Public finance

Bond Dealers of America's Brett Bolton and The Bond Buyer's Kyle Glazier discuss the outlook of federal tax legislation, and the impact of tariffs.

The $839.5 million Harris County Hospital District bond sale will tap $2.5 billion of voter-approved debt authorization for a $3.2 billion expansion project.

Munis yields followed UST yields higher Monday, rising one to four basis points, depending on the scale, but the asset class outperformed USTs.

The hotly anticipated bill from Ways and Means is the first detailed draft and could change as it moves through the legislative process.

California Gov. Gavin Newsom released an enforcement model in conjunction with $3.3 billion in grant funding from a bond measure.

Chicago released a request for qualifications for underwriting services on April 30, seeking to form new pools from which to choose firms to handle their bond sales.

The DASNY program allows the schools to "align their borrowing costs with the aid that they receive from the state," said CEO Robert J. Rodriguez. 

"In our view, the worst for munis is behind us, at least for now; tax-exempts might continue to outperform, but only to a degree as technicals will remain somewhat challenging," Barclays strategists said.

"I'm worried about rates," muni market strategist Vikram Rai said during a webinar Thursday.

The Chicago City Council passed Mayor Brandon Johnson's green affordable housing plan, to be seeded with $135 million from 2024's $1.25 billion bond ordinance.

The state's legislative analyst's office expects revenues for the fiscal 2025-26 budget year to be $7.8 billion lower than estimated in January.

Veteran muni banker Debra Saunders is working to help tribal governments access government financing and debt markets for energy projects.

Moody's Ratings cited low liquidity as a reason for the downgrade.

Federal threats to grants and the tax exemption continue to push universities to the bond market. This week, it was MIT, Yale, and Suffolk University's turn.

The recent firmness in the market has been "much appreciated," said Shannon Rinehart, senior portfolio manager of municipal debt at Columbia Threadneedle Investments.

The rating agency expects a decline in U.S. air passenger numbers this year due to a deceleration in U.S. economic growth, it said in a report this week. 

The Oversight Board will continue to "prepare for a more dire outcome but continue to hope for the best," said Chairman Arthur Gonzalez.

The Commercial Metals Company and the West Virginia Economic Development Authority took a chance by coming to market with a tax-exempt $150 million junk-rated private activity bond sale financing a scrap metal steel mill during uncertain times for the construction industry.

The bonds have not reacted to the most recent negative ratings actions, although one buysider said that may soon change.

Muni advocates are watching the SALT cap negotiations closely, as the outcome may be influence if other revenue raisers, like axing the muni tax exemption, come into play.