Munis

Voters in the Milwaukee Public Schools District passed a referendum Tuesday that would raise property taxes to fund $252 million of additional spending.

BofA Securities remained at the top of the list.

California Gov. Gavin Newsom reached an agreement with Democratic leaders on early deficit-reduction tactics.

While the number is high, the par amount affected is less than the first quarter of 2023 figures.

The criteria should result in a nearly equal number of upgrades and downgrades in the next half year, according to the rating agency.

A recent report calls for the elimination of the muni bond tax-exemption.

Two mega deals recently priced with make-whole calls for bonds due in 2034 and shorter where the market does not appear "to be penalizing issuers for including an optional make whole call feature in the short maturity tax-exempt bonds," said Pat Luby, head of Municipal Strategy at CreditSights, in a report.

S&P Global Ratings revised its outlook on the university's debt to negative a month after Moody's Ratings took similar action as the school faces financial difficulties and management changes.

"HB 727, if signed into law, should lower borrowing costs for Kentucky school districts and will serve as a critical tool in dealing with cost overruns and other inflationary pressures," said Compass Municipal Advisors.

Gyliane Morgan alleges the company retaliated against her in 2020 after she pointed to the firm's oversight failings — including not flagging defaults by borrowers — stemming from its role in a U.S. Department of Education program that helps finance campus projects, according to a wrongful termination lawsuit she filed March 27 in a New York federal court.

The snub could become more important next year when Tax Cuts and Jobs Act provisions expire and tax issues take center stage at Congress.

Representatives from the Securities and Exchange Commission gathered Tuesday to discuss some of their examination priorities and some of the trends they're seeing outside of exams.

With a dearth of taxable muni supply and Build America Bond refundings, the university should see strong demand for this week's $500 million taxable corporate CUSIP bonds.

In "my nearly 50 years in finance, I've never seen more demand for energy infrastructure," BlackRock CEO Larry Fink said in his latest investor letter.

Longtime San Francisco Bay Area bond attorney firm Quint & Thimmig is closed.

Austin Transit Partnership's ability under Texas law to seek expedited court validation for bonds to finance light rail is the subject of an April 25 hearing.

John Hallacy of John Hallacy Consulting and Rich Ciccarone, president emeritus of Merritt Research Services, talk with Chip Barnett about the municipal bond business over the past 40 years. They take a look back at where the industry has been, where it is and where it will be going.

March issuance came in at $36.405 billion, above the $34.579 billion 10-year average, according to LSEG Refinitiv data. 

After decades of underinvestment, Pennsylvania is launching two new grant programs to help schools fund facility improvements. These grants, the state hopes, will encourage districts to spend more money of their own.

The bonds refunded of two earlier series of student fee bonds: the taxable Series Z-2 Build America Bonds, and the tax-exempt Series BB-1 bonds.