Munis

When it comes to sectors, Miller said he likes charter schools, healthcare, land-secured debt and some industrial revenue bond positions.

The current property insurance crisis in several states may dramatically shorten the climate risk horizon for municipal investors. The municipal market's relaxed attitude toward climate risk may be seriously challenged in the years ahead.

The top two municipal bond insurers wrapped $31.845 billion in 2023, up 10.4% from the $28.847 billion of deals in 2022, according to Refinitiv data.

The D.C.-area agency, unique among mass transit systems in that it has no dedicated operating funding, faces the same challenges as other transit agencies: fewer riders and federal support.

A 2023 state law gave legislative leaders four appointments to the six-member turnpike board as lawmakers sought to reform the agency in the wake of a controversial, bond-financed expansion project.

The governor proposed state funding for schools to slow the rise in property taxes. His Idaho Works program would provide $50 million toward $800 million in bonds to pay for water and transportation projects.

Lansing's Board of Water and Light is issuing $350 million of tax-exempt bonds in a deal that would fund a tender offer for $232.6 million of outstanding debt.

The negative outlook on the Phoenix-based university's Ba1 rating is due in part to its battle with federal regulators, including the U.S. Department of Education, which it sued in 2021.

The Governmental Accounting Standards Board's new disclosure requirements focus on concentrations and constraints and governments will have to comply by June 15, 2024.

The Alameda Corridor Transportation Authority announced a tender offer as part of a restructuring plan that could culminate in $1.36 billion of bonds.

The state of Illinois is preparing to issue $600 million in new Build Illinois junior sales tax revenue bonds next week.

Caine Mitter & Associates and RBC Capital Markets moved into the top 10, while Piper Sandler & Co. and Kaufman Hall & Associates were bumped to the top 15.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

RBC ramped up business to land at second place and Jefferies rose to third while Raymond James entered the top 10, knocking Barclays to 11th. Citi, which exited the business, closed at sixth place.

A bill before the state legislature would create a public infrastructure bank, where municipalities could go to finance projects from affordable housing to bridges.

Three districts are under Washington's state fiscal oversight and the largest, Marysville School District, took a multi-notch Moody's bond rating downgrade.

A new proposal would establish a fund for maintenance while precluding new bond issuance.

The climate rule aimed at cutting transportation-related greenhouse gas emissions will restrict investment in certain projects, said the states.

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

Municipal bond issuance in the Lone Star State totaled $59 billion in 2023, spurred by utility rate securitizations and school bonds.