Public finance

Munis are in the black so far this month, with the Bloomberg Municipal Index at +0.33% in December and +2.88% year-to-date, the high-yield index is at +0.27% in December and returning 8.41% in 2024, while taxable munis are returning 0.43% so far this month and 4.58% in 2024.

Principal Street Partners will acquire the bankrupt firm that specialized in high-yield bonds issued for senior living facilities and charter schools.

The San Diego County-based healthcare district is at risk of "breaching financial covenants which, absent lender cooperation, could lead to acceleration of all of Palomar's outstanding revenue debt," Moody's Ratings analysts wrote.

The legislation sends unobligated dollars from the TIFIA program to the popular Surface Transportation Block Grant.

Photos from The Bond Buyer's 2024 Deal of the Year awards gala.

Connecticut is poised to ramp up transportation borrowing, after years of consistently issuing less debt than it had the capacity and authority to sell.

Investors will be greeted with a diverse new-issue slate the week of Dec. 9, led by bellwether names. If all the deals price, 2024's total should break 2020's record by the end of the week. Despite rich valuations, demand has remained strong as the year winds down.

A dispute over open meetings laws has stalled progress on UI's plans to purchase online University of Phoenix.

Pinellas County still needs to approve more than $300 million in bonds of its own for the stadium and redevelopment.

Kevin Bain, formerly director of strategy for the city of Detroit, has joined Public Sector Consultants as a senior strategist for climate and project finance.

California's IBank has partnered with an insurer and fire resilience fund to pay for fire resilience programs.

S&P Global Ratings released a report this week warning that the credit trajectory of the Chicago Board of Education will hinge on several contested factors.

High-yield municipal bond funds saw inflows of $534.1 million compared to $300.6 million compared the previous week, per LSEG Lipper data.

"This matter is now under active investigation by federal authorities and impacted financial institutions, who are coordinating with the White Lake Township Police Department," said Daniel Keller, chief of police, in a statement.

PREPA says it is short on money and Genera's parent company has said it may go out of business.

Nonprofit Provident Resources Group is buying a five-year old student housing building that serves the University of Central Florida and Valencia College.

Issuance of housing bonds for the first half of the year was at $22.243 billion in 357 issues, up 31.7% from 1H 2023's figure of $16.891 billion in 381 issues.

Technicals could "break down" if there is a potential decline in risk assets or rising unemployment, particularly in white-collar jobs, said Jeff Timlin, a managing partner at Sage Advisory.

Blackstone Inc. is refinancing tax-exempt debt for a 76-story residential tower in downtown Manhattan designed by famed architect Frank Gehry.

Chicago plans to bring to market $806 million of bonds on Thursday, a refinancing deal that will help close its fiscal 2024 budget gap.