Munis

Texas' largest public school system would use the proceeds from its biggest-ever bond referendum to fix aging facilities and make other improvements.

May volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

The authority is refunding its 2014A bonds to gain debt service savings.

In its first report since 2017 on municipal issuer disclosure, the Municipal Securities Rulemaking Board found that the average audit time has risen slightly since 2018 to 209 days, its highest on record.

The Metropolitan Washington Airports Authority plans to refund about $400 million and sell $429 million of new money for its capital construction program.

Orrick, Herrington & Sutcliffe take the top spot with a 10.29% market share.

RBC Capital Markets took the top spot for total education issuance, underwriting more than $10 billion in 2023.

Two California issuers take first and third spots on the list. The Regents of the University of California top the list with $2.875 billion in six deals while Los Angeles Unified School District lands at third with $1.189 billion in two deals.

Overall education issuance, including higher ed, K-12 and student loan debt, in 2023 totaled $94.9619 billion, or 3.6% more than 2022's totals.

Orrick Herrington took the top spot with nearly 50% of the market.

Goldman Sachs took the top spot in underwriting public power debt, coming in at nearly $6 billion in 2023.

Fulcrum BioEnergy, which raised more than $1 billion to turn household waste into lower-emitting fuels for planes and trucks, is in danger of going under.

The owner of an Iowa nitrogen fertilizer plant with more than $800 million of munis outstanding is trying to sell the plant to one of its largest competitors.

A city council committee received staff recommendations to fully fund the Police and Fire Pension System within 30 years.

A pair of muni market experts propose cities and towns borrow through state-based, credit-enhanced bond banks to make the market more efficient.

"For each May dating to 2021, the average 30-year MMD was 2.74% — or 122 basis points below the current yield," FHN Financial's Kim Olsan said. "The recent adjustment offers better investor value."

Like many higher education institutions, the university's financial woes started when enrollment dropped thanks to the COVID-19 pandemic.

Local rainfall standards, which affect the design of everything from roads to bridges and stormwater systems, offer a clue whether a city or state is taking infrastructure resilience seriously. Outdated standards remain in many areas, like in the Pacific Northwest.

CPS Energy, which provides electricity and natural gas in the San Antonio area, has a $1.05 billion revenue bond issue pricing in early June.

A strong project pipeline has P3 advocates hopeful for the future, despite some lackluster recent numbers.