Investments

Issuance for the week of May 19 is estimated at $11.667 billion.

Lawmakers have $755 million less to spend and only six more weeks to work on the two-year budget.

As the Trump administration puts its stamp on dispensing infrastructure funding, proponents of P3's, PABs, federal and formula funding are squaring off against grants to state and local governments.

The rating agency, which gave the state a positive outlook a year ago, upgraded its general obligation rating a notch to AA-plus ahead of a $25 million bond sale.

The Indianapolis Local Public Improvement Bond Bank priced $125 million revenue bonds, with delivery expected next week.

At a Bond Buyer conference in Atlanta, industry leaders talked about tariff turmoil, the tax-exemption, weather resiliency, infrastructure and more. 

California Gov. Gavin Newsom said lowered revenues from the so-called "Trump slump" forced tough choices during annual May revisions to his budget.

A couple of "bond-friendly" economic reports released Thursday could encourage the Federal Reserve to reduce interest rates in the near future, some analysts argued.

Rep. Scott Fitzgerald said PROMESA indicated PREPA needed to regain access to capital markets and suggested a deal with bondholders would aid this.

For most investors, partnership matters, said Jamie Doffermyre, head of public finance syndicate and origination at Truist Securities.