Public finance

The elevated new-issue market comes on the heels of one of the largest weeks of issuance.

After the University of Idaho canceled plans to buy the for-profit online University of Phoenix, Moody's Ratings removed the school from watch for downgrade.

From elite universities to rural hospitals and ports, federal actions are shifting the muni credit landscape. IR+M's Wesly Pate explains how buy-side firms are reacting.

The Uinta Basin Railway's request for $2.4 billion of PABs comes as the U.S. Transportation Department is almost at its $30 billion debt cap.

The action follows an upgrade for the sole purchaser of its power.

"The broader themes from the demand perspective are that it's choppy and people are not necessarily jumping into high-yield munis with both feet," said First Eagle's John Miller.

The software uses pre-trade quote data to help predict the next trade level of bonds.

Whether PREPA can pay the administrative expense claim doesn't affect its validity, the bond parties said.

However, the new-issue calendar may not be "absorbed as easily, given valuations have grown less compelling after this week's performance," said Birch Creek strategists.

Armed with higher ratings since its last sale four years ago, the city is set to return to the market with a bang. 

Chicago is facing myriad headwinds. But its GO bond sale last week was oversubscribed and city officials said that allowed them to lower yields in repricing.

The top five May bond financings totaled more than $5 billion.

The nonfarm payrolls report shows the economy is "hanging in there," though it is slowing, said Jeff MacDonald of Fiduciary Trust International.

Observers say a bankruptcy by Genera PR could complicate the PREPA bankruptcy.

Cities and states have until Aug. 1 to apply for the funds.

The upshot of the report by Payden & Rygel's Travis McGahey is that the risk of severe credit deterioration and bond defaults remains low.

Notre Dame College in Ohio faces legal action on at least three fronts after defaulting on bond debt and a swap agreement and allegedly misusing donor funds.

This week the market has performed "exceedingly well" with the tailwind of June 1 reinvestment capital, said J.P. Morgan strategists led by Peter DeGroot.

The utility expects the bonds to have an all-in true interest cost of 4.91%.

Ahead of a 14-3 vote to pass the $7 billion spending plan, concerns were raised about new legislation affecting the city's public safety pension funds.