Munis

The $550 million deal from an issuer with two triple-A ratings includes about $250 million for refunding and an $85 million taxable piece.

Ordinances pending before the city council would authorize up to $325 million of interim financing that would be refunded with fixed-rate, 30-year bonds.

Issuance remains heavy this week, but while it's elevated, the muni market is "structurally undersupplied," meaning if 2024's record level of $500 billion-plus of issuance was doubled, the market could still digest it quite well, said Wesly Pate, a senior portfolio manager at Income Research + Management.

The Texas city, which is considering an $800 million general obligation bond election next year, expects to issue nearly $400 million of debt in 2025.

The House Committee on Transportation and Infrastructure is in the early stages of hammering out a surface transportation bill designed to prop up the Highway Trust Fund while House Ways and Means tinkers with a tax deal.

The top five bond financings totaled more than $6 billion.

S&P Global Ratings primarily cited a "precipitous decline" in unrestricted cash to explain its triple-notch downgrade of the system.

The IRS has issued a preliminary determination that educational and general revenue bonds issued in 2018 by the University of Rhode Island are taxable due to alleged noncompliance with requirements of Section 149(g).

Belvia Gray, Public Finance Leader at Baker Tilly, talks about the firm's efforts and focus on bringing the industry together on cyber security threats, succession planning and more.

Wisconsin will be in the market Wednesday with $253.9 million of general obligation bonds, with some proceeds funding the Blatnik Bridge replacement project.