Public finance

A Massachusetts bill would authorize special obligation bonds to finance upgrades to the state's public university, school, and college campuses.

Munis enter this year with "strong credit fundamentals, elevated tax-equivalent yields, and a steeper curve that supports duration extension," said James Welch, municipal portfolio manager at Principal Asset Management.

States have been slow to put the money to work.

Proceeds will help finance late stages of construction of city hall.

A Senate bill would introduce public-private partnerships for transportation projects, while another would transfer ownership of roads to localities.

Yields have seen "intermittent volatility from broader macro and geopolitical crosscurrents, keeping sentiment cautious despite relatively muted headline moves," said James Pruskowski, managing director at Hennion & Walsh.

In rural areas, "even modest rate increases can force low-income households to choose between water service and other basic necessities," Matt Odermann from the National Rural Water Association told senators Wednesday.

Washington Gov. Bob Ferguson, who has lobbied for a wealth tax, told lawmakers their draft proposal needs work.

While fixed-spread tenders may be a novelty for tax-exempt bonds, they have been around for over 40 years for corporate bonds.

Terance Walsh, a 2025 Bond Buyer rising star, was named a partner by Nixon Peabody. 

The ratings agency revises the outlook to negative

Supply should be "well-received, given strong inflows and the increase in reinvestment capital for the new month," said Chris Brigati, managing director and CIO at SWBC, and Ryan Riffe, senior vice president of capital markets at the firm.

Chicago Mayor Brandon Johnson has chosen Assistant Finance Commissioner Steven Mahr as the city's acting chief financial officer, two sources confirmed.

The government plans to use surplus funds from fiscal years 2022 to 2024 to fund the payments.

Market Intelligence analyst Jeff Lipton analyzes how varied state funding priorities and overall charter school support, shifting enrollment patterns, policy uncertainty, charter renewal risk,  and varied pension practices affect charter school bond security—and outlines what issuers, advisors and investors should be communicating to the market.

The push for a Railroad Rehabilitation and Improvement Financing loan comes as opponents call for a full review of the railway over concerns about oil spills.

The market is well-positioned for February, after January's near-record tax-exempt supply, said J.P. Morgan strategists led by Peter DeGroot.

Issuance was $34.308 billion in 471 issues, down 7.2% year-over-year from $36.982 billion across 536 transactions in 2025. However, this was the third-highest monthly figure for January and above the month's 10-year average of $29.699 billion

The Metropolitan Transportation Authority's ability to finish projects on budget will become more crucial as federal, state and economic pressures mount. 

Munis were largely unchanged this week and tax-exempts continue to be "quite unattractive" at current levels, said Barclays strategists led by Mikhail Foux.