhode Island GOs.

The Federal Highway Administration mandates would "commandeer" state department of transportation authority, opponents say.

MSU must find a new president after friction between board members and the president hired in the wake of the Larry Nassar scandals led to his resignation.

Volume rebounds eightfold this week with a new-issue calendar of $8.5 billion, including several billion-dollar deals.