Public finance

During the two-week ceasefire anything could still happen and a "blow up" would create significant volatility, said Kevin McGuigan, director at Municipal Market Analytics.

The Los Angeles County Metropolitan Transportation Authority sold about $900 million to refund older bonds and finance projects, including a subway extension.

Moody's said the $350 million of Series 2007 Class I bonds are on review for further downgrade.

Realty Income, a real estate investment trust concentrated in low-risk retail and industrial real estate, was the funding recipient on the $675 million deal.

Litigants say $400 million in planned Port of South Louisiana bonds were not properly advertised. It's part of a wider challenge to industrial development plans.

Moody's Ratings cited a substantial fall in unrestricted liquidity for the two-notch downgrade. Moody's also placed the rating on review for another downgrade.

"It seemed to be a relief rally [Wednesday], and that's what everyone's hoping for. But fundamentally, they're still major issues that need to be addressed, but people seem to be giving that a pass," on Wednesday, said a source.

Market Intelligence analyst Jeff Lipton looks back on a first quarter in which the municipal bond market was unexpectedly buffeted by the winds of war.

KBRA revised the outlook on the Chicago Transit Authority's Series 2015 and 2016 Transportation Infrastructure Finance and Innovation Act loans to stable.

Wells Fargo's Julie Barger called the investors a "who's who of buyers in the muni market" including mutual funds, ETFs, SMAs and insurance companies.

The legislature passed bills to cut personal income tax rates over time and limit increases on homestead property tax payments to the rate of inflation.

The Texas city is facing a potential level 1 emergency, indicating the water system is 180 days from supply not meeting demand.

Financial markets, including the muni market, priced in too much of a "sure thing, done deal" Wednesday morning, said Kyle Gerberding, director of trading, a portfolio manager and partner at Asset Preservation Advisors.

"We need private capital," the transportation secretary said.

"I would much rather invest in the muni, both in terms of default rates and in terms of the yield that you're getting off of those," said Travis Lower.

Wednesday's market rally is tied to President Donald Trump's announcement of the temporary ceasefire, which came about Tuesday night, an hour and a half before the president's 8 p.m. deadline, market participants said.

Voters rejected a 3% hotel tax increase Tuesday in Springfield, Missouri. They had already rejected a similar measure in November.

"The steady tone talks to the underlying demand" for munis, NewSquare Capital's Kim Olsan said. "For the moment, munis are holding steady with a watchful approach.

Illinois curently plans $3.2 billion of bond sales in FY2027 under Gov. JB Pritzker's executive budget, the Commission on Government Forecasting and Accountability said, adding additional authorization requests are expected.

The city and United Airlines are navigating geopolitical volatility looking for an opportunity to sell the debt.