Munis

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.

The IRS has issued a preliminary determination that educational and general revenue bonds issued in 2018 by the University of Rhode Island are taxable due to alleged noncompliance with requirements of Section 149(g).

Belvia Gray, Public Finance Leader at Baker Tilly, talks about the firm's efforts and focus on bringing the industry together on cyber security threats, succession planning and more.

Wisconsin will be in the market Wednesday with $253.9 million of general obligation bonds, with some proceeds funding the Blatnik Bridge replacement project.

Bond trustee UMB Trust has engaged Lighthouse Management Group to serve as the receiver.

February's volume was at $33.725 billion in 622 issues, up 1.6% from $33.191 billion in 614 issues in February 2024, according to LSEG data.

Issuance in the Far West was up 30.8% year-over-year to $98.9 billion. Muni market observers say issuers tried to beat the uncertainties of the election.

It marks a major step forward for the long-stalled high-speed train project between Dallas and Houston.

The planned fiscal 2026 increase in bonding is expected to continue for several years.

The House moves the ball forward in the budget battle with an approved plan as public finance leaders lay out the strategy for saving the tax-exempt status of municipal bonds which provides a tempting target for lawmakers searching for ways to pay for promised tax cuts.

The Senate hearing comes as lawmakers start to shape the next surface transportation bill.

Chicago's City Council on Wednesday approved the sale of $830 million of general obligation bonds that Mayor Brandon Johnson says will fund infrastructure improvements.

Volume in the Southeast was up 46% in 2024, led by Florida, where municipal bond sales more than doubled to $27.49 billion.

The rating agency said the one-notch downgrade, which comes ahead of a bond sale, was due to weaker operating performance and liquidity.