Munis

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.

The organization sought to increase representation of underrepresented minorities and women on its municipal market advisory groups.

The two active municipal bond insurers wrapped $38.7 billion in 2021, an 8.7% increase from the $35.6 billion of deals done in 2020 and the highest level since 2009.

The $600 million broadband private activity bond program included in the Infrastructure Investment and Jobs Act has often been overlooked in discussions of funding for rural broadband.

Like peers with big endowments and strong student demand, the private university in Chicago has managed through the pandemic with its ratings intact.

Market volatility has led to munis seeing the worst performance to start the year since 2018 and the biggest monthly losses since March 2020.

January issuance declined by 14.7% year-over-year amid a rising-rate and volatile environment.

As the MTA works toward a post-pandemic future, Kevin Willens, formerly co-head of public finance at Goldman Sachs, becomes its chief financial officer.

Cancellations due to fears of omicron are putting a damper on cruise bookings, says Fitch's Emma Griffith, who adds there is still a lot of pent-up demand.