Munis

The idea for a national infrastructure bank has resurfaced in Congress, with advocates saying it will attract private equity and pension funds to fill a gap that federal money can't address.

The ruling striking down Rhode Island's tolling program constrains states' efforts to solve complex infrastructure problems, the state says.

Public power agencies argued that subsidies for Build America Bonds should be exempt from the federal budget sequestration process.

A controversial $5 billion bond-financed extension project spurred several bills that would alter the Oklahoma Turnpike Authority's debt and other practices.

Gov. Greg Abbott used his State of the State address to fast track his priorities for the legislative session and drop a hint about an upcoming $100 billion transportation infrastructure plan.

It's the latest in a series of so far unsuccessful bills that have targeted federal tax exemptions for debt-financed professional sports arenas.

The municipal bond market gets sucked further into the culture wars with Florida's latest plan to ban issuers from considering ESG factors when issuing debt.

A substantial drop in new money volume sets California and the Far West apart from the the country.

"The board's arguments are bad for the future of infrastructure financing in the United States," Oversight Board member Justin Peterson said.

Spending on climate proofing infrastructure and other green capital developments increased 68% while overall volume tumbled 13% in the region.

"We urge you to use rescue plan money to make your community safer," Biden said. "Invest in affordable housing, get small businesses back on their feet, train your workforce." 

Rating analysts said dropping reserves to 0.25% from 5% to free up capacity does not impact the school bond guarantee program's triple-A ratings.

Midwest borrowing last year went from 11% year-over-year growth in the first quarter to a 48% plunge in the fourth quarter.

Muni issuers are staunchly opposed to what they characterize as an unfunded mandate that provides limited benefits.

A reduction in the program's reserves and February debt payments and maturities of outstanding guaranteed bonds will increase capacity by $7 billion to $9 billion.

Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.

With $300 million of term bonds due in 2051 underperforming in secondary market trading, Kansas officials are eyeing a surplus revenue funded buyback plan.

Total volume in 2022 was at $389.094 billion in 9,123 deals, down 19.5% from the $483.358 billion in 13,130 deals in 2021, according to Refinitiv data.

The transportation bond sector may see the greatest growth in 2023 as a result of the infrastructure act, one analyst said.

An initial toll corridor would require $8.5 billion in upgrades, which would be financed by a new bond credit under a plan under consideration by Michigan lawmakers.