Munis

The muni market finances the "fabric of our nation, and now, because of Citi's exit, the cost of financing for state and local governments is going to go up," a sell-side source said.

The $250 million of new money social bonds will finance public school construction projects, with another $190 million refunding debt issued to build schools.

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

The Arizona Board of Regents adopted a report recommending greater oversight of its three universities after the University of Arizona hit financial trouble.

The municipal bond rally has brought two big Illinois issuers into the market with plans to sell refunding bonds this week.

The top five bond financings have an average dollar volume of more than $1 billion.

Nuveen's marquee fund has seen the worst performance among the largest high-yield funds so far this year.

Friday's S&P upgrade to triple-A follows similar moves by Moody's Investors Service last week and Fitch Ratings last year.

"Higher education is going to be facing continued challenges in the near term," said Tom Kozlik, managing director at Hilltop Securities.

It's the second try for the bill, which Sen. Dick Durbin, D-Ill., first introduced in 2021.

The approval last month by Texas voters of a constitutional amendment to create an endowment fund led S&P Global Ratings to revise the school's outlook to positive from stable.

Republicans have repeatedly criticized the California high-speed rail project as a waste of taxpayer money.

Fitch Ratings has raised the Turnpike Authority's ratings to BBB-plus from BBB and assigned BBB-plus ratings to the Series 2024 A&B senior lien turnpike revenue bonds and Series 2024 subordinated TIFIA loan.

The decision by the District of Columbia-based U.S. Appeals Court will officially vacate the Surface Transportation Board's environmental approval for the project.

Cities and states are eligible to apply for the program, which gives eligible solar and wind facilities in low-income areas increased investment tax credits of 10% or 20%.

With a high of $450 billion and a low of $330 billion, no firms currently see issuance surpassing the records hit in 2020 and 2021.

The delays have led to a technical default by the design-build contractor on the $450 million project to design, finance, build, operate and maintain the Thruway's 27 service areas.

The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds, bolstered by an upgrade and a new positive rating outlook.

The College of Saint Rose, a private Roman Catholic school in Albany, said Friday it plans to close after this academic year.

Court-approved asset sales and bond exchanges are pushing a participant sports venue, a hospital, and a senior living community closer to exiting Chapter 11.