Public finance

Florida sold $131.9 million of bonds Wednesday with double-barreled backing from the state's fuel tax and its full faith and credit pledge.

The largest issuance the Local Government Commission approved was $387 million of bonds for Mecklenburg County.

The Federal Reserve will be more cautious and slow rate cuts going forward, according to minutes of the December Federal Open Market Committee meeting, released Wednesday.

The decision, when issued, could have implications for other Puerto Rico bond restructurings.

Pressing issues like the shifts in banking teams at various firms following Citi's exit from the business to major ratings changes make the ranking.

"Further Treasury rate volatility or distractions from more favorable alternatives could at the very least moderate money invested into the municipal bond market," DWS strategists said. However, "these dynamics could create periods of opportunity to buy tax-exempt bonds at attractive yields in 2025."

The bank, which has been under review by the Texas attorney general over its involvement in the Net-Zero Banking Alliance, said it is leaving the group.

After selling $500 million of revenue bonds in 2023, the turnpike authority could return to the market later this month with a $1.3 billion issue.

Kim Olsan, senior fixed-income portfolio manager at NewSquare Capital, discusses the municipal market's performance, the impact of rising yields and inflation, and the evolving role of ETFs and separately managed accounts as the market braces for record supply in 2025.

Large bond sales are expected this year for airports undergoing major expansion projects in Denver, Dallas, Houston, and Austin amid rising passenger traffic.

"These opportunities will surface periodically throughout the year against heavy supply and the increasingly uncertain path for the Fed, evolving fiscal policy, and volatile Treasury market backdrop," said J.P. Morgan strategists.

The Indiana Municipal Power Agency will issue $268.3 million of power supply system revenue bonds with a mix of new money and refunding debt.

Brad Lander, the city comptroller, tallied the potential Trump administration threats to the city's federal funding, from infrastructure to hospitals.

The MSRB has a full slate of initiatives teed up, with an emphasis on modernizing its rulebook.

Heavy redemptions and coupon payments this month should help "stabilize" the market, said Barclays strategist Mikhail Foux.

California and federal officials  reached a $10 million settlement with the owners of a chain of non-profit health clinics and a laboratory in a case involving Medi-Cal and Medicare fraud.

The CFO's revenue estimate reveals a $169 million temporary boost and overall population growth while concerns arise over proposed cuts to the federal workforce.

BofA and Morgan Stanley left the Net-Zero Banking Alliance, but there was no word from the Texas attorney general on their status as bond underwriters in the state.

Nebraska's State Highway Commission on Dec. 6 unanimously authorized the issuance of bonds — a state first — to finance the completion of a highway corridor.

BRIDGE Housing Corp. is the first to publicly offer tax-exempt bonds to finance construction of a new development, a 224-unit project in Portland, Oregon.