Munis

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.

The largest issuance the Local Government Commission approved was $387 million of bonds for Mecklenburg County.

Congressional observers are casting a skeptical eye about the productivity of the new 119th Congress that is already defined by ideological differences separating factions within the majority party.

The comments come after SEC asked for feedback on the collection of information in Rule 15c2-12.

After selling $500 million of revenue bonds in 2023, the turnpike authority could return to the market later this month with a $1.3 billion issue.

Kim Olsan, senior fixed-income portfolio manager at NewSquare Capital, discusses the municipal market's performance, the impact of rising yields and inflation, and the evolving role of ETFs and separately managed accounts as the market braces for record supply in 2025.

The Indiana Municipal Power Agency will issue $268.3 million of power supply system revenue bonds with a mix of new money and refunding debt.

After years of delays, the Metropolitan Transportation Authority on Sunday launched the new toll on traffic entering southern Manhattan.

The legislative track pursued by Republicans will set the timeline for the tax reform debate closely watched by the municipal market.

Enviva's bankruptcy is the latest Chapter 11 bankruptcy where green private activity bonds are restructured to near zero.

The debate over the debt limit has exposed rifts among Republicans, who will take full control of Congress on Friday.

The muni market saw $507.585 billion of debt issued in 2024, up 31.8% from $385.061 in 2023. This surpasses the previous record of $484.601 billion in 2020 by more than $20 billion, per LSEG data.

Prolific debt issuance by Texas school districts, state issuers, and others drove muni volume to a state record in 2024, easily surpassing 2023's $59 billion.

The resolution marks the end of a yearslong lawsuit.

"It's an unfortunate part of doing business," said an investor.

President-elect Donald Trump's return to the White House promises sweeping tax changes that could impact the aspects of the tax-exempt bond market.

A decline in debt service coverage drove S&P's four-notch downgrade for Salinas, California, sewer revenue debt, which it placed on CreditWatch negative.

The new Congress will have a full plate including deciding the fate of the Tax Cuts and Jobs Act and Internal Revenue Service funding in a legislature that's already showing cracks of disagreement.