Public finance

With continued geopolitical tensions and surging oil prices, things could change on a dime, said Sweta Singh, founding partner and portfolio manager at City Different Investments.

In addition to building a new patient tower dedicated to cancer care, the bonds will refund nearly all of Dana-Farber's outstanding debt.

Munis were quiet on Friday after an eventful April.

Brightline Florida's financial statements for 2024 and 2025 by Ernst & Young LLP, filed Thursday on the Electronic Municipal Market Access website, warn that the company lacks the cash to cover pending debt payments

Moody's Ratings revised Missouri's outlook to negative from stable, citing a large structural deficit that will push fund balances below its Aaa-rated peers.

The bonds are rated A1 by Moody's Ratings, A-plus by S&P Global Ratings and AA by KBRA.

Municipal bond issuance was $47.6 billion in 797 deals for the month, down 7.8% year-over-year but still the third-biggest April in history.

The department has hit its $30 billion limit on transportation private activity bonds and there's a large pipeline of public-private partnerships across the country.

Investors are digesting developments in the Middle East and the Fed's decision not to cut rates, according to FHN Financial's Ajay Thomas.

Guam is diversifying its economy beyond tourism and the military, Gov. Lourdes Leon Guerrero said.

"We do good work," said Mike LaPierre, president of GPM Municipal Advisors, which acts as advisor and staff to the Public Finance Authority and the California Community Housing Agency.

The average muni bond trade size fell below $204,000 in the first quarter, down 5% from 2025, according to Municipal Securities Rulemaking Board data.

"Really the only chance of high speed rail in the United States in the next decade is Brightline West," said Federal Railroad Administration head David Fink.

A New Jersey suburb will issue short-term debt as its officials try to recover $4.8 million stolen after a cyberattacker accessed a school district email.

Observers say there is a real chance that Democrats may win the governorships of Florida and Georgia, affecting the states' fiscal policies.

"The market is starting to feel a little bit on the heavy side," said Jamie Iselin, head of municipal fixed income at Neuberger Berman. "The Treasury market has been leaking higher as, I think, people are getting concerned that the conflict in the Middle East is going to [last] longer."

"It became clear our residence halls were a constraint and not an asset for our university," WKU president Timothy Caboni said.

Muni yields increased "in sympathy with the Treasury market," according to Charles Schwab's Cooper Howard.

Fitch Ratings cited Sacramento City Unified School District's fiscal challenges in downgrading its issuer default rating to junk and assigning a negative outlook.

Market Intelligence analyst Jeff Lipton argues MRBs can add value to conservative muni sleeves, but warns that extraordinary redemption features, prepayment behavior, loan origination performance and liquidity constraints can make redemption analysis just as important as credit analysis.