Public finance

The state sold $348.7 million in general obligation bonds Thursday in a competitive deal.

"Some of it is related to the headlines that we're seeing right now, particularly when we think about yields and what we've seen over the last couple of days," said Tim Iltz, fixed-income credit and market analyst at HJ Sims.

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The city faces the loss of $110 million in Texas public safety grants while a $174 million deficit is projected for its current general fund budget.

The top underwriters saw some shuffling, with Stifel Nicolaus and Ramirez entering the top 10 and knocking Barclays and Siebert Williams Shank to 11th and 12th, respectively.

Superior, Wisconsin, officials are mulling a bond-financed acquisition of the water system currently owned by private firm Superior Water, Light, and Power.

The quiet in the muni market is likely due to geopolitical uncertainties, according to Cooper Howard, director of fixed income strategy at Charles Schwab.

U.S. District Judge Laura Taylor Swain ordered the parties in the PREPA bankruptcy to focus on the bondholders' accounting counterclaim.

The veteran underwriter said he's excited about joining a smaller, more focused firm, where he can once again expand its competitive bidding capabilities.

Dealer inventories hit $8.8 billion in unsold variable rate bonds as of noon, Eastern, Tuesday, rising sharply over the past week, said Rick White, an independent consultant with more than 25 years in the industry.

A temporary injunction issued Monday blocks the removal of minority- and women-owned firms from the state's Historically Underutilized Businesses program.

The top 10 issuers accounted for $24.148 billion of total issuance, or 19%, in the quarter.

The $1.18 billion revenue bond issue will commence long-term financing for a $5.5 billion expansion program at Austin-Bergstrom International Airport.

Chris Brigati, managing director and CIO at SWBC, said he was "a little underwhelmed" with the market as volumes and flows were lighter than he expected.

Eichar said Stradling's strength in working on infrastructure projects with local agencies was an attraction.

The sector's challenges have also impacted the overall high-yield education index.

As Congress crafts the next surface reauthorization bill, states want to retain control over the bulk of the formula highway funds.

The rating agency cited the prospect of lowered debt service coverage ratios in the next three years.

Massachusetts brings double-A-plus level ratings to the competitive deal, comprised of $800 million of new money bonds plus a refunding component.

With the "fragile" ceasefire in the United States-Iran conflict underway, the risk of higher rates beyond those from March has largely been removed, said BofA strategists.