Munis

Sale of the tax-exempt notes is expected on May 9 and proceeds will support improvements to educational technology in school's statewide.

The bond market is not an inherently racist market but, it does not exist in isolation from society at large. As a result, it has acted against the financial interests of municipalities whose residents are predominantly Black. 

JPMorgan's move to acquire First Republic and its muni portfolio eases the risk of nearly $20 billion of munis flooding the market.

Public school districts account for most of the bonds on ballots as some need to finance new facilities to accommodate rising enrollment.

The Jacksonville office is the firm's first in Florida and 28th location in the United States.

Indianapolis Public Schools wants $410 million for projects throughout the district with 23 schools in line for improvements.

It's one of four state cases accusing Wall Street banks of a "robo-resetting" scheme that kept interest on variable-rate debt artificially high.

The state's record per-pupil spending counteracts concerns over enrollment declines.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

One of the largest P3s in the university energy space has landed in court three years into a 50-year contract.

While the system took a hit during the COVID-19 pandemic, total traffic hit 94% of pre-pandemic levels in 2022. Traffic for the first two months of 2023 was 99% of levels in the same period of 2019.

Except for the riskiest sectors, high-yield credit fundamentals appear to be strong, but rising interest rates and fund outflows are dampening primary and secondary market activity.

The $7 billion portfolio consists of highly rated, lower-coupon muni debt. It is unlikely to be a single auction and the firm is currently circulating the list on the Street to gauge interest.

The taxable bonds would finance a bottling and other facilities, which would be leased to a private business.

Neal Pandozzi, a partner at the law firm of Bowditch & Dewey, talks with Chip Barnett about what environmental social and governance really means for public finance, separating politics from policy, polemics from principles. (34 minutes)

A John Miller-less speculative bond market may mean more diversification and price transparency, say some investors.

For the week ending Wednesday, outflows intensified as Refinitiv Lipper reported $255.794 million was pulled from municipal bond mutual funds after $91.713 million of outflows the week prior. High-yield saw inflows.

The Securities and Exchange Commission will host its Municipal Securities Disclosure Conference May 10

Ongoing litigation and a state investigative audit could impact bonds for a $5 billion expansion even if the debt is validated by the Oklahoma Supreme Court.

Brian Wynne joins Jefferies as co-head of the municipal syndicate, while Morgan Stanley continues to see turnover in its muni ranks.