Munis

In a week that culminated in headline-grabbing events — a presidential debate, several Supreme Court decisions, more macroeconomic data to add to Fed policy expectations — municipals closed on a quiet note and in the black for June.

Two universities at opposite ends of the state received Moody's downgrades this week.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

The Colorado Educational and Cultural Facilities Authority formed a non-profit subsidiary to facilitate the financing, ownership, and operation of the historic hotel.

Transportation Secretary Pete Buttigieg told lawmakers federal money is being dispensed roughly on schedule, though efforts to streamline certain processes are underway.

In 2024, variable rate (short put) issuance is up 6.4% increase year-over-year, LSEG data shows. Few expect issuance to return pre-financial crisis levels.

The Ohio county seated in Cleveland is only one of many jurisdictions where officials are grappling with weakening sales tax revenues.

The 0.34% sales tax rate increase would raise an estimated $70 million annually for Colorado's only safety net healthcare provider.

Total volume currently stands at $224.13 billion, up 38.5% from $161.848 billion at this time last year. As the end of the first half approaches, several firms are revisiting their supply projections for the year, given the growth so far this year.

In a one-day special session, lawmakers passed a bill expanding an economic development bond program to finance venues for the Kansas City Chiefs and Royals.

A 2023 U.S. Appeals Court ruling derailed federal approvals for the Uinta Basin Railway, which plans to seek up to $2 billion in private-activity bonds.

With a tax battle looming, the chair of the powerful committee will guide tax policy.

While the muni market lobbies for its wish list, investors keep in mind that any tax rate changes affect appetite and market technicals.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Legislation passed by Utah lawmakers during a special session addresses concerns from the Intermountain Power Agency about a new law to keep a coal-fired power plant operating.

Investors may want to consider non-disclosure of climate hazards as a symbol of non-resilient projects and limited planning.

The legislature addressed the cost of a $329 million property tax refund in the state's largest county as well as passed a fiscal 2025 budget.

Ten other pension obligation bonds are under review by Fitch Ratings as a result of the agency's new local government criteria.

The spending plan for the fiscal year that begins July 1 contains no tax increases or new fees and puts off finding a recurring solution for a structural budget gap.

Interest on out of state municipal bonds will now be taxable.