Public finance

Washington lawmakers delivered a balanced budget after tweaking program cuts and tax increase plans multiple times.

The coming fiscal year will have more than 10 times the state bonding as the current fiscal year.

S&P revised the outlook for the Maryland Transportation Authority's outstanding revenue bonds to negative from stable due to the timing of the federal funding needed to rebuild the Francis Scott Key Bridge that was damaged by a cargo freighter in March 2024.

The Democratic states sued a day after schools were required to certify the elimination of DEI programs or risk losing federal funding.

Fresh off the heels of its rebrand from Lifespan, Brown University Health is prepared to add to the size of its planned borrowing if rates are favorable.

S&P Global Ratings dropped Los Angeles' ratings and assigned a negative outlook, citing a "weakening financial position and an emerging structural imbalance."

Baker Tilly is preparing a $7 billion merger with Moss Adams, another advisory firm. The deal will close in early June.

"Easing tariffs, a slowing economy and an improved supply/demand outlook for munis in May and onward should drive muni market pricing going forward," BofA strategists said.

Tariffs imposed by the Trump administration are already affecting port operations as Moody's has revised the U.S. ports sector to a negative outlook reflecting an expected 7%-12% decline in volume.

The state plans to price $626 million in GOs, in part, to fund the I-5 bridge replacement

MSRB appreciates "the robust stakeholder engagement and response" to its requests for feedback on both the rate card and a municipal fund securities concept release, Board Chair Bo Daniels said.

"Federal grants come with a clear obligation to adhere to federal laws," said Transportation Secretary Sean Duffy.

The city of Los Angeles and its Department of Water and Power face Palisades Fire-driven lawsuits from some 776 plaintiffs, according to the offering document.

The top 10 issuers accounted for $22.12 billion of the total issuance for the year, or 18.7%

Investors pulled $397.4 million from municipal bond mutual funds in the week ended Wednesday, following $1.258 billion of outflows the prior week.

The state hopes bonds and associated incentives will help to address a state-wide housing shortage.

The escalating dispute between the prestigious issuer and the White House is spooking some bond holders and creating opportunities for others.

A mix of pay-as-you-go, bond proceeds and federal grants bolster the infrastructure of Mobile, Alabama, which is getting a new arena, air terminal and bridge.

The commission also approved converting a GO bond sale from competitive to negotiated.

The market is still in a negative technical period, said Chris Eustance, a portfolio manager at Morgan Stanley Investment Management.