Munis

Municipal bond issuance in the region was down 11.7% year-over-year in 2021, as new money, refunding, taxable and tax-exempt volume all slipped.

Gov. Steve Sisolak plans to dedicate $500 million in federal funds to developing affordable housing.

Issuers in California sold more than $86 billion of municipal bonds in 2021.

A judge has ordered the state to reconsider its rejection of a bid for a $9 billion P3 for new toll lanes, a move that could delay Gov. Larry Hogan’s priority project.

Moody's Investors Service said the upgrade reflected the university's robust, sustainable operating margins supported by consistent growth in tuition revenue.

Overall volume in the Southeast rose 1.8% last year even as taxable issuance plunged and refunding deals shriveled up.

The proposal would offset all gas tax losses to the Highway Trust Fund but would still hasten its insolvency.

Municipal bond issuance in the Midwest reversed course last year, falling by 7.4% to $77.5 billion.

Michigan State, supported by a better bond rating outlook, will join the small club of higher education institutions using a 100-year taxable bond structure.

Municipal bond issuers in the Southwest sold $90.8 billion of debt in 2021, down 3.2% from 2020 as lost refunding volume outpaced a gain in new-money sales.

Market participants are wary that regulators may muddle ESG risk disclosure guidance with guidance regarding labeled bonds.

Issuer groups have sent a letter to the Internal Revenue Service requesting remote hearings be made permanent in connection with the issuance of private activity bonds as many issuers still grapple with remote working and ongoing COVID-19 concerns.

Tax-exempt advance refundings are unlikely to be included in a FY22 budget, but two bills that would restore the popular tool remain alive.

Arent Fox and Schiff Hardin are poised to expand their public finance operations, creating a firm with more than 600 attorneys and public finance practices in four major U.S. cities.

Alderman Patrick Daley Thompson, the grandson and nephew of Chicago mayors, was found guilty of federal charges of making false statement and tax fraud.

Stability at the state government level and the prospects of more aid in fiscal 2023 eased balance sheet pressures on Illinois' public universities.

Despite competitive and demographic headwinds, Villanova's strong academic reputation as a selective private university will support student demand, Moody’s said.

An unfortunate custom in municipal finance is to discount every cash flow with the same rate, namely by the yield of the refunding issue. This underestimates the worth of nearby savings, and overestimates that of savings in the distant future.

Gross savings from the transaction is expected to be $378 million, or about $11 million a year, which would result in around $250 million in net present value debt service savings.

The school board, caught between budget pressure and angry parents, could vote Tuesday to close or merge 16 schools in the California school district amid waning enrollment.