Munis

Moody's Ratings has placed Washington D.C.'s credit rating on review for a possible downgrade for all debt classes due to the Trump administration's cuts to the federal workforce.

Glenn Hegar, the state comptroller since 2015, was chosen as the next chancellor for the Texas A&M University System by its board of regents.

Trustees of New Jersey City University voted to approve the pursuit of a merger with Kean University, a larger fellow state university 12 miles away.

The $550 million deal from an issuer with two triple-A ratings includes about $250 million for refunding and an $85 million taxable piece.

Ordinances pending before the city council would authorize up to $325 million of interim financing that would be refunded with fixed-rate, 30-year bonds.

Issuance remains heavy this week, but while it's elevated, the muni market is "structurally undersupplied," meaning if 2024's record level of $500 billion-plus of issuance was doubled, the market could still digest it quite well, said Wesly Pate, a senior portfolio manager at Income Research + Management.

The Texas city, which is considering an $800 million general obligation bond election next year, expects to issue nearly $400 million of debt in 2025.

The House Committee on Transportation and Infrastructure is in the early stages of hammering out a surface transportation bill designed to prop up the Highway Trust Fund while House Ways and Means tinkers with a tax deal.

The top five bond financings totaled more than $6 billion.

S&P Global Ratings primarily cited a "precipitous decline" in unrestricted cash to explain its triple-notch downgrade of the system.