Munis

While the new tax policies should address the state's projected deficit, rating agencies are cautious about the projected revenues and federal spending on Medicaid, which could impact Louisiana.

Fieldman, Rolapp & Co. has acquired Orem, Utah-based municipal advisor G.L. Hicks, a healthcare finance specialist.

Among the materials for lawmakers is a new report estimating the tax exemption saves issuers $824 billion through 2035.

The muni market saw a record $507.585 billion of debt issued in 2024, up 31.8% from $385.061 billion in 2023, according to LSEG data. 

The top 10 advisors accounted for $249.421 billion of par or 59.3% of the total issuance with municipal advisors.

New York boasts four of the top 10 issuers, followed by California with two and one a piece for Florida, Massachusetts, Washington and New Jersey.

With losses expected to be measured in the tens or hundreds of billions, the municipal finance industry begins to take stock of the Los Angeles-area wildfires.

The state will try to convince the rating agency to lift its debt to AA, to match the rating others have assigned.

It could be the year's largest unrated municipal bond deal.

S&P Global Ratings downgraded Chicago's general obligation debt to BBB from BBB-plus, saying the 2025 budget fails to address a structural imbalance.

Trading in Los Angeles credits has become more volatile. An L.A. Department of Water and Power deal slated for Wednesday went day-to-day.

Wish lists for new or improved professional sports venues are piling up with Oklahoma City poised to vet financing proposals for a downtown basketball arena.

The Florida-based mining company failed to make $10 million in principal and interest payments due on Jan. 1. Florida had the largest number of defaults in 2024 at nine, per Municipal Market Analytics, Inc.

"It is the first step but that doesn't mean there's a second step," said John Bagley, the MSRB's chief market structure officer.

The legislative reconciliation process will move fast and cutting the budget is in vogue. As such, we must recalibrate our goals as an industry to reflect the new political paradigm.

The management team sees opportunity in pockets that other investors avoid, like American Dream, Midwestern private colleges and senior living facilities.

The rating agency said the district's strong management helped boost its ratings ahead of an $806 million bond issuance slated for Jan. 22.

Wiles retired from Los Angeles County at year-end but will still influence the industry as a member of the Municipal Securities Rulemaking Board.

Sizable deals for next week include $1.3 billion of real estate transfer tax revenue bonds from the Triborough Bridge and Tunnel Authority and $996.335 million of second series revenue bonds from the San Francisco International Airport.

The deal will refinance some debt and take out new debt to fund an electronic records transition, renovate spaces and buy equipment.