Public finance

The North Carolina Office of State Budget and Management says the state will have widening deficits starting in fiscal 2026 unless changes are made.

There is still a lot of chaos and uncertainty out there, said Jennifer Johnston, director of municipal bond research at Franklin Templeton.

The bullet train's delays and cost overruns amount to a material project change and event of default under the federal-state agreement, the FRA said.

The Metropolitan Washington Airports Authority is pricing $714.4 million worth of airport system revenue and refunding bonds on Thursday as part of a scheduled sale with an uncertain demand.

City comptroller Brad Lander says there's no legal mechanism to issue bitcoin bonds, whatever Mayor Eric Adams may have told a cryptocurrency conference.

"We're going to get a lot of price discovery with the big deals, a large number of deals, and then a lot of cash to put to work," said Whitney Fitts of Appleton Partners.

A legislative office predicted the tax cut package would lead to a loss of $500 million a year rather than be revenue neutral.

The longtime muni bond strategist left Wells Fargo earlier this year.

The American Association of Port Authorities is pushing back at the Trump administration's One Big Beautiful Bill Act over plans to curtail two key grant programs vital to the maritime sector.

The twin Transportation Corridor Agencies issuers in Orange County, California, received Fitch Ratings upgrades for fiscal prudence and bond buydowns.

The SEC charged two entities with violating federal securities laws by advising clients on municipal bonds without properly registering as municipal advisors.

The Delta Center hockey and basketball venue will be renovated with proceeds from the $900 million Downtown Revitalization Public Infrastructure District deal.

Issuance this week soars to nearly $17 billion, and investors are "bracing for another hefty serving the following week," said Birch Creek strategists.

The Puerto Rico Oversight Board asked Judge Laura Taylor Swain to rule now and move quickly to disclosure and confirmation hearings.

"These are the types of products that financial advisors are asking to see from us," said First Eagle's John Miller.

As bond issuers and the infrastructure industry ponder a post-BIL future, some look to Europe for how P3s and privatization could help spur investment and raise grades on the infrastructure report card.

Primary bond market volume was up 3.6% year-over-year to $49.9 billion, according to LSEG data.

The Indiana Financing Authority is the biggest entry on 2025's largest negotiated calendar with $1.5 billion of Indiana University Health system revenue bonds.

The $44 million of unrated bonds, placed only with qualified investors, feature 9.5% coupons.

Main Street Natural Gas, a blended component unit of Georgia Gas, issues most of the authority's debt.