Munis

The Commercial Metals Company and the West Virginia Economic Development Authority took a chance by coming to market with a tax-exempt $150 million junk-rated private activity bond sale financing a scrap metal steel mill during uncertain times for the construction industry.

The bonds have not reacted to the most recent negative ratings actions, although one buysider said that may soon change.

The top five April bond financings totaled more than $8 billion.

The downgrade pushes $2.2 billion of private activity bonds issued for the passenger train startup though the Florida Development Finance Corp. to junk.

Harvard University's ongoing legal battles and the return to market by Chicago's Regional Transportation Authority lead a host of municipal topics in April.

The Illinois Municipal Electric Agency plans to sell $600 million of refunding bonds in July, amid questions about member contracts after the bonds' maturity.

Levy, a member of The Bond Buyer's Rising Stars Class of 2017, assumed the role of chair in late April.

The U.S. Department of Transportation rolls out $3.2 billion via 329 infrastructure grants that will fund more than 3,200 projects that the agency contends were tangled up in red tape and DEI requirements.

Legislation would overhaul Dallas Area Rapid Transit's financial structure in a way that could impact outstanding debt and derail bonds for Austin light rail.

The SEC told the court it is leaving for later to settle financial terms with Jeffrey DeLaveaga.

Despite a downgrade by Moody's Ratings in April, Washington, D.C., went to market early and emerged with an oversubscribed revenue and refunding bond issuance of nearly $1.5 billion.

The ratings agency changed its outlook on its BBB-minus rating to negative from stable Wednesday.

The ratings agency is growing more pessimistic about the United States economy.

Long Beach has few, if any, peer credits for the $88 million of marina revenue refunding bonds it plans to price next week.

Ohio's governor is critical of a legislative plan to support a Cleveland Browns stadium in suburban Brook Park with $600 million of state bonds.

The city, which faces a budget shortfall, would receive the lesser of 30% or $80 million of Harris County Toll Road Authority surplus toll revenue.

It's the latest in a series of legislative efforts to restore tax-exempt advance refunding of bonds.

Falling financial dominoes started by a continuing resolution passed by Congress is leading to budget delays and the threat of a lawsuit by City Council as Washington prepares for a nearly $1.5 billion bond issuance.

April's volume was revised upward to $45.825 billion in 727 issues, up 2% from $44.945 billion in 707 issues in the same period in 2024, according to revised LSEG data.

The top 10 saw some changes, with Gilmore & Bell and Squire Patton Boggs entering the top 10, while Troutman Pepper Locke and Ballard Spahr were bumped.